- Embark announces completion of merger with Northern Genesis
Acquisition Corp. II after stockholders overwhelmingly approve
business combination
- Embark’s common stock to begin trading on Nasdaq under ticker
symbol “EMBK” on November 11, 2021
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.
Management and Board Composition
Following completion of the proposed business combination,
Embark will retain its experienced management team. Alex Rodrigues
will continue to serve as CEO, Brandon Moak will continue to serve
as Chief Technology Officer, and Richard Hawwa will continue to
serve as CFO.
Elaine Chao, former U.S. Secretary of Transportation, Pat Grady,
Partner at Sequoia Capital, and Patricia Chiodo, CFO of Verra
Mobility Corporation, will join Alex Rodrigues, Brandon Moak, and
Ian Robertson on Embark’s board of directors.
About Embark
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, CA 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. 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.
Forward-Looking Statements
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 U.S. Securities and Exchange
Commission (the “SEC”), including those discussed in Northern
Genesis 2’s Annual Report Form 10-K for the fiscal year ended
December 31, 2020 (“Form 10-K”) and Quarterly Report on Form 10-Q
for the quarter ended June 30, 2021 and in the registration
statement on Form S-4 and definitive proxy statement/prospectus and
other documents filed by Northern Genesis 2 and Embark from time to
time. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Embark cautions that the foregoing list of factors is not
exhaustive and not to place undue reliance upon any forward-looking
statements, including projections, which speak only as of the date
made. Embark undertakes no obligation to and accepts no obligation
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110006315/en/
For Embark: Investor Relations:
investorrelations@embarktrucks.com Media:
press@embarktrucks.com
For Northern Genesis 2: Investor
Relations: investors@northerngenesis.com
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