Overview
- The financing totals more than $275 million, comprising about $212.5 million in PIPE commitments from institutional investors and roughly $62.9 million remaining in the SPAC trust after redemptions, before expenses.
- Kodiak originally targeted a $100 million PIPE, and CEO Don Burnette said the company ultimately raised more than $212 million.
- Benzinga reports that Soros Fund Management and ARK Investments are among the PIPE backers, a detail not independently confirmed in the press release.
- AACT shares rose about 6.42% in after-hours trading to $9.45 following the funding announcement, according to Benzinga.
- The proposed combination still requires shareholder and regulatory approvals, with plans to list the merged company on Nasdaq under KDK and KDKRW if closing conditions are met.