Ares Acquisition announced today that its shareholder meeting to consider a merger deadline extension has been postponed from Jan. 24 to Feb. 2.
The SPAC wants to move its acquisition deadline from Feb. 4 to Aug. 4.
Ares has a deal pending with X Energy Reactor Company, a developer of small modular nuclear reactors and fuel technology for clean energy generation, at a pre-money equity value of approximately $2 billion.
If Ares shareholders approve, the combined company would receive approximately $1 billion of cash held in the SPAC's trust, assuming no redemptions. Institutional and strategic investors have also invested or committed $120 million in financing. This includes an invested private round of financing, which comprises $30 million from Ares and $45 million from OPG and Segra Capital Management, a leading nuclear energy-focused hedge fund, as well as an additional commitment of $45 million from Ares to be invested concurrent with the closing of the transaction. X-energy also received approximately $58 million of interim financing throughout 2022 from existing strategic investors, including Dow and Curtiss-Wright Corporation. Read more.
Source: Ares Acquisition Pushes Extension Vote Back to Next Month