# EDGAR Filing Document

**Accession Number:** 0001853138
**File Stem:** 0000000000-25-006152
**Filing Date:** 2025-6
**Character Count:** 19559
**Document Hash:** 7137e95019917e9958b3a6cf322a0c56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006152.hdr.sgml**: 20260701

**ACCESSION NUMBER**: 0000000000-25-006152

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250611

**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

```

                                                            June 11, 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
           Registration Statement on Form S-4
           Filed May 14, 2025
           File No. 333-287278
Dear David Kaplan and Don Burnette:

       We have reviewed your 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.

Registration Statement on Form S-4
Cover Page

1.     Please tell us why the ownership tables here and on pages xx and xxi
include the
       shares underlying Legacy Kodiak options that will convert into Kodiak
options upon
       the business combination. Alternatively, consider removing such shares
from the
       tables and including a footnote explaining the exclusion of the option
       shares. Similarly, explain your basis for assuming the completion of
$100.0 million of
 June 11, 2025
Page 2

       the PIPE Investment considering only $60.0 million has been committed
and closed,
       to date, or revise accordingly. Lastly, revise footnote 3 to the tables
to
       disclose the number of shares underlying each of the Exchanged Kodiak
Options, the
       conversion of the SAFEs and the conversion of the Second Lien Loans, and
the
       number of shares issuable related to the exercise of the Legacy Kodiak
warrants.
Cautionary Note Regarding Forward Looking Statements, page xiv

2.     You state that the proxy statement/prospectus includes forward-looking
statements
       within the meaning of Section 27A of the Securities Act. Please note
that reliance
       upon the safe harbor protections for forward-looking statements under
the Private
       Securities Litigation Reform Act is not permitted for this initial
business combination.
       See Section 27A(b)(2)(D) of the Securities Act of 1933. Please revise to
clarify that
       the safe harbor does not apply to this offering.
Summary of the Proxy Statement/Prospectus, page 1

3.     Please revise the prospectus summary to include, in tabular format, the
terms and
       amount of the compensation received or to be received by the SPAC
sponsor, its
       affiliates, and promoters in connection with the de-SPAC transaction or
any related
       financing transaction, the amount of securities issued or to be issued
by the SPAC to
       the SPAC sponsor, its affiliates, and promoters and the price paid or to
be paid for
       such securities in connection with the de-SPAC transaction or any
related financing
       transaction; and, outside of the table, the extent to which that
compensation and
       securities issuance has resulted or may result in a material dilution of
the equity
       interests of non-redeeming shareholders of the special purpose
acquisition company.
       Refer to Item 1604(b)(4) of Regulation S-K.
4.     Please revise to include the dilution table and related disclosures as
required by Item
       1604(c) of Regulation S-K. Outside of the table, describe each material
potential
       source of future dilution that non-redeeming shareholders may experience
by electing
       not to tender their shares in connection with the Business Combination,
including
       sources not included in the table, such as the exercise of the warrants,
with respect to
       the determination of the as adjusted net tangible book value per share.
5.     Please revise to present, at each redemption level, the valuation at or
above which the
       potential dilution results in the amount of non-redeeming shareholders
 interest per
       share being at least the IPO price per share of ordinary shares. Refer
to Item
       1604(c)(1) of Regulation S-K.
Risk Factors, page 28

6.     As an emerging growth company, we note that you intend to take advantage
of the
       extended transition period for adopting new or revised accounting
standards. Please
       revise to include a risk factor explaining that because of this election
your financial
       statements will not be comparable to companies that comply with the
public company
       effective dates.
We rely on a limited number of customers for a significant portion of our
revenue..., page 31

7.     You state that a significant portion of your revenue has been generated
from a limited
 June 11, 2025
Page 3

       number of customers including the U.S. Army and Atlas. For all periods
presented, to
       the extent material, please quantify the amount of revenue that you
generated from
       each significant customer.
We depend heavily on our commercial agreements with Atlas..., page 32

8.     Please revise to disclose the terms of Legacy Kodiak   s Master Services
Agreement
       (MSA) with Atlas, including the date the agreement was entered into and
the length
       and amount of the contract. Also, tell us your consideration to disclose
any remaining
       performance obligations as of December 31, 2024, in the financial
statement footnotes
       related to the Atlas MSA or any other arrangements. In this regard,
disclosure on page
       292 indicates that Legacy Kodiak anticipates entering into long-term
master service
       contracts with customers for terms of three to four years. Refer to ASC
