Northern Genesis Acquisition Corp. II (NYSE:NGAB) secured shareholder approval of its combination with autonomous trucking technology developer Embark Trucks Inc. in a special meeting held yesterday.
NGAB’s 8-K filing disclosed that stockholders holding 29,986,289 shares exercised their right to redeem for a pro rata portion of the funds, removing 72.431% of the SPAC’s trust account. As a result, approximately $299,884,977.33, at approximately $10.00 per share, will be removed from the trust to pay such holders.
The company reported in a press release on Monday that its shareholders had already overwhelmingly voted in support of the $4.55 billion business combination and all other proposals.
The combined company has been renamed “Embark Technology, Inc.” and its shares will commence trading on the Nasdaq Capital Market tomorrow on November 11 under the new ticker symbols “EMBK” and “EMBKW”.
The parties initially announced the $4.55 billion deal on June 23. Embark is developing software that may enable heavy trucks to drive autonomously on the long highway portions of their journeys between cities.
All other proposals in connection to the business combination were also approved at yesterday’s meeting. For a full list of tallies and disclosures, you may click here.
ADVISORS
- Citi is serving as financial advisor and capital markets advisor to Embark.
- J.P. Morgan Securities LLC is serving as financial advisor and capital markets advisor to Northern Genesis 2.
- J.P. Morgan Securities LLC, Citi, and BMO Capital Markets are serving as joint placement agents for the PIPE.
- Latham & Watkins LLP is lead legal counsel for Embark.
- Husch Blackwell LLP is lead legal counsel for Northern Genesis 2.
- Winston & Strawn LLP is lead legal counsel to the placement agents on the PIPE transaction.
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...