Embark Trucks, America’s Longest-Running Self-Driving Truck Program, To List at a Valuation of Approximately $5 Billion on Nasdaq Under the Ticker “EMBK”
Embark announces completion of merger with
Northern Genesis Acquisition Corp. IIafter stockholders overwhelmingly approve business combination
Embark’s common stock to begin trading on Nasdaq under ticker symbol “EMBK” on
November 11, 2021
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The ticker symbols for the common stock and warrants of Northern Genesis 2 will change from “NGAB” and “NGAB.WS” to “EMBK” and “EMBKW”, respectively. The transaction was approved at a special meeting of Northern Genesis 2 stockholders on
The closing of the business combination caps a momentous year for Embark as the company seeks to continue to develop industry-leading autonomous truck technology. Since
- Technology Progress: Embark unveiled the Embark Universal Interface, a set of standardized self-driving components and the flexible interfaces necessary for major truck OEMs to more easily and robustly integrate Embark's autonomous technology onto their vehicle platforms.
- Technical Partnerships: Embark announced partnerships and collaborations with Tier 1 suppliers and technology providers including Cummins, NVIDIA, Luminar, and ZF to accelerate integration of the Embark Universal Interface within OEM vehicle platforms.
Partner Development Program (PDP) & Reservations: Embark launched its Partner Development Program with members including Werner Enterprises, Mesilla Valley Transportation,
Bison Transport, AB Inbev, HP, and DHL, among others. Carriers in the PDP have placed a combined 14,200 non-binding reservations for Embark-equipped autonomous trucks to date.
- National Transfer Point Network: Embark partnered with Ryder to launch a nationwide network of up to 100 Embark transfer points, where Ryder will provide yard operations, maintenance, and fleet management to support a seamless coast-to-coast autonomous network for Embark fleet partners.
- Sustainability: Embark worked with PDP member HP, Inc. to kick off the industry’s first electric truck drayage program. The two are piloting first- and last-mile deliveries between transfer points and HP's distribution facilities using human-operated electric trucks in combination with autonomous trucks.
Management and Leadership: Embark expanded its executive leadership team, adding
Richard Hawwaas Chief Financial Officer, Sid Venkatesanas Chief Legal Officer, and Stephen Houghtonas Chief Operations and Fleet Officer. Embark also added former U.S.Secretary of Transportation Elaine L. Chaoto its Board of Directors. Additionally, Embark announced the formation of an industry advisory board, composed of six storied executives from companies like Cummins, Knight Transportation, Navistar, and others.
Policy: Embark signed a joint MOU with the
Arizona Department of Transportationto collaborate and share data on highway work zone safety. Embark also joined the board of the Self-Driving Coalitionto strengthen the Coalition’s position as the leading organization representing all facets of the AV industry.
"Embark has a strong group of shareholders who are excited to support its mission to create a better trucking industry,” said
To memorialize the completion of the business combination, Embark will be ringing the opening bell at the Nasdaq at
Management and Board Composition
Following completion of the proposed business combination, Embark will retain its experienced management team.
Embark is an autonomous vehicle company building the software powering autonomous trucks, focused on improving the safety, efficiency, and sustainability of the nearly
Embark’s mission is to realize a world where consumers pay less for the things they need, drivers stay close to the homes they cherish, and roads are safer for the people we love. To learn more about Embark, visit embarktrucks.com.
About Northern Genesis 2
Northern Genesis 2 is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The management team overseeing the Northern Genesis 2 investment platform brings a unique entrepreneurial owner-operator mindset and a proven history of creating stockholder value across the sustainable power and energy value chain. The team is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Embark’s and Northern Genesis 2’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Embark’s and Northern Genesis 2’s expectations with respect to future performance. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (2) costs related to the any proposed business combination; (3) changes in the applicable laws or regulations; (4) volatility in the price of Embark’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Embark plans to operate, variations in performance across competitors, changes in laws and regulations affecting Embark’s business and changes in the combined capital structure; (5) the possibility that Embark may be adversely affected by other economic, business, and/or competitive factors; (6) the impact of the global COVID-19 pandemic; and (7) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by Embark and Northern Genesis 2 with the
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Source: Embark Trucks