Let’s get down to this latest fiasco
It happens that we have another SPAC meltdown on our hands. Embark, a maker of autonomous transportation software, has laid off most of its workforce, plans to use the remaining employees to wind down its business, and is working with its board to [its] options, including selling assets, restructuring the business or closing it completely.”
For a company that closed its blank check combination at the end of 2021, it’s a stunning fall from grace. Crunch base counts more than $100 million invested in Embark prior to the SPAC deal, including capital from Sequoia and Tiger Global.
It raised even more capital with its merger with Northern Genesis Acquisition Corp. II. And after not so many public earnings reports, it seems game over.
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To be sure, self-driving vehicles eventually came further afield than many expected. Among those surprised by their slow development, every entity seems to have placed bets that that technology is more mature than it is. Embark is hardly the only company in its larger market area struggling.
