On May 25, 2023, Applied Intuition, Inc., a tooling and software provider for autonomous vehicle development, and Embark Technology, Inc., an autonomous trucking software company, announced that the companies have entered into a definitive merger agreement under which Applied will acquire Embark in an all-cash transaction in which Embark shareholders will receive $2.88 per share in cash. Wilson Sonsini Goodrich & Rosati is advising Embark and its Transaction Committee on the transaction.

Founded in 2016, Embark has built a robust autonomous software stack that uses machine learning methodologies for perception while relying on a safety-redundant compute system. Embark also developed a custom-built hardware platform optimized for autonomy and has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. Applied aims to integrate Embark's internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries.

The transaction, which has been approved unanimously by the boards of directors of both companies, is expected to close in Q3 2023 and is subject to approval by Embark shareholders and other customary closing conditions. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will become a privately held company.

The Wilson Sonsini team advising Embark and its Transaction Committee on the acquisition includes:

M&A
Rob Ishii
Rich Mullen
Kristen Kercher
Ryan Cooper
Utsav Lall

Corporate
Mark Baudler
Lianna Whittleton
David Sharon
Carole Rosenberg

Delaware Law
Amy Simmerman
Brad Sorrels
Erin Fay
Jason Schoenberg
Sarah Hand

Technology Transactions
Chris Paniewski
Dena Smith

Privacy and Cybersecurity
Matt Staples
Daniel Chen
Michael O’Brien
Dantam Le
Nikhil Goyal

Tax
Myra Sutanto Shen
Anjali Krishnan

Credit Finance
Dana Hall
Rick Titcomb

Employee Benefits and Compensation
Sriram Krishnamurthy
Matt Norgard
Jason Chan

Employment Law
Rebecca Stuart
Briza Sanchez Lucas
Colleen Angus-Yamada

Real Estate
Jim McCann
Sean Wilkinson
Brooke Elberger

Antitrust and Competition
Scott Sher
Todd Hahn

National Security
Anne Seymour
Kara Millard

Anti-Corruption
Tarek Helou
Seth Cowell

For more information, please see the companies’ news release. Additional coverage is available in TechCrunch.