AAC II Holdings II LP 4

What Happened
AAC II Holdings II LP (a reported 10% owner) purchased 769,230 shares of Kodiak AI, Inc. (KDK) common stock on May 8, 2026 under a subscription agreement and, in connection with that deal, received an accompanying warrant covering 769,230 shares. The common shares were purchased at $6.50 per share for an aggregate subscription amount of $4,999,995. The warrant is initially exercisable at $6.00 per share (subject to anti‑dilution and other adjustments).

Key Details

• Transaction date: May 8, 2026; Form 4 filed May 11, 2026. Filing appears timely.
• Common stock purchased: 769,230 shares at $6.50/share — total cash paid $4,999,995.
• Derivative: Warrant for 769,230 shares, initial exercise price $6.00 (anti‑dilution provisions apply). The Form 4 reports the derivative instrument in connection with the subscription.
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes: AAC II Holdings II LP is an Ares‑related investment vehicle; several Ares entities and individuals are disclosed as potentially sharing beneficial ownership but disclaim such ownership except for pecuniary interests.

Context
This was an institutional subscription by a reported 10% holder, not an executive or individual insider trade. Purchases like this show an institutional capital commitment; the warrant gives AAC II the option to buy additional stock later at a set exercise price, which could lead to dilution if exercised. The filing is descriptive and does not state any personal trading intent.