Autonomous Trucks
Investors and industry watchers have also been concerned about billions of dollars that have been poured into the self-driving technology sector in a short span of time to commercialize it. "Over the next handful of weeks, we will work closely with the Embark Board of Directors to evaluate our options, including selling assets, restructuring the company or shutting down completely." Embark went public in 2021 through a special purpose acquisition company (SPAC) deal and is backed by Mubadala Capital, Sequoia Capital and Tiger Global Management. The company expects to incur charges of $7 million to $11 million related to the workforce reduction, which spans about 230 employees. Shares of Embark closed down 32.8% lower at $2.56 on Monday, giving the firm a market capitalization of $60 million, compared with the over $5 billion in market value when it went public.