Who’s accountable for all of the SPAC implosions?

Allow us to Embark on this newest fiasco

It seems that we have now one more SPAC meltdown on our arms. Embark, a maker of autonomous trucking software program, has laid off most of its workers, intends to make use of its remaining workers to wind down its operations, and is working with its board to “to judge [its] choices, together with promoting property, restructuring the corporate or shutting down fully.”

For a corporation that closed its blank-check mixture again in late 2021, it’s a surprising fall from grace. Crunchbase counts greater than $100 million invested into Embark earlier than its SPAC deal, together with capital from Sequoia and Tiger International.

It raised much more capital when merging with Northern Genesis Acquisition Corp. II. And after not that many public earnings studies, it’s seemingly recreation over.

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Certain, self-driving automobiles wound up being additional out than many anticipated. These stunned by their gradual growth appear to incorporate each entity that positioned bets on that expertise being extra mature than it’s. Embark is hardly the one firm in its bigger market space to wrestle.