Ares Acquisition in an 8-K said it added $30 million to its PIPE in support of a proposed merger with X-Energy, a developer of small modular nuclear reactors and fuel technology for clean energy generation. That brings total PIPE funding to $80 million.
The SPAC also said it lowered the pre-transaction equity value of the deal from $1.8 billion to $1.05 billion. This follows a downward adjustment made in June from the original $2.1 billion to $1.8 billion.
The deal is now expected to deliver up to $534 million to X-Energy, assuming no Ares redemptions.
The proposed merger was announced in December. Read more.
