Ares Acquisition Corporation III (AAC.W) Warrant
Each AAC.W warrant gives the holder the right to buy 1 share of Ares Acquisition Corporation III at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.12, below the strike, so the warrant is out of the money. Ares Acquisition Corporation III has a market value of about $500.12M. Ares Acquisition Corporation III is a SPAC (no deal announced yet). It must complete a deal by July 1, 2028 or the warrants expire worthless. There are 3.95M listed warrants; exercising all of them would add 8.0% to the 49.42M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $12.04
From the issuer's 424B4 (2026-06-30).
Company and stock
- Company
- Ares Acquisition Corporation III
- Underlying stock
- AAC
- Share price
- $10.12
- Market cap
- $500.12M
- Shares outstanding
- 49.42M
- Range since Aug 2026
- $10.06 – $10.15
- Change since Aug 2026
- -0%
- Value of all listed warrants
- $2.13M (0.4% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Los Angeles, CA
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.5400
- Price / model
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Dilution
- Shares outstanding
- 49.42M
- Listed warrants
- 3.95M
- Dilution if all exercised
- 8.0%
Warrant count from filing notes, read by hand (high): Public Warrants (one-tenth of one redeemable warrant per Unit).
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-07-01
- Latest possible deadline
- 2029-01-01
- Trust per share
- $10.20
- Sponsor
- Ares Acquisition Holdings III LP
- Sponsor's earlier SPACs
- 2 (1 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about AAC.W
When does the AAC.W warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of AAC.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many AAC.W warrants are outstanding?
3.95M listed warrants, equal to 8.0% dilution if all are exercised.
Related warrants
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