Applied Intuition to buy autonomous trucking SPAC Embark for $71M
Embark Trucks, the autonomous trucking company that recently cut 70% of its workforce, is being acquired by Applied Intuition, a simulation and software provider for autonomous vehicle development. The all-cash transaction has an equity value of about $71 million, according to the companies.
Embark went public in 2021 via a merger with a special purpose acquisition company. Like many so-called SPACs that joined the public markets before they were mature enough, Embark struggled to develop and commercialize its autonomous vehicle technology. In March Embark made the tough call to lay off the majority of its staff and shut down two offices.