Applied Intuition, Inc. to Obtain Embark Technologies, Inc. to Boost Its Solutions for Autonomous Automobile Improvement
MOUNTAIN VIEW, Calif., May perhaps 25, 2023 /PRNewswire/ — Applied Intuition, Inc., a tooling and application provider for autonomous car improvement, and Embark Technologies, Inc. (NASDAQ: EMBK), an autonomous trucking application enterprise, these days announced that the organizations have entered into a definitive merger agreement. Beneath the agreement, Applied will obtain Embark in an all-money transaction with an equity worth of roughly $71 million.
Founded in 2016, Embark has constructed a robust autonomous application stack that utilizes machine finding out methodologies for perception when relying on a security-redundant compute method. Embark also created a custom-constructed hardware platform optimized for autonomy and has performed comprehensive genuine-globe testing and method deployment, with more than 1.five million miles of autonomous operations carried out on highways.
Applied aims to integrate Embark’s internal tools, information, and application assets to additional strengthen its offerings for clients in the trucking and automotive industries. Embark plans to retire its fleet of test automobiles as component of the transaction. Essential Embark workers are anticipated to stay to assistance Applied and expand the company’s suite of item offerings.
“We are excited to obtain Embark,” mentioned Qasar Younis, Co-Founder and CEO of Applied Intuition. “This acquisition must allow us to advance our goods and resolve far more certain, complicated challenges for our clients. We respect the perform Embark has achieved in the autonomous car sector and appear forward to leveraging their knowledge to greater serve our international consumer base.”
“Now marks an fascinating, new chapter for Embark,” mentioned Alex Rodrigues, Co-Founder and CEO of Embark. “I would like to thank all previous and present workers for their contributions more than the previous seven years. I appreciate every thing they have carried out for the enterprise, and I can’t wait to see exactly where Applied requires the technologies we have constructed.”
Beneath the terms of the agreement, which has been authorized unanimously by the boards of directors of each organizations, Embark shareholders will obtain $two.88 per share in money. The agreement comes right after Embark’s March three, 2023 announcement that it was engaging in a approach to discover, evaluation, and evaluate a variety of possible strategic options.
The transaction is anticipated to close in Q3 2023 and is topic to approval by Embark shareholders and other customary closing situations. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will grow to be a privately held enterprise.
Goodwin Procter LLP is serving as legal counsel to Applied Intuition. Evercore is serving as economic advisor and Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal counsel to Embark and its Transaction Committee. Houlihan Lokey offered added economic advisory solutions to Embark’s Transaction Committee.
About Applied Intuition
Applied Intuition’s mission is to accelerate the world’s adoption of protected and intelligent machines. The company’s application options make it quicker, safer, and much easier to bring autonomous systems to marketplace. Autonomy applications across industries and 17 of the leading 20 international automotive OEMs rely on Applied’s options to create, test, and deploy autonomous systems at scale. Discover far more at https://applied.co.
Embark Technologies, Inc. (NASDAQ: EMBK) is an autonomous car enterprise constructing the application powering autonomous trucks, focused on enhancing security, efficiency, and sustainability. Headquartered in San Francisco, CA due to the fact its founding in 2016, Embark has partnered with some of the biggest shippers and carriers in the United States.
Further Info and Exactly where to Obtain It
Embark Technologies, Inc. (“Embark”), its directors and specific executive officers are participants in the solicitation of proxies from stockholders in connection with the pending acquisition of Embark by Applied Intuition, Inc. (the “Transaction”). Embark plans to file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies to approve the Transaction. Further information and facts with regards to such participants, like their direct or indirect interests, by safety holdings or otherwise, will be incorporated in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Info relating to the foregoing can also be identified in Embark’s Annual Report on Type ten-K for the fiscal year ended December 31, 2022 (the “2022 Annual Report”), which was filed with the SEC on March 28, 2023. To the extent that holdings of Embark’s securities have changed due to the fact the amounts set forth in the 2022 Annual Report, such adjustments have been or will be reflected on Statements of Modify in Ownership on Type four filed with the SEC.
Promptly right after filing the definitive Transaction Proxy Statement with the SEC, Embark will mail the definitive Transaction Proxy Statement and a proxy card to each and every stockholder entitled to vote at the particular meeting to take into consideration the Transaction. STOCKHOLDERS ARE URGED TO Study THE TRANSACTION PROXY STATEMENT (Like ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT EMBARK WILL FILE WITH THE SEC WHEN THEY Develop into Out there Since THEY WILL Include Significant Info. Stockholders could acquire, cost-free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Embark with the SEC in connection with the Transaction at the SEC’s web page (https://www.sec.gov). Copies of Embark’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Embark with the SEC in connection with the Transaction will also be readily available, cost-free of charge, at Embark’s investor relations web page (https://investors.embarktrucks.com).
This communication includes forward-seeking statements that involve dangers and uncertainties, like statements with regards to the Transaction, like the anticipated timing of the closing of the Transaction considerations taken into account by Embark’s Board of Directors in approving the Transaction expectations for Embark following the closing of the Transaction and expectations for Embark if the Transaction does not close. Such forward-seeking statements are topic to inherent dangers and uncertainties, like these related with: (i) the possibility that the situations to the closing of the Transaction are not happy, like the danger that essential approvals from Embark’s stockholders for the Transaction are not obtained on a timely basis or at all (ii) the occurrence of any occasion, transform or other situations that could give rise to the correct to terminate the Transaction, like in situations requiring Embark to spend a termination charge (iii) uncertainties as to the timing of the consummation of the Transaction and the capacity of each and every celebration to consummate the Transaction (iv) the nature, price and outcome of any legal proceeding that could be instituted against the parties and other people relating to the Transaction (v) the impact of the announcement or pendency of the Transaction on Embark’s assets, liabilities or economic situation (vi) the quantity of the charges, costs, costs and charges associated to the merger agreement or the Transaction (vii) the danger that Embark’s stock price tag could fluctuate through the pendency of the Transaction and could decline considerably if the Transaction is not completed and (viii) other dangers and uncertainties detailed in the periodic reports that Embark files with the SEC, like the 2022 Annual Report and the Quarterly Report on Type ten-Q filed with the SEC on May perhaps 15, 2022, each and every of which could be obtained on the investor relations section of Embark’s web page (https://investors.embarktrucks.com). If any of these dangers or uncertainties materialize, or if any of Embark’s assumptions prove incorrect, Embark’s actual final results could differ materially from the final results expressed or implied by these forward-seeking statements. All forward-seeking statements in this communication are primarily based on information and facts readily available to Embark as of the date of this communication, and Embark does not assume any obligation to update the forward-seeking statements offered to reflect events that happen or situations that exist right after the date on which they have been produced, except as essential by law.
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