Embark Trucks, a developer of autonomous software technology for the trucking industry, and Northern Genesis Acquisition II today announced that they have entered into a definitive business combination agreement. The deal carries a pro forma implied enterprise value of approximately $4.55 billion with a market capitalization of approximately $5.16 billion for the combined company.
The transaction provides approximately $614 million in gross cash proceeds, including $414 million of cash held by the SPAC in trust (assuming no redemptions) and a $200 million fully committed common stock PIPE supported by anchor investors including CPP Investments, Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management, together with the Northern Genesis management team and its associated institutional investors.
The proceeds are expected to fund the company through commercialization expected in 2024. Read more.