Ares Acquisition Corporation and X-Energy Reactor Company, LLC Announce Effectiveness of Registration Statement and October 31, 2023 Extraordinary General Meeting to Approve Business Combination

Ares Acquisition Corporation (NYSE: AAC) (“AAC”) announced today that on October 13, 2023, the U.S. Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form S-4, as amended (the “Registration Statement”), AAC had filed in connection with the previously announced proposed business combination (the “Business Combination”) with X-Energy Reactor Company, LLC, a Delaware limited liability company (“X-energy”).

An extraordinary general meeting of shareholders (the “Extraordinary General Meeting”) to approve the Business Combination is scheduled to be held on October 31, 2023 at 4:00 p.m. Eastern Time. The Extraordinary General Meeting will be held in person at the offices Kirkland & Ellis LLP located at 601 Lexington Avenue, New York, New York 10022 and virtually via live webcast. Holders of AAC’s Class A ordinary shares and AAC’s Class B ordinary shares at the close of business on the record date of October 3, 2023, are entitled to notice of the Extraordinary General Meeting and to vote at the Extraordinary General Meeting. AAC filed its definitive proxy statement/prospectus relating to the Business Combination with the SEC and began mailing it to shareholders on Friday, October 13, 2023. More details about the Business Combination and the resolutions to be voted upon at the Extraordinary General Meeting can be found in the definitive proxy statement/prospectus filed by AAC, available at: http://www.sec.gov.

Assuming satisfaction of the conditions to the closing of the Business Combination, including approval of the Business Combination by AAC’s shareholders, the post-Business Combination company intends to list its securities on the New York Stock Exchange (“NYSE”) under the proposed symbols “XE” and “XEW”, respectively. The NYSE listing is subject to the closing of the Business Combination and fulfillment of all NYSE listing requirements.

“As the X-energy team prepares to become a publicly-traded company, we are steadfast in our commitment to deliver cost-effective, zero-carbon energy to customers and communities,” said J. Clay Sell, Chief Executive Officer of X-energy. “Today’s evolving energy landscape demands innovative solutions and the support of AAC has created an important opportunity to advance the development of our leading nuclear technology and accelerate the growth of our business. We look forward to completing the transaction this quarter.”