Small modular nuclear reactor merger plan falls through

X-energy, Ares drop merger plan, 31 October 2023

Small modular reactor (SMR) and advanced fuel technology developer X-Energy Reactor Company – known as X-energy – and Ares Acquisition Corporation (AAC) have “mutually agreed to terminate their previously announced business combination agreement, effective immediately”.

In December last year, X-energy and AAC – a publicly traded special purpose acquisition company affiliated with global alternative investment manager Ares Management Corporation – entered into a definitive business combination agreement. The combination was set to establish X-energy as a publicly traded company, a move that was expected to accelerate the company’s growth strategy.

………………………………….., given challenging market conditions, peer-company trading performance and a balancing of the benefits and drawbacks of becoming a publicly traded company under current circumstances, X-energy and AAC jointly determined that it was the best course of action at this time not to proceed with their previously announced transaction.”

……………………….”In view of the termination of the Business Combination Agreement, AAC determined that it will not be able to consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association,” the statement said. “As such, AAC intends to dissolve and liquidate in accordance with the provisions of the articles.”

X-energy is the developer of the Xe-100 pebble bed high-temperature gas reactor……………………  https://www.world-nuclear-news.org/Articles/X-energy,-Ares-drop-merger-plan #nuclear #antinuclear #nuclearfree #NoNukes

November 3, 2023 - Posted by Christina Macpherson | business and costs, USA