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Let’s get into this latest fiasco
It appears that We have another SPAC meltdown on our hands. Embark, the independent trucking software maker, has laid off most of its employees, plans to use its remaining employees and is “working to review” with its board. [its] Options include selling assets, restructuring the company or shutting it down entirely.
For a company that closed its blank check portfolio at the end of 2021, the fall from grace is remarkable. Crunchbase invested more than $100 million in Embark prior to the SPAC deal, including Sequoia and Tiger Global Capital.
It raised even more capital when it merged with North Genesis Acquisition Corporation II. And after several public earnings reports, it seemed game over.
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Of course, self-driving vehicles are likely to take off more than many expect. Surprised by its evolution, all the entities that bet on that technology seem more mature than it. Embark isn’t the only company to struggle in the larger marketplace.
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