Northern Genesis II (NGAB) Shareholders Approve Embark Deal
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.