606-10-50-13.
The Business Combination Proposal, page 100

9.     Please revise your disclosure to describe the material roles and
responsibilities of
       your sponsor, its affiliates, and any promoters in directing and
managing your
       activities. Refer to Item 1603(a)(4) of Regulation S-K.
Fairness Opinion of Lincoln International LLC, page 130

10.    You disclose that Lincoln International LLC considered documents related
to the
          probable future outlook of Legacy Kodiak    provided by the
management of Legacy
       Kodiak and the company. Please discuss whether Lincoln International LLC
and/or
       the board considered financial projections in evaluating the proposed
business
       combination. If so, disclose why the projections or forecasts regarding
the    probable
       future outlook of Legacy Kodiak    were not included in the filing.
Unaudited Pro Forma Condensed Combined Financial Information
Expected Accounting Treatment of the Business Combination, page 221

11.    Please revise to include SAB 74 disclosure in Ares' financial statement
footnotes
       addressing when they intend to adopt ASU 2025-03 and the impact of such
adoption
       of your financial statements. In this regard, we note the adoption of
ASU 2025-03 will
       impact the identification of the accounting acquirer in a business
combination that is
       affected primarily by exchanging equity interests in which a VIE is
acquired.
       Accordingly, tell us how, or if, you considered the impact of this
guidance on your pro
       forma financial statements.
12.    Please revise to disclose the maximum redemption level (or approximate
range of
       redemptions) at which the business combination transaction would still
be accounted
       for as a reverse recapitalization. Also, consider revising to present a
third column in
       your pro forma financial statements to reflect this scenario.
13.    We note that you intend to account for Earn Out Securities as liability
instruments
       while Sponsor Earn Out Securities will receive equity treatment. Please
provide us
       with your analysis under ASC 815-40 that supports your accounting for
each of these
       arrangements.
 June 11, 2025
Page 4
Pro forma Ownership after the Business Combination, page 224

14.    Please revise footnote 4 to the table to disclose the number of shares
underlying each
       of the conversion of SAFEs and Second Lien Loans and the shares issuable
related to
       exercise of the Legacy Kodiak warrants.
Note 3 - Pro Forma Adjustments
Pro Forma Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet,
page
232

15.    We note that the Exchanged SAFE Loan will be convertible into Kodiak
Common
       Stock at the Sponsor Affiliates Investor's option. To the extent the
Exchanged SAFE
       Loan is not converted, such borrowings will remain outstanding after the
Closing.
       Please explain your basis for assuming conversion of the Exchanged SAFE
Loan in
       pro forma adjustment C3. In this regard, tell us and revise to clarify
whether the
       Sponsor Affiliate Investor has elected to convert their Loan at Closing.
Similarly,
       explain your basis for assuming repayment in cash of the Overfunding
Loans held by
       the Sponsor in pro forma adjustment C7 and revise your disclosures as
necessary.
16.    Please revise to disclose the number of Kodiak shares issued related to
the SAFE
       Agreements, the Second Lien Loans and the Legacy Kodiak warrants
reflected in pro
       forma adjustments C2, C3 and C4, respectively.
Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined
Statements of Operations, page 234

17.    We note pro forma adjustment F6 is shown on the face of the pro forma
income
       statement but there is no corresponding pro forma note. Please explain
or revise to
       remove this reference.
18.    We note that pro forma adjustment F1 gives effect to the termination of
the Trust
       Agreement, in part, by eliminating interest income on Trust assets under
both the no
       redemption scenario, in which you appear to retain trust assets, and the
maximum
       redemption scenario, in which you appear to liquidate the trust assets.
Please tell us
       why you believe the same adjustment is appropriate under Rule
11-02(a)(6)(i)(B)
       given the difference in the pro forma balance sheet treatment under each
scenario.
Information About AACT, page 238

19.    Please revise to include all of the information regarding the Sponsor
required by Item
       1603 of Regulation S-K.
Beneficial Ownership of Securities, page 274

20.    Please disclose the information required by Item 403 of Regulation S-K
regarding
       Kodiak. Refer to Item 18(a)(5) of Form S-4.
21.    Please identify the natural persons who exercise the voting and/or
dispositive powers
       with respect to the securities owned by entities, including but not
limited to, First
       Trust Capital Management L.P., AQR Capital Management, LLC, Westchester
       Capital Management, LLC.
 June 11, 2025
Page 5
Information About Legacy Kodiak, page 284

22.    You state that you use artificial intelligence in your operations,
product development,
       services and solutions. We note that you also increased your spending on
research and
       development to support your artificial intelligence and machine learning
       efforts. Please revise to provide a more detailed discussion regarding
the specific data
       points or types of data your artificial intelligence platform collects
