Ares Acquisition Corporation Announces Pricing of $870 Million Initial Public Offering
02 February 2021 - 2:30PM
Business Wire
Ares Acquisition Corporation (the “Company”), a special purpose
acquisition company formed for the purpose of entering into a
combination with one or more businesses, today announced the
pricing of its initial public offering of 87,000,000 units at a
price of $10.00 per unit. The units will be listed on the New York
Stock Exchange and trade under the ticker symbol “AAC” beginning
February 2, 2021. Each unit consists of one Class A ordinary share
of the Company and one-fifth of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one Class A
ordinary share of the Company at a price of $11.50 per share. Once
the securities comprising the units begin separate trading, the
Class A ordinary shares and warrants are expected to be listed on
the New York Stock Exchange under the symbols “AAC” and “AAC.WS,”
respectively.
The Company will not be limited to a particular industry or
geographic region in its identification and acquisition of a target
company, except that it does not intend to pursue the fossil fuel
energy industry.
UBS Investment Bank and Citigroup are acting as book-runners and
representatives of the underwriters for this offering. Morgan
Stanley and Barclays are acting as book-runners, and CastleOak is
acting as co-manager. The Company has granted the underwriters a
45-day option to purchase up to an additional 13,050,000 units at
the initial public offering price to cover over-allotments, if
any.
The offering is being made only by means of a prospectus. When
available, copies of the prospectus may be obtained from: UBS
Securities LLC, Attention: Prospectus Department, 1285 Avenue of
the Americas, New York, New York 10019, Telephone: (888) 827-7275
or email: ol-prospectusrequest@ubs.com; and Citigroup Global
Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Telephone: (800) 831-9146.
A registration statement relating to the securities became
effective on February 1, 2021 in accordance with Section 8(a) of
the Securities Act of 1933, as amended. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The offering is expected to close on February 4, 2021, subject
to customary closing conditions.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
proposed initial public offering and the anticipated use of the net
proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and preliminary prospectus for the Company’s offering
filed with the Securities and Exchange Commission (“SEC”). Copies
are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
For more information, please visit:
www.aresacquisitioncorporation.com
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