Northern Genesis Acquisition II today said it has achieved a quorum for approval of its proposed $5 billion business combination with autonomous driving company Embark Trucks.
Northern Genesis 2’s shareholders who have submitted proxies to date have voted overwhelmingly in support of the business combination, the SPAC said in an news release.
The business combination is expected to close with all transaction related requirements having been met, following a Nov. 9 shareholder vote.
After closing, stock and warrants are expected to begin trading Nov. 11 on the Nasdaq under EMBK and EMBK.WS.
Announced in June, the transaction provides approximately $614 million in gross cash proceeds, including $414 million held by the SPAC in trust (assuming no redemptions) and a $200 million fully committed common stock PIPE. Read more.
