Ares Acquisition Corporation Announces Successful Second Extension and Redemption Results
NEW YORK August 1, 2023 Ares Acquisition Corporation (NYSE: AAC.U, AAC, AAC WS)
(AAC or the Company) today announced its shareholders approved a further extension of the period of time that the Company has to consummate its proposed business combination (the Business Combination) with X-Energy Reactor Company, LLC, a Delaware limited liability company (X-energy) to November 6, 2023. At the extraordinary general meeting of the Company,
holders of 1,392,821 of the Companys Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Companys trust account in connection with the announcement of the second extension,
reflecting redemptions of approximately 3.0% of the total Class A ordinary shares outstanding. As a result, approximately $482,395,329.56 will remain in the Companys trust account. Following the redemption, the Companys remaining
number of issued and outstanding Class A ordinary shares was 45,604,260.
As previously announced, AAC and
X-energy entered into a Business Combination Agreement, dated as of December 5, 2022 (as amended on June 11, 2023 and as it may be further amended or supplemented from time to time, the
Business Combination Agreement), by and among AAC, X-energy and, solely for purposes of Section 1.01(f), Section 6.25 and Article IX of the Business Combination Agreement, certain other
parties thereto. It is currently expected that the Business Combination will be consummated in the third quarter of 2023.
About Ares Acquisition
Ares Acquisition Corporation (NYSE: AAC) is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation,
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North
America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
On July 12, 2023, AAC filed a definitive proxy statement with the Securities and Exchange Commission (the SEC) in connection with its
solicitation of proxies for the Shareholder Meeting. In connection with the Business Combination with X-energy, AAC filed a registration statement on Form S-4 on
January 25, 2023 (as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4 thereto, filed on March 24, 2023, June 12, 2023, July 3, 2023 and July 25, 2023, respectively,
the Registration Statement) with the SEC, which includes a preliminary proxy statement/prospectus to be distributed to holders of AACs ordinary shares in connection with AACs solicitation of proxies for the vote by AACs
shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity
holders in connection with the Business Combination. After the Registration Statement has been declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement
includes information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AACs shareholders in connection with the Business Combination. AAC will also file other documents regarding the
Business Combination with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY
STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS
Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AACs website at
www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.