Embark Trucks, the autonomous trucking company that recently cut 70% of its workforce, is being acquired by Applied Intuition, a simulation and software provider for autonomous vehicle development. The all-cash transaction has an equity value of about $71 million, according to the companies.
Embark went public in 2021 via a merger with a special purpose acquisition company. Like many so-called SPACs that joined the public markets before they were mature enough, Embark 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, according to an email to employees from CEO Alex Rodrigues. According to a regulatory filing, that would have involved a sale of assets. In the meantime, Embark’s board embarked on “a process to explore, review and evaluate a range of poten …
