AAC shareholders approve extension to Aug 2023; ~$539M redeemed, trust drops to ~$478M

Ares Acquisition Corp

Shareholders approved extension of business combination deadline from Feb 4 to Aug 4, 2023, and removal of net tangible asset redemption limitation.
Holders of 53,002,919 Class A shares redeemed at ~$10.17/share, removing ~$539M from trust.
After redemptions, trust balance is ~$478M; 46,997,081 Class A shares remain outstanding.
Sponsor will contribute up to $1.2M per month to trust via non-interest bearing promissory note.
Business combination with X-Energy Reactor Company remains pending; additional proxy statement to be filed.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Ares Acquisition Corp: Amended the Memorandum and Articles of Association to extend the business combination deadline from February 4, 2023 to August 4, 2023, and to delete limitations on share repurchases and redemptions related to net tangible assets (effective 2023-02-02).

Change: charter amendment
Effective: 2023-02-02

Exact text from the filing

On February 2, 2023, Ares Acquisition Corporation (“ AAC ” or the “ Company ”) held an extraordinary general meeting (the “ Shareholder Meeting ”) at which the Company’s shareholders approved proposals to: (1) amend the Company’s amended and restated memorandum and articles of association (the “ Memorandum and Articles of Association ”) to extend the date by which the Company has to consummate a business combination from February 4, 2023 to August 4, 2023, or such earlier date as determined by the Company’s board of directors in its sole discretion (the “ Extension Amendment Proposal ”); and (2) amend the Memorandum and Articles of Association to delete: (A) the limitation on share repurchases prior to the consummation of a business combination that would cause the Company’s net tangible assets to be less than $5,000,001 following such repurchases; (B) the limitation that the Company shall not consummate a business combination if it would cause the Company’s net tangible assets to be l

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Ares Acquisition Corp shareholders approved Redemption Limitation Amendment Proposal.

Proposal: charter amendment
Outcome: passed

Exact text from the filing

2. The Redemption Limitation Amendment Proposal Proposal No. Ordinary Shares Votes For Ordinary Shares Votes Against Ordinary Shares Abstentions 2. 92,887,105 77,301 1,044

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Ares Acquisition Corp shareholders approved Extension Amendment Proposal.

Proposal: charter amendment
Outcome: passed

Exact text from the filing

The shareholders approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal. The voting results for each proposal were as follows: 1. The Extension Amendment Proposal Proposal No. Ordinary Shares Votes For Ordinary Shares Votes Against Ordinary Shares Abstentions 1. 92,841,279 120,876 3,295

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Source: SEC EDGAR

accession 0001193125-23-023311

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