Applied Intuition Acquires Embark for $71M in Autonomous Trucking SPAC Deal

Applied Intuition, a simulation and software provider for autonomous vehicle development, has acquired Embark Trucks, an autonomous trucking company that recently cut 70% of its workforce. The all-cash transaction has an equity value of about $71 million. Embark went public in 2021 via a merger with a special purpose acquisition company, but struggled to develop and commercialize its autonomous vehicle technology. In March, Embark made the tough call to lay off the majority of its staff and shut down two offices. The remaining 30% of workers were tasked with the job of winding down operations. Applied will integrate Embark’s internal tools, data and software assets to improve its offerings to customers in the trucking and automotive industries. Key Embark employees will be absorbed into Applied in order to help ensure a smooth transition and encourage growth of the company’s suite of products. Embark shareholders will receive $2.88 per share in cash. The companies expect the transaction to close in the third quarter, after which Embark shares will stop trading on the Nasdaq.