Embark Trucks, a developer of autonomous technology for the trucking industry, completed its business combination with Northern Genesis Acquisition II, following the SPAC’s shareholder vote in favor of the deal.
Embark Technology shares begin trading today on the Nasdaq under EMBK.
Northern Genesis II in an 8-K filing disclosed that 29,986,289 shares wre redeemed ahead of the merger vote. That wipes out about 72% of the SPAC’s $414 million cash in trust. As a result of the redemptions, the SPAC said 81,121 founders shares were forfeited to institutional investors. Read more.
