AACT secures $145M Series A Preferred Investment for Kodiak business combination

Kodiak AI, Inc.

Preferred investors commit $145M for Series A Cumulative Convertible Preferred Stock with 9.99% dividend rate (PIK) or 7.99% cash.
Each preferred share ($1,200 stated value) convertible at $12.00 per share, subject to anti-dilution and price reset triggers at 6 and 9 months.
Investors receive PIPE Warrants for 125% of convertible shares; warrants exercisable at $12.00 per share for 6 years.
Shareholder meeting to approve the business combination scheduled for September 23, 2025.
Updated sources/uses tables show $155M from PIPE and preferred investment; $562M cash-in-trust under no-redemption scenario.

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