NEW YORK & ROCKVILLE, Md.–(BUSINESS WIRE)–Ares Acquisition Corporation (NYSE: AAC) announced today that on October 13, 2023, the U.S. Securities and Exchange Commission declared effective the Registration Statement on Form S-4, as amended, AAC had filed in connection with the previously announced proposed business combination with X-Energy Reactor Company, LLC, a Delaware limited liability company.
An extraordinary general meeting of shareholders (the “Extraordinary General Meeting”) to approve the Business Combination is scheduled to be held on October 31, 2023 at 4:00 p.m. Eastern Time. The Extraordinary General Meeting will be held in person at the offices Kirkland & Ellis LLP located at 601 Lexington Avenue, New York, New York 10022 and virtually via live webcast. Holders of AAC’s Class A ordinary shares and AAC’s Class B ordinary shares at the close of business on the record date of October 3, 2023, are entitled to notice of the Extraordinary General Meeting and to vote at the Extraordinary General Meeting. AAC filed its definitive proxy statement/prospectus relating to the Business Combination with the SEC and began mailing it to shareholders on Friday, October 13, 2023. More details about the Business Combination and the resolutions to be voted upon at the Extraordinary General Meeting can be found in the definitive proxy statement/prospectus filed by AAC, available at: http://www.sec.gov.
Assuming satisfaction of the conditions to the closing of the Business Combination, including approval of the Business Combination by AAC’s shareholders, the post-Business Combination company intends to list its securities on the New York Stock Exchange (“NYSE”) under the proposed symbols “XE” and “XEW”, respectively. The NYSE listing is subject to the closing of the Business Combination and fulfillment of all NYSE listing requirements.
“As the X-energy team prepares to become a publicly-traded company, we are steadfast in our commitment to deliver cost-effective, zero-carbon energy to customers and communities,” said J. Clay Sell, Chief Executive Officer of X-energy. “Today’s evolving energy landscape demands innovative solutions and the support of AAC has created an important opportunity to advance the development of our leading nuclear technology and accelerate the growth of our business. We look forward to completing the transaction this quarter.”
“This is an exciting milestone for the AAC and X-energy business combination,” said David Kaplan, Co-Chairman and Chief Executive Officer of AAC, Co-Founder of Ares. “We appreciate the support from our investors and remain confident that X-energy’s differentiated technology is well-positioned to meet and benefit from global demand for reliable, safe and clean energy.”
Every vote is important and AAC encourages all shareholders to make their voices heard by voting online or by mail as soon as possible, regardless of the number of shares held. AAC shareholders who need assistance in completing the proxy card, need additional copies of the Proxy Statement/Prospectus, or have questions regarding the Extraordinary General Meeting may contact AAC’s proxy solicitor, Morrow Sodali LLC, by calling (800) 662-5200 (toll free), or banks and brokers can call (203) 658-9400, or by emailing [email protected].
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.
About Ares Acquisition Corporation
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.