Ares Acquisition Corp., X-energy scrap $1.8B merger due to ‘persistently volatile public markets’

Ares Acquisition Corp. (AAC), which is a special purpose acquisition company affiliated with Ares Management Corp. (ARES), will liquidate. It’s the 165th special purpose acquisition company (SPAC) to dissolve this year. 

Jay Ritter, Cordell Eminent Scholar and an expert in initial public offerings, said SPAC acquisitions have been struggling partly because of a lack of available capital to deploy on deals.

Read more insights from Ritter in this story from Morningstar.