Ares Acquisition II(AACT) - 2024 Q1 - Quarterly Report

Financial Position - As of March 31, 2024, the company had $1,643,343 in its operating bank account and working capital of$1,680,429[108]. - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2024[111]. Income and Expenses - For the three months ended March 31, 2024, the company reported a net income of $6,393,390, primarily from investment income of$6,848,902, offset by general and administrative costs of $455,512[106]. - The company generated non-operating income from interest on investments, with expectations of increased expenses due to public company compliance[106]. - The company has entered into a monthly administrative service fee agreement of$16,667 with its Sponsor for general and administrative services[112]. Initial Public Offering - The company completed its Initial Public Offering on April 25, 2023, raising gross proceeds of $500,000,000 from the sale of 50,000,000 Units, incurring offering costs of$28,550,129[102]. Business Combination - The company has until April 25, 2025, to complete a Business Combination, after which it will redeem public shares if unsuccessful[104]. - As of March 31, 2024, the company had contingent fees of $732,045 with a service provider, payable only if a Business Combination is consummated[115]. - The company incurred a deferred underwriting fee of$17,500,000, which will be waived if the initial business combination is not completed[114]. Risks - Management has identified risks from inflation, rising interest rates, and geopolitical events that could negatively impact the company's financial position and ability to complete a Business Combination[110].