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Who’s to blame for all the SPAC implosions?

For a company that closed its blank-check combination back in late 2021, it’s a stunning fall from grace. Crunchbase counts more than $100 million invested into Embark before its SPAC deal, including capital from Sequoia and Tiger Global. It raised even more capital when merging with Northern Genesis Acquisition Corp. II. And after not that many public earnings reports, it’s seemingly game over. The Exchange explores startups, markets and money. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. Sure, self-driving vehicles wound up being further 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.

Who’s to blame for all the SPAC implosions? by Alex Wilhelm originally published on TechCrunch


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