Embark Technology, Inc. - EMBK STOCK NEWS

Embark Trucks, Inc., a leader in autonomous trucking technology, has appointed Simina Simion as Chief People Officer. With over 15 years of HR experience, Simion aims to strengthen Embark's talent acquisition and culture as the company approaches commercialization. Previously, she held senior HR positions at Quantcast, Perfect World Entertainment, and Tubular Labs. CEO Alex Rodrigues expressed confidence in her leadership abilities, emphasizing the need for a robust talent strategy at this critical growth phase. Embark's mission is to enhance safety and efficiency in the $730 billion U.S. freight market.

Embark Trucks and Knight-Swift Transportation have initiated a pivotal partnership with the launch of the Truck Transfer Program, integrating Embark's autonomous technology into Knight-Swift's operations. This marks the first instance where a carrier owns and operates an Embark-powered truck. The program aims to enhance safety and efficiency in trucking, with the truck beginning operations between Los Angeles and Phoenix. Embark also focuses on improving system reliability and maintainability, including training for Knight-Swift drivers and technicians.

Embark Technology, Inc. (Nasdaq: EMBK) has announced its third-quarter 2022 financial results, revealing a net loss of $35.4 million, or $1.53 per share, compared to a loss of $19.1 million a year prior. The company reported cash reserves of approximately $191 million and reaffirmed its 2022 cash flow guidance at $100-$115 million. Key developments include the launch of a coast-to-coast autonomous trucking network and the appointment of Penny Herscher as Independent Board Chairperson. However, adjusted EBITDA losses increased to $24.7 million from $14.2 million year-over-year.

Embark Trucks has announced a significant expansion of its Coverage Map to enhance autonomous freight operations across the U.S. This expansion includes nine key transfer point sites located in cities such as Dallas, El Paso, Atlanta, and Jacksonville, which are expected to handle 28% of U.S. shipping volume in the Sunbelt. The move positions Embark to automate crucial shipping routes covering 9.5 billion miles annually. The initiative is supported through partnerships with Alterra Property Group and Ryder, enabling faster delivery and operational efficiency for carrier partners.

Embark Technology, Inc. (Nasdaq: EMBK) is set to release its third quarter financial results for the period ending September 30, 2022, on November 8, 2022, before market opening. An earnings call will occur at 5:30 am PST/8:30 am EST, accessible via a live webcast on the company’s website. Embark focuses on autonomous technology for the trucking industry, aiming to enhance safety, efficiency, and sustainability in the $730 billion U.S. truck freight market. The company partners with major shippers and carriers, emphasizing its long-standing commitment to self-driving truck technology.

Embark Trucks, Inc. (Nasdaq: EMBK) has appointed Penny Herscher as the independent chair of its board of directors and chair of its compensation committee. Herscher, a seasoned executive with over 15 years in various leadership roles in Silicon Valley, expressed enthusiasm for Embark’s mission to develop commercially viable driverless trucks. CEO Alex Rodrigues highlighted her experience in scaling businesses even during economic challenges. Embark focuses on enhancing the safety and efficiency of the trucking industry, valued at nearly $730 billion annually.

Embark Technology, Inc. (Nasdaq: EMBK) has announced a 1-for-20 reverse stock split effective August 16, 2022. This move aims to comply with the Nasdaq minimum bid price requirement, with the new split-adjusted trading commencing on August 17, 2022. The implied post-split price is approximately $16.56. The split, approved by 89.5% of stockholders, will not change ownership percentages or rights, and adjustments will be made to related shares and options. Stockholders will receive cash for fractional shares, and the company’s warrants will remain trading under “EMBKW.”

Embark Technology, Inc. (Nasdaq: EMBK) announced its 2022 financial results, emphasizing achievements in safety and technology. The inaugural NHTