As previously announced on December 6, 2022, X-energy
entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC) (AAC), a publicly-traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed
in the second quarter of 2023, the combined company will be named X-Energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AACs shareholders, the Registration Statement being declared effective by the SEC, and other
customary closing conditions.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology
for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable,
zero-carbon and affordable energy to people around the world. X-energys simplified, modular, and intrinsically safe SMR design expands applications and markets for
deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com
or connect with us on Twitter or LinkedIn.
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please
visit www.aresacquisitioncorporation.com
Additional Information and Where to Find It
In connection with the business combination (the Business Combination) with X-energy, AAC filed a
registration statement on Form S-4 (the Registration Statement) with the Securities and Exchange Commission (the SEC) on January 25, 2023, which includes a preliminary proxy
statement/prospectus to be distributed to holders of AACs ordinary shares in connection with AACs solicitation of proxies for the vote by AACs shareholders with respect to the Business Combination and other matters as described in
the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has
been declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement includes information regarding the persons who may, under the SEC rules, be deemed
participants in the solicitation of proxies to AACs shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN
CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov In addition, the documents filed by AAC may be obtained free of charge from AACs website at
www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.