Why X-Energy Partner Ares Acquisition Stock Popped 9% Today
Nearly one year ago, privately held experimental small modular nuclear reactor (SMR) company X-Energy announced plans to reverse-merge itself into special purpose acquisition company (SPAC) Ares Acquisition Corporation (NYSE: AAC) in a $2 billion transaction targeting a nuclear power market that could be worth $1 trillion by 2050.
One year later, the deal is a bust.
On Tuesday, X-Energy and Ares Acquisition announced they have mutually agreed to terminate their business combination -- and as of 10:15 a.m. ET, Ares stock is up 9.2% on the news.
Source Fool.com
