Remember when we said that the electric vehicle industry was in a spot of bother, but it didn’t matter? Also the SPAC space? Remember when DealBook asked what Lordstown Motors’ difficulty “means for SPACs”?
Embark Trucks Inc. is merging with a special-purpose acquisition company to go public in a deal that values the self-driving truck startup at about $5.2 billion, the companies said…. Embark is the latest self-driving truck firm to tap public markets in recent months, joining PlusAI Corp. and TuSimple Holdings Inc….
[CEO Alex] Rodrigues, 25 years old, joins a group of young startup executives who are making fortunes on paper by taking their companies public through SPACs.
Quanergy Systems Inc, a supplier of self-driving car technology, said on Tuesday it will go public through a merger with Chinese blank-check company CITIC Capital Acquisition Corp…. The SPAC deal values Quanergy at $1.1 billion….
Sunnyvale, California-based Quanergy, founded in 2012, said it is the only major LiDAR provider to use Optical Phased Array (OPA) technology, which reduces movable parts and which the company said is better for the requirements of the automotive industry.
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.