Ares Acquisition Corp II to combine with Kodiak Robotics at $2.5B equity value

Kodiak AI, Inc.

Implied equity value of $2.5B; Kodiak stockholders to receive shares of New Kodiak Common Stock.
Up to 75M earn-out shares tied to stock price milestones of $18, $23, and $28 per share.
Closing expected in second half 2025; requires AACT shareholder approval and HSR clearance.
Post-combination entity to be renamed 'Kodiak AI, Inc.' and list on NYSE under new ticker.
Sponsor agrees to vote in favor, waive anti-dilution, and subject 50% of its shares to earn-out vesting.

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