Applied Intuition, Inc., a software provider for unmanned vehicles, and Embark Technology, Inc., a software development company for unmanned cargo vehicles, have entered into a definitive merger agreement. This is reported in the press release of Applied Intuition.
The transaction value is $71 million ($2.88 per share).
The deal is in line with Embark's plans to review strategic objectives and reassess a number of potential strategic alternatives.Completion of the transaction is expected in the third quarter of 2023 and is subject to the approval of the shareholders of Embark and compliance with the usual closing conditions.
Upon completion of the transaction, the shares and warrants of Embark will be removed from the NASDAQ listing, and Embark will become a private company.
Goodwin Procter LLP acts as legal counsel to Applied Intuition. Evercore and Wilson Sonsini Goodrich & Rosati, P.C. are advisors to Embark.
Applied Intuition is a software development company for forecasting, planning, sensor modeling and control for clients in the defense, aviation, automotive sectors, as well as in the field of cargo transportation, agriculture and automotive. The headquarters is located in California (USA).
Embark Technology, Inc. is a software development company for unmanned cargo vehicles. Embark includes the departments of Embark Universal Interface and Embark Guardian for the development of dispatching and autonomous fleet management tools. The headquarters is located in San Francisco (California).
