Embark Trucks, an autonomous truck manufacturer, has announced plans to go private in a USD 71 million, all-cash merger with Applied Intuition, a California-based developer of autonomous vehicles technology.

Following the merger, Embark will delist from the Nasdaq. The Embark brand will continue to operate under Applied as a subsidiary. Embark will retire its fleet of 24 trucks as a part of the transaction and an unknown number of Embark’s employees will join Applied. 

Applied also expects to enhance its own product offering by integrating Embark’s internal tools, data, and software assets into its trucking and automotive solutions.

Embark Trucks was founded in 2016 and has accumulated more than 1.5 million miles of supervised autonomous highway driving during its time of operation. The company initially went public in November 2021 in a USD 5 billion reverse merger.

Analyst QuickTake : In March , Embark laid off 70% of its workforce and closed down two of its offices. The company announced that it will focus on winding down its operations and that it is in the process of exploring strategic alternatives available to the company, such as the identification of alternative uses of Embark’s assets to commercialize its technology, additional sources of financing, and dissolution or liquidation of the company’s assets.