{"id":25589,"date":"2023-03-08T22:46:01","date_gmt":"2023-03-08T22:46:01","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/03\/08\/whos-to-blame-for-all-the-spac-implosions\/"},"modified":"2023-03-08T22:46:03","modified_gmt":"2023-03-08T22:46:03","slug":"whos-to-blame-for-all-the-spac-implosions","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/03\/08\/whos-to-blame-for-all-the-spac-implosions\/","title":{"rendered":"Who\u2019s to blame for all the SPAC implosions?"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/07\/whos-to-blame-for-all-the-spac-implosions\/<\/a><\/br>
\nWho\u2019s to blame for all the SPAC implosions?<\/br>
\n2023-03-08 22:46:01<\/br><\/p>\n

\n

Let us Embark on this latest fiasco<\/h2>\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

It appears that<\/span> we have yet another SPAC meltdown on our hands. Embark, a maker of autonomous trucking software, has laid off most of its staff<\/a>, intends to use its remaining employees to wind down its operations, and is working with its board to \u201cto evaluate [its] options, including selling assets, restructuring the company or shutting down completely.\u201d<\/p>\n

For a company that closed its blank-check combination back in late 2021<\/a>, it\u2019s a stunning fall from grace. Crunchbase counts<\/a> more than $100 million invested into Embark before its SPAC deal, including capital from Sequoia and Tiger Global.<\/p>\n

It raised even more capital when merging with Northern Genesis Acquisition Corp. II. And after not that many public earnings reports, it\u2019s seemingly game over.<\/p>\n

\n

The Exchange explores startups, markets and money. <\/em><\/strong><\/p>\n

Read it every morning on TechCrunch+<\/a> or get The Exchange newsletter<\/a> every Saturday.<\/em><\/strong><\/p>\n

\n

Sure, self-driving vehicles wound up being farther out than many anticipated. Those surprised by their slow development seem to include every entity that placed bets on that technology being more mature than it is. Embark is hardly the only company in its larger market area to struggle.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/03\/07\/whos-to-blame-for-all-the-spac-implosions\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/07\/whos-to-blame-for-all-the-spac-implosions\/ Who\u2019s to blame for all the SPAC implosions? 2023-03-08 22:46:01 Let us Embark on this latest fiasco It appears that we have yet another SPAC meltdown on our hands. Embark, a maker of autonomous trucking software, has laid off most of its staff, intends to use its remaining employees to wind down its operations, […]<\/p>\n","protected":false},"author":1,"featured_media":25590,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-25589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nWho\u2019s to blame for all the SPAC implosions? - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/03\/08\/whos-to-blame-for-all-the-spac-implosions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who\u2019s to blame for all the SPAC implosions? - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/03\/07\/whos-to-blame-for-all-the-spac-implosions\/ Who\u2019s to blame for all the SPAC implosions? 2023-03-08 22:46:01 Let us Embark on this latest fiasco It appears that we have yet another SPAC meltdown on our hands. 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