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MOUNTAIN VIEW, Calif. - Kodiak Robotics, a provider of autonomous vehicle technology, appointed Mohamed "Mo" Elshenawy to its board of directors, according to a press release issued Wednesday.
Elshenawy previously served as President and Chief Technology Officer at Cruise LLC, the self-driving car company acquired by General Motors. At Cruise, he led the launch of commercial driverless rideshare services in San Francisco and expanded operations to multiple U.S. cities.
Currently, Elshenawy serves as Chief Technology Officer at Hims & Hers Health, Inc. His prior experience includes technology leadership roles at Amazon, where he led global engineering for the company’s ReCommerce business.
"Mo guided Cruise through critical phases of technology and operational development," said Don Burnette, Founder and CEO of Kodiak Robotics, in the statement.
The appointment comes as Kodiak prepares to become a publicly listed company through a business combination with Ares Acquisition Corporation II (NYSE:AACT). Currently trading near its 52-week high of $11.62, AACT maintains a market capitalization of $707 million and trades with notably low volatility. The proposed transaction is expected to close in the second half of 2025, subject to stockholder approvals and customary closing conditions. InvestingPro analysis reveals the SPAC trades at a P/E ratio of 31.4x while remaining profitable over the last twelve months.
Upon completion of the business combination, the company will be renamed Kodiak AI, Inc., with its common stock and public warrants expected to trade under the ticker symbols KDK and KDK WS, respectively.
Kodiak has recently strengthened its board with other appointments, including Ken Goldman, former President of Hillspire, and Kristin Sverchek, President of Lyft.
The company claims it achieved a milestone in 2024 by deploying customer-owned and operated driverless trucks in commercial service.
In other recent news, Ares Acquisition Corp II has entered into a significant financial arrangement by issuing an unsecured working capital loan promissory note for up to $2 million to its sponsor, Ares Acquisition Holdings II LP. This agreement, which was disclosed in a filing with the Securities and Exchange Commission, specifies that the loan is interest-free and repayable upon the completion of the company’s initial business combination or by the final date allowed under its governing documents. The company also retains the flexibility to prepay the loan without incurring any penalties. Meanwhile, Kodiak Robotics has strengthened its leadership by appointing two seasoned directors to its board as it prepares for an initial public offering. Ken Goldman, known for his financial expertise and experience with companies like Yahoo! and Fortinet, joins the board alongside Kristin Sverchek, who brings her experience from Lyft in scaling tech businesses and navigating IPOs. These strategic moves are part of Kodiak Robotics’ efforts to enhance its governance and financial oversight ahead of going public.
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