Deal Details

Embark Merges with SPAC Northern Genesis 2

Technology & Services
Industrial

Embark merger with Northern Genesis 2

Summary

Embark Technology, Inc. (“Embark” or the “Company”) announced that it has closed its previously announced merger with the special purpose acquisition company Northern Genesis Acquisition Corp. II (“Northern Genesis 2”). Through the merger, Embark common stock and warrants began trading on the Nasdaq (Nasdaq: EMBK and EMBK.WS).

Baird served as a capital markets advisor to Embark Technology, Inc. on this transaction.

About

Embark is an autonomous vehicle company building the software powering autonomous trucks, focused on improving the safety, efficiency, and sustainability of the nearly $700 billion a year trucking market. Headquartered in San Francisco, California since its founding in 2016, Embark is America’s longest-running self-driving truck program. The Company partners with some of the largest shippers and carriers in the nation, collectively representing over 35,000 trucks. 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.

Northern Genesis 2 was a blank check company whose business purpose was to effect a merger, capital stock exchange, asset acquisition, stock purchase, 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. Ian Robertson, co-founder and CEO, currently leads InfraStar Investments and will remain on Embark’s Board of Directors. Northern Genesis 2 is headquartered in Kansas City, Missouri.

Technology & Services
Industrial

Embark merger with Northern Genesis 2