Self-driving truck startup Embark says it might go bust, shares plunge 33%

Shares of autonomous-truck startup Embark Technology Inc. sank Monday after the corporate introduced deep layoffs and stated it might exit of enterprise.

Embark shares
EMBK,
-32.81%
plunged 33%, and have fallen 97% over the previous 12 months, closing Monday’s common session at $2.56 after buying and selling as excessive as $134 final April.

In a letter to workers Friday that was posted on Medium, Embark co-founder and Chief Executive Alex Rodrigues stated the corporate was shedding 70% of its workforce and winding down day-to-day operations.

“The capital markets have turned their backs on pre-revenue companies, just as slipping manufacturer timelines have delayed the prospect of scaled commercial deployment,” he wrote.

“After thoroughly evaluating all alternatives, we have been unable to identify a path forward for the business in its current form,” Rodrigues continued. “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.”

San Francisco-based Embark went public in November 2021 by a SPAC merger with a valuation of about $5.2 billion. It aimed to remodel the trucking trade by self-driving software program, and had hoped to create a nationwide community of long-haul autonomous vehicles.

Source web site: www.marketwatch.com

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