(WSJ) Self-driving truck startup Embark Trucks Inc. will become public by merging with a blank cheque company. Deal could be valued at $5.2 billion.
Embark will merge with Special Purpose Acquisition Company Northern Genesis Acquisition Corp. 11 in the public listing.
The company is expected to generate about $625 million in cash from the SPAC deal and a PIPE connected with the transaction.
The startup joins other self-driving truck firms including PlusAICorp. and TuSimple Holdings Inc. seeking a share of public markets.
Embark seeks to differentiate itself by having a technology that can work on different types of trucks and can easily integrate with other fleets.
The SPAC deal happens days after Amazon said it will buy at least 1,000 self-driving trucks from Plus, with an option to acquire about 20% stake in the company.
Embark’s deal adds to the growing popularity of SPACs, having raised almost $110 billion this year, up from about $80 billion last year.
