Embark, a self-driving truck venture led by 25-year-old CEO Alex Rodrigues, announced a deal to go public via SPAC on Wednesday.
San Francisco-based Embark plans to combine in a $5.2 billion deal with Northern Genesis Acquisition Corp. II, a special purpose acquisition company, to become a publicly traded stock. The driverless tech company expects to raise about $614 million in gross cash proceeds, including a $200 million private investment from Knight-Swift Transportation Holdings, Sequoia Capital and Tiger Global, among others.
The proceeds are expected to fully fund Embark’s business through 2024. It’s the latest self-driving truck company making a deal to go public in recent…