Ares Acquisition Corporation Announces Monthly Contribution to Trust Account in Connection With Proposed Extension

Jan 26, 2023

Ares Acquisition Corporation (NYSE: “AAC.U”, “AAC”, “AAC WS”) (“AAC” or the “Company”) announced today that the Company’s sponsor, Ares Acquisition Holdings LP (the “Sponsor”), will make monthly deposits directly to the Company’s trust account of $0.03 for each outstanding Class A ordinary share, par value $0.0001 per share, of the Company, up to a maximum of $1.2 million per month (each deposit, a “Contribution”), in exchange for a non-interest bearing, unsecured promissory note (the “Promissory Note”) issued by the Company to the Sponsor following the approval and implementation of the Extension Amendment Proposal (as defined below) on the terms described below. This announcement is being made in anticipation of the Company’s extraordinary general meeting to be held at 9:30 a.m., Eastern Time, on February 2, 2023 (the “Shareholder Meeting”) at which shareholders will be asked to vote on a proposal to amend the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”) to, among other things, extend the date by which the Company has to consummate a business combination from February 4, 2023 to August 4, 2023 (the “Extension Amendment Proposal”).

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