Part One: Performance Analysis

As of March 31, 2023, Ares Acquisition Corporation is a blank check company with a current aim to complete a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, which they refer to as the initial business combination. The funds to complete their initial business combination are expected to come from the proceeds of their initial public offering (IPO), the sale of private placement warrants, capital stock, debt, or a combination of cash, stock, and debt.

The company's recent developments include the business combination agreement with X-Energy Reactor Company, LLC, and the extension of the initial business combination deadline from February 4, 2023, to August 4, 2023. The business combination is subject to, among other things, the approval of the Company’s shareholders, satisfaction of the conditions stated in the Business Combination Agreement and other customary closing conditions, including the approval of regulatory authorities and the NYSE to list the securities of the combined company.

As of March 31, 2023, the company had approximately $91,000 in their operating bank account and incurred significant costs in the pursuit of initial business combinations. The company's plans to complete the initial business combination are not guaranteed to be successful.

For the three months ended March 31, 2023, the company had a net loss of $10,338,862, which consisted of a change in the fair value of warrant liabilities of $14,617,400, general and administrative costs of $3,910,654, and investment income earned on investments held in Trust Account of $8,189,192. In comparison, for the three months ended March 31, 2022, the company had a net income of $17,063,156, which consisted of a change in the fair value of warrant liabilities of $17,146,154, investment income earned on investments held in Trust Account of $330,519, and general and administrative costs of $413,517.

Part Two: Forward-Looking Analysis

The success of the company's plans to complete the initial business combination and the degree of investment opportunities available to the company after the combination will significantly impact its future performance. The business combination agreement with X-Energy Reactor Company, LLC, involves an umbrella partnership C corporation structure, in which X-energy and its subsidiaries will hold substantially all of the assets and the business of the combined company. Once the business combination is complete, the combined company will continue to operate through X-energy.

Furthermore, the company has been granted an extension of the initial business combination deadline from February 4, 2023, to August 4, 2023. The company has until the latter date to complete its initial business combination, after which time the company will be required to dissolve and liquidate if it has not completed its initial business combination.

As a blank check company, the company is expected to generate increased expenses as a result of being a public company for legal, financial reporting, accounting and auditing compliance as well as due diligence expenses. The company also expects to incur significant costs in the pursuit of initial business combinations.

The factors that would impact the future performance of the company include the success rate of the company's initial business combination, the degree of the investment opportunities available and the overall economic conditions of the market. The CEO and management have not provided any further information on future plans or developments.

In conclusion, identifying a suitable business combination before the August 4, 2023 deadline will largely determine the future success of Ares Acquisition Corporation. However, given that the company is still a blank check company, investors may view Ares Acquisition Corporation as being exposed to relatively high-risk investments due to their lack of operating history and profitability.

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Ares Acquisition Corporation - Class A

Ares Acquisition: Uncertainty Looms over Initial Business Combination

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

Form 8-K - Current report - Item 7.01 Item 9.01

Announcement: AAC 8-K Special Filing

Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend]

Announcement: AAC 10-K/A Special Filing Amendment

Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Ares Acquisition Corp. Plans to Merge with Nuclear Innovator X-Energy
Current Analysis:
Ares Acquisition has kept expenses low but hasn’t yet found a suitable merger target. They have $38,000 in their bank account as of Dec 31st, 2022.

Forward-Looking Analysis:
Ares Acquisition Corp. recently announced its planned merger with X-Energy Reactor Company, LLC. This merger enhances Ares Acquisition Corp.’s competitive advantage within the renewable energy industry. However, the COVID-19 pandemic and rising interest rates may negatively impact its financial position and ability to complete the merger. Investors should keep an eye on trends affecting the business and the company’s ability to successfully complete the merger.

Announcement: AAC 10-K Annual Report

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: AAC SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Form 8-K - Current report - Item 5.03 Item 5.07 Item 8.01 Item 9.01