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Ares Acquisition Corporation II Class A (AACT-0.04%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that the company has not yet commenced operations and is focused on identifying and completing a business combination. As of December 31, 2024, the company had $975,319 in its operating bank account and $550,800,038 in its Trust Account.
The company reported net income of $25,986,159 for the year ended December 31, 2024, primarily driven by investment income of $27,761,686 from the Trust Account.
Ares Acquisition Corporation II Class A has until April 25, 2025, to complete a business combination, subject to shareholder approval for an extension. If a business combination is not completed by this date, the company will redeem public shares and liquidate the Trust Account.
The company raised $500,000,000 from its initial public offering, which closed on April 25, 2023, and an additional $14,300,000 from the sale of private placement warrants. The proceeds are intended to be used for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination.
The company's management has broad discretion with respect to the application of the net proceeds from the offering, which are primarily intended to be used to consummate a business combination.
Ares Acquisition Corporation II Class A's financial statements have been audited by WithumSmith+Brown, PC, which expressed an unqualified opinion on the company's financial statements.
The company is considered an emerging growth company and is subject to risks associated with such companies, including the ability to complete a business combination within the specified timeframe.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ares Acquisition Corporation II Class A annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.