X-Energy Reactor and Ares Acquisition announced today that they have mutually agreed to terminate their business combination agreement, effective immediately. As a result, the SPAC said it will be unable to complete a merger by deadline and will liquidate by Nov. 7.
The SPAC cited “persistently volatile public market conditions” for the decision to scrap the deal.
Neither party will be required to pay the other a termination fee.
The per-share redemption price will be approximately $10.79.
Announced in December 2022, the deal was revised several times. Heading into what was to have been a vote on the merger today, the deal was expected to deliver up to $534 million to X-Energy, including an $80 million PIPE, assuming no Ares redemptions.
X-Energy is a developer of small modular nuclear reactors and fuel technology for clean energy generation. Read more.