and utilizes.
       Clarify whether your AI or machine learning models use outside data
sources, such as
       publicly available datasets or from your other customers, or if they are
closed-loop
       systems.
Our Customers, page 295

23.    We note your case study discussion beginning on page 296. Please tell us
the amount
       of revenue recognized from each of these arrangements for each period
presented and
       whether you consider such revenue to be from Driver-as-a-Service (DaaS),
freight
       delivery or autonomy solutions. Also, describe for us how you account
for such
       arrangements and revise your disclosures as necessary. For example, you
refer to a
       collaboration arrangement with J.B. Hunt in which the freight delivery
services are
       provided by both J.B. Hunt and Legacy Kodiak. Lastly, disclose the terms
for each of
       these arrangements. In this regard, clarify whether the U.S. Army
contract has been
       completed or when it will terminate. Similarly, explain whether you
continue to
       generate revenue from your 2024 collaboration with Textron Systems.
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
Legacy Kodiak
Key Operating Metrics, page 306

24.    It appears the two metrics disclosed provide a means by which to measure
operations
       and revenue generated via your DaaS solutions. Please tell us, and
revise to disclose
       as applicable, what measures Legacy Kodiak uses to monitor their other
operations
       and revenue related to either delivery of freight via Kodiak-owned
vehicles or
       providing autonomy solutions and revise to include a quantified
discussion of such
       measures for each period presented. Refer to SEC Release 33-10751.
Results of Operations
Year Ended December 31, 2024 compared to Year Ended December 31, 2023, page 308

25.    Please revise to include a discussion of the change in revenue
separately for each of
       your product and service offerings (i.e. DaaS, freight delivery and
ground autonomy
       solutions). Refer to Item 303(a) of Regulation S-K.
Kodiak Robotics, Inc.
Note 2. Summary of Significant Accounting Policies
Concentration of Risks, page F-30

26.    Please revise to disclose information related to major customer(s) who
generated 10%
       or more of revenue in either period end. In this regard, it appears from
your
       disclosures on page 31, that contracts with the U.S Army have comprised
a significant
       percentage of your historical revenues. If customers are the same in
both periods,
       please identify them as such, for example, by distinguishing each
customer as
 June 11, 2025
Page 6

       Customer A, Customer B, etc. Refer to ASC 280-10-50-42.
Revenue Recognition, page F-33

27.    We note Legacy Kodiak generates revenue from providing DaaS to
customers,
       delivering freight via Kodiak-owned autonomous trucks and demonstrating
and
       providing ground autonomy solutions to the U.S. Army. Please provide us
with a
       breakdown of revenue for each of these revenue streams for each period
presented. In
       addition, include a discussion of your revenue recognition policy
separately for each
       of these revenue streams and at a minimum, ensure you address the
following:
           Disclose information related to the performance obligations for each
revenue
           stream, including the nature of goods or services included in each
performance
           obligation and how and when each performance obligation is
satisfied, and
           revenue is recognized. Refer to ASC 606-10-50-12.
           Disclose how you determine the standalone selling price for each of
the
           performance obligations in your multiple performance obligation
           arrangements. Refer to ASC 606-10-50-20.
28.    Please revise to disclose how the timing of satisfaction of performance
obligations
       relates to the timing of payment. In this regard, you state that
customers are billed
       upon meeting certain defined milestones in the contract upon completion
of
       services or in advance for autonomous driving solutions. Explain what is
meant by
       milestones and how this relates to your DaaS services, delivery of
vehicles, freight
       services or ground autonomy solutions. Refer to ASC 606-10-50-9.
Note 17. Segment, page F-54

29.    We note net loss is the key measure of segment profit used by the CODM
to allocate
       resources and assess performance. Please revise to discuss how the CODM
uses this
       measure in assessing segment performance and deciding how to allocate
resources.
       Refer to 280-10-50-29f and the example at 280-10-55-54c.
General

30.    Please revise throughout the filing to consistently and clearly disclose
when Legacy
       Kodiak began offering the DaaS services. In this regard, we note Legacy
Kodiak
       offered this service to Atlas as part of the agreement entered into
December 2024.
       However, elsewhere in the filing it is unclear whether this service was
offered prior to
       December 2024 and/or to Legacy Kodiak   s other commercial trucking
customers as
       defined on page 295.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

        Refer to Rule 461 regarding requests for acceleration. Please allow
adequate time for
us to review any amendment prior to the requested effective date of the
registration
statement.
 June 11, 2025
Page 7

        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

```

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