Kodiak raises over $275 million ahead of SPAC merger

MOUNTAIN VIEW, Calif. - Autonomous trucking company Kodiak Robotics has secured more than $275 million in funding to support its planned business combination with Ares Acquisition Corporation II (NYSE:AACT), according to a press release statement. AACT, currently trading near its 52-week high of $11.62 with a market capitalization of $705.2 million, has maintained relatively low price volatility according to InvestingPro data.

The financing includes approximately $212.5 million invested or committed by institutional investors and about $62.9 million remaining in AACT’s trust account following redemptions, before expenses.

"We originally targeted a $100 million PIPE and successfully raised more than $212 million," said Don Burnette, Founder and CEO of Kodiak.

The extraordinary general meeting of shareholders to approve the proposed business combination has been postponed from 9:00 a.m. to 2:00 p.m. Eastern Time on September 23, 2025. AACT’s board decided to delay the meeting to allow additional time to engage with shareholders. The company’s next earnings report is scheduled for November 12, 2025, as tracked by InvestingPro.

The meeting will be held both in person at Kirkland & Ellis LLP’s New York offices and virtually via webcast. Shareholders of record as of August 20, 2025, are eligible to vote.

Upon completion of the transaction and subject to shareholder approval, the combined company plans to list its common stock and public warrants on the Nasdaq Stock Market under the symbols "KDK" and "KDKRW," respectively.

Founded in 2018, Kodiak develops AI-powered autonomous vehicle technology focused on trucking applications. The company reports that in 2024 it deployed customer-owned and operated driverless trucks in commercial service.

The business combination remains subject to customary closing conditions, including AACT shareholder approval and Nasdaq listing requirements.

In other recent news, Kodiak Robotics has secured $145 million in PIPE financing from institutional investors to support its business combination with Ares Acquisition Corporation II. This financing package, which includes convertible preferred stock and common stock warrants, adds to the over $220 million already committed to Kodiak and Ares since announcing their merger plans. The combined entity is set to receive additional cash from Ares’ trust account, contingent on shareholder decisions at an upcoming meeting. In a strategic move, Kodiak Robotics has appointed Mohamed "Mo" Elshenawy to its board of directors. Elshenawy, formerly with Cruise LLC, brings experience from his leadership role in launching commercial driverless rideshare services. Additionally, Ares Acquisition Corp II entered into a $2 million working capital loan agreement with its sponsor, Ares Acquisition Holdings II LP. The loan, which is unsecured and interest-free, is repayable upon the completion of Ares’ initial business combination or by a specified deadline. These developments mark significant steps in the ongoing progress of Kodiak Robotics and Ares Acquisition Corporation II.

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