Embark Trucks To List At A Valuation Of ~$5B On Nasdaq Under The Ticker "EMBK"

Author: Benzinga Newsdesk | November 10, 2021 05:10pm

Embark Trucks, Inc., a leading developer of autonomous technology for the trucking industry, today announced that it has completed its previously announced business combination with Northern Genesis Acquisition Corp. II (“Northern Genesis 2”) (NYSE:NGAB) to take Embark public. The combined company has been renamed “Embark Technology, Inc.” and its shares will commence trading on the Nasdaq Capital Market on November 11, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211110006315/en/

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 November 9, 2021 and was unanimously approved by Northern Genesis 2’s Board of Directors.

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 March 2021, Embark marked milestones across key business priorities:

• 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 Hawwa as Chief Financial Officer, Sid Venkatesan as Chief Legal Officer, and Stephen Houghton as Chief Operations and Fleet Officer. Embark also added former U.S. Secretary of Transportation Elaine L. Chao to 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 Transportation to collaborate and share data on highway work zone safety. Embark also joined the board of the Self-Driving Coalition to strengthen the Coalition’s position as the leading organization representing all facets of the AV industry.

Alex Rodrigues, Co-Founder and CEO of Embark added, "We are thrilled to reach this important milestone and become a public company to further our mission of evolving the trucking industry, and using autonomous software to create a safer, more efficient, and more sustainable freight ecosystem. Embark’s co-founder and CTO, Brandon Moak, and I are incredibly proud of what our team has achieved, and we remain focused on delivering against key strategic initiatives to commercialize our technology and achieve key technical milestones. We remain differentiated as America’s longest running self-driving truck program with an asset-light go-to-market strategy, our proprietary patent-pending Vision Map Fusion technology, and our carrier-friendly, platform- agnostic Embark Universal Interface approach. We believe that the capital raised in this transaction will help us achieve our commercialization plans to bring self-driving trucks to the U.S. Sunbelt in 2024."

"Embark has a strong group of shareholders who are excited to support its mission to create a better trucking industry,” said Ian Robertson, Director and CEO of Northern Genesis 2. “I look forward to being a member of the Board of Directors and working with management of Embark as it starts this next stage of its life as a public company."

To memorialize the completion of the business combination, Embark will be ringing the opening bell at the Nasdaq at 9:30 a.m. ET on November 11, 2021. A live stream of the event and replay can be accessed after November 11, 2021 by visiting: https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

Posted In: EMBK NGAB