Ares Acquisition announced today that the SEC has declared effective the SPAc’s registration statement on its proposed merger with X-Energy Reactor Company, a developer of small modular nuclear reactors and fuel technology for clean energy generation.
The SPAC called an Oct. 31 meeting for shareholders to vote on the deal, which was announced last December at a $2 billion valuation. However, Ares last month lowered the pre-transaction equity value of the deal from $1.8 billion to $1.05 billion. This followed a downward adjustment made in June from the original $2.1 billion to $1.8 billion.
If the deal is approved, the combined company intends to list shares and warrants on the New York Stock Exchange under the proposed symbols XE and XEW.
The deal is expected to deliver up to $534 million to X-Energy, including an $80 million PIPE, assuming no Ares redemptions. Read more.
