Kodiak AI closes merger with Kodiak Robotics; $205M raised in PIPE and preferred

Kodiak AI, Inc.

On Sept 24, 2025, Kodiak AI (f/k/a Ares Acquisition II) completed business combination with Kodiak Robotics; common stock began trading on Nasdaq as KDK on Sept 25.
Legacy Kodiak securityholders received 161.8M common shares; up to 75M earnout shares/RSUs tied to stock price thresholds of $18, $23, and $28.
PIPE investors committed $60M at ~$11.45/share; Series A Preferred Investment closed at $145M for 142,155 preferred shares and warrants for 17.8M common shares.
$502.4M redeemed by SPAC shareholders (43.9M shares), leaving $62.9M in trust; combined company funded with $205M in new equity.
Post-closing capitalization: 181.2M common shares, 55.99M exchanged options at $1.88, 25M public warrants, 14.3M private warrants, and 19.2M earnout RSUs.

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