# EDGAR Filing Document

**Accession Number:** 0001853138
**File Stem:** 0000000000-25-007516
**Filing Date:** 2025-7
**Character Count:** 13270
**Document Hash:** d39c2557ff436a20dd667a906e3faed6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007516.hdr.sgml**: 20260701

**ACCESSION NUMBER**: 0000000000-25-007516

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250716

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kodiak AI, Inc.
- **CENTRAL INDEX KEY:** 0001853138
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287278

**BUSINESS ADDRESS:**
- **STREET 1:** 1049 TERRA BELLA AVENUE
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** 650-209-8005

**MAIL ADDRESS:**
- **STREET 1:** 1049 TERRA BELLA AVENUE
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kodiak Al, Inc.
- **DATE OF NAME CHANGE:** 20250924

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ares Acquisition Corp II
- **DATE OF NAME CHANGE:** 20210324
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kodiak Robotics, Inc.
- **CENTRAL INDEX KEY:** 0001747286
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 825086710
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287278

**BUSINESS ADDRESS:**
- **STREET 1:** 1049 TERRA BELLA AVENUE
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** (781) 626-2729

**MAIL ADDRESS:**
- **STREET 1:** 1049 TERRA BELLA AVENUE
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-25-119920

## Text-Extract

```

                                                            July 16, 2025

David Kaplan
Chief Executive Officer
Ares Acquisition Corporation II
245 Park Avenue, 44th Floor
New York, NY 10167

Don Burnette
Chief Executive Officer
Kodiak Robotics, Incorporated
1049 Terra Bella Avenue
Mountain View, CA 94043

       Re: Ares Acquisition Corporation II
           Kodiak Robotics, Incorporated
           Amendment No. 1 to Registration Statement on Form S-4
           Filed June 30, 2025
           File No. 333-287278
Dear David Kaplan and Don Burnette:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our June 11,
2025 letter.

Amendment No. 1 to Registration Statement on Form S-4
Cover Page

1.     We note your revised disclosure and response to prior comment 1. While
we note you
       expect that all Exchanged Kodiak Options will have an exercise price
less than the
       Redemption Price, the intent of the cover page table and the first
tables on pages xxi
 July 16, 2025
Page 2

       and 4 is to show the shares that will be outstanding immediately
following the
       Business Combination. Therefore, please revise to remove the shares of
Kodiak
       Common Stock underlying the Exchanged Kodiak Options from such tables.
Also,
       revise the introductory paragraph and footnote (3) to explain that the
dilutive effects
       of the Exchanged Kodiak Options are excluded from the cover page table
and the first
       table on pages xxi and 4. In addition, you refer to 54,794,192 Kodiak
Common shares
       underlying Exchanged Kodiak Options everywhere throughout the filing,
except page
       238 where you refer 52,581,296 million shares. Please revise or explain
this
       discrepancy.
Summary of the Proxy Statement/Prospectus
Equity Stake Upon Closing, page 3

2.     We note your revised disclosure and response to prior comment 4. Please
address the
       following:
           Revise to present a tabular reconciliation of both the numerator and
denominator
           that separately shows each item included in the calculation of net
tangible book
           value per share as adjusted.
           Ensure your calculation includes all material probable or
consummated
           transactions and transactions that will otherwise materially affect
AACT's net
           tangible book value as adjusted including, but not limited to,
transaction costs
           paid by AACT and the PIPE financing transaction, but excluding the
effects of the
           Business Combination itself.
           Revise to remove disclosure of net tangible book value as adjusted
including
           exercise of the public and private warrants, and the related per
share calculations,
           as it does not appear these warrants will be exercised upon the
Business
           Combination. If you determine these warrants represent a future
material potential
           source of dilution, include narrative disclosure outside of this
table.
3.     We note your revised disclosure of Company Valuation at IPO Price Per
Share in
       response to prior comment 5. Please revise to present a tabular
reconciliation of this
       calculation separately from your net tangible book value, as adjusted,
calculations.
       Note that this calculation should include shares issued to Legacy Kodiak
shareholders
       as part of the Business Combination transaction. Refer to the example in
Section
       II.D.3.iv.f of SEC Release No. 33-11265. Additionally, tell us whether
you considered
       including in this calculation shares that will be issued upon: (i)
conversion of the
       SAFE Loans and the Second Lien Loans, including the Exchanged SAFE; (ii)
vesting
       and net exercise of the Legacy Kodiak Warrants; and (iii) to the Legacy
Kodiak
       advisor as payment of $12.5 million in fees.
Sponsor and Affiliates Compensation, page 24

4.     Please refer to prior comment 3 and revise to include, in tabular
format, the price paid
       or to be paid for such securities in connection with the de-SPAC
transaction or any
       related financing transaction.
 July 16, 2025
Page 3
Risk Factors
Risks Related to Legacy Kodiak
We rely on a limited number of customers for a significant portion of our
revenue..., page 35

5.     We note your revised disclosures in response to prior comment 23. Please
also revise
       this risk factor to disclose that Legacy Kodiak does not currently have
any active work
       orders under its commercial agreement with its significant customer, the
U.S. Army,
       and that the current contract is set to expire on October 1, 2025.
We expect Kodiak to qualify as an "emerging growth company" within the meaning
of...,
page 69

6.     We note your revised disclosure and response to prior comment 6. As
previously
       requested, please revise to explain that because Kodiak has elected to
take advantage
       of the extended transition period for complying with new or revised
accounting
       standards, your financial statements may not be comparable to companies
that comply
       with the public company effective dates.
Notes to Unaudited Pro Forma Condensed Combined Financial Information
Note 3 - Pro Forma Adjustments
Pro Forma Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet,
page
235

7.     We note your revised disclosures and response to prior comment 15.
Please revise
       your disclosures on page 225 and in pro forma adjustment (C3) to
disclose the due
       date for any payments under the Exchanged Safe Loan should the Sponsor
Affiliate
       choose not to convert this loan. Also, explain further why you assumed
repayment of
       the Overfunding Loans in cash for pro forma purposes. Revise pro forma
adjustment
       (C7) to disclose the number of warrants that will be issued should the
Sponsor choose
       to convert this loan into Kodiak Warrants, and describe the potentially
dilutive impact
       on pro forma per share amounts.
8.     Please provide us with a breakdown of the transaction costs incurred by
each of
       Legacy Kodiak and AACT that are included in pro forma adjustment (C8).
In your
       response, tell us how you determined which costs were attributable to
the issuance of
       equity instruments and which were attributable to the Business
Combination. Explain
       why you have not included any adjustment to the pro forma combined
statement of
       operations and provide the specific accounting guidance you relied upon.
Refer also to
       SAB Topic 5.A.
Information About Legacy Kodiak
Select Customer Case Studies, page 302

9.     We note your revised disclosure and response to prior comment 23. As
previously
       requested, please revise to disclose the terms of your arrangements with
J.B. Hunt and
       Werner Enterprises, including whether these arrangements are still
ongoing or if, and
       when, they have ended. Tell us the amount of revenue recognized from
these
       arrangements, as applicable, and revise to disclose how you accounted
for any such
       revenue. Also, revise to clarify that revenue from the customers
selected for your case
       studies, with the exception of the U.S. Army, have been immaterial to
date.
 July 16, 2025
Page 4

Ares Acquisition Corporation II
Note 2. Significant Accounting Policies
Recent Accounting Pronouncements, page F-15

10.    You state in your response to prior comment 11 that both AACT and Legacy
Kodiak
       will early adopt ASU 2025-03. Please revise here to include a discussion
of AACT's
       intent to early adopt this guidance. Refer to SAB 74.
Kodiak Robotics, Inc.
Note 2. Summary of Significant Accounting Policies
Revenue Recognition, page F-54

11.    We note your revised disclosure and response to prior comment 27. Please
further
       revise to disclose the typical length, or intended term, of your DaaS
contracts. In this
       regard, we note from disclosure on page 299 you intend to enter master
service
       agreements with terms of three to four years. In addition, we note DaaS
arrangements
       consist of one highly integrated bundle of goods and services that
represent a single
       output, which is recognized into revenue ratably over the term of the
contract. You
       state that the single performance obligation is comprised of hardware
and software
       together with ongoing support services. Please revise to clarify whether
you license
       (or lease) vehicles to Atlas or sell vehicles to Atlas. In this regard,
you state on page 3
       that Atlas has contracted to order 100 trucks and refer to these as
being both
          licensed    and    purchased    by Atlas. Also, explain further how
you determined these
       arrangements include a single performance obligation and specifically
address how
       you applied the guidance in ASC 606-10-25-19 through 25-21. Revise your
       disclosures as necessary.
12.    We note that in response to prior comment 28, you removed the discussion
of
       Kodiak's customer billing policy. Please revise to include a discussion
of Kodiak's
       billing policy for each revenue stream. To the extent billings are based
upon
       completion of milestones, clarify what is meant by such reference.
Kodiak Robotics, Inc.
Note 2. Summary of Significant Accounting Policies
Concentration of Risks, page F-83

13.    We note your revised disclosure and response to prior comment 26. As
previously
       requested, please revise to clarify whether the customers in each period
are the
       same by distinguishing each customer as Customer A, Customer B, etc. In
your
       response, provide us with the names of these significant customers in
each period.
General

14.    We note your disclosure that upon the consummation of the Business
Combination,
       the Sponsor shall have the option to convert the Working Capital Loans
for warrants
       with terms identical to the Private Placement Warrants. Please clarify
how the
       issuance of warrants under the working capital loan arrangement will
impact the
       percentage of issued and outstanding shares held by the Sponsor and the
impact on the
       ability of the Sponsor to exercise control with respect to the company.
 July 16, 2025
Page 5

        Please contact Brittany Ebbertt at 202-551-3572 or Kathleen Collins at
202-551-3499
if you have questions regarding comments on the financial statements and
related
matters. Please contact Marion Graham at 202-551-6521 or Jan Woo at
202-551-3453 with
any other questions.

                                                          Sincerely,

                                                          Division of
Corporation Finance
                                                          Office of Technology
cc:   Philippa Bond

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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