Embark Trucks to go public via merger with SPAC Northern Genesis in $4.55 billion deal Embark Trucks Inc., a maker of self-driving technology for the trucking industry, said Wednesday it is going public via a merger with special purpose acquisition corporation Norther Genesis Acquisition Corp. II , in a deal with a pro forma implied enterprise value of about $4.55 billion. "Over the last five years, Embark has operated America''s longest running road-testing program for self-driving trucks to refine the company''s sophisticated self-driving software -- purpose-built to navigate Class 8 trucks on long-distance freight trips," the companies said in a joint statement. Once the deal closes, expected in the second half of 2021, Embark will have about $614 million of cash, and a $200 million private investment in public equity, or PIPE, backed by anchor investors including Pension Plan Investment Board (CPP Investments), Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management, together with the Northern Genesis management team and its associated institutional investors.