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Self-driving truck startup Embark says it may go bust, shares plunge 33%

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Shares of autonomous-truck startup Embark Technology Inc. sank Monday after the company announced deep layoffs and said it may go out of business.

Embark shares
EMBK,
-32.81%

plunged 33%, and have fallen 97% over the past 12 months, closing Monday’s regular session at $2.56 after trading as high as $134 last April.

In a letter to employees Friday that was posted on Medium, Embark co-founder and Chief Executive Alex Rodrigues said the company was laying off 70% of its workforce and winding down day-to-day operations.

“The capital markets have turned their backs on pre-revenue companies, just as slipping manufacturer timelines have delayed the prospect of scaled commercial deployment,” he wrote.

“After thoroughly evaluating all alternatives, we have been unable to identify a path forward for the business in its current form,” Rodrigues continued. “Over the next handful of weeks, we will work closely with the Embark board of directors to evaluate our options, including selling assets, restructuring the company or shutting down completely.”

San Francisco-based Embark went public in November 2021 through a SPAC merger with a valuation of about $5.2 billion. It aimed to transform the trucking industry through self-driving software, and had hoped to create a nationwide network of long-haul autonomous trucks.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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