On the same day that electric truck maker Rivian closed its first day as a public company with an $86 billion valuation, autonomous trucking startup Embark Trucks concluded its SPAC merger valued at $5 billion.
But early investors redeemed nearly 30 million shares, cutting Embark’s proceeds by about $300 million. It was a similar story a week ago when Aurora Innovation (NASDAQ: AUR) went public. Early redemptions cut is SPAC proceeds by $755 million from an expected $1.9 billion.
Still, Embark,...
https://www.freightwaves.com/news/embark-trucks-concludes-spac-but-bolting-investors-take-back-300m