X-energy, Ares Acquisition mutually agree to terminate business combination

X-Energy Reactor Company, X-energy, a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (AAC) a publicly-traded special purpose acquisition company, announced that they have mutually agreed to terminate their previously announced business combination agreement , effective immediately. As a result, the extraordinary general meeting of AAC shareholders scheduled for October 31 to approve the proposed transaction will be convened and then adjourned indefinitely. Additionally, the extraordinary general meeting of AAC shareholders scheduled for November 2 to vote on a proposal to extend the date by which AAC must consummate a business combination will be convened and then adjourned indefinitely…An investment vehicle affiliated with Ares Management Corporation (ARES) has agreed to make a private investment into X-energy in order to support X-energy’s continued growth as a private company. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the business combination agreement. Pursuant to the terms of the termination agreement between AAC and X-energy, X-energy assumed from AAC and agreed to pay, perform and discharge the liabilities of AAC with respect to the payment in cash of certain fees, costs and expenses of AAC and its affiliates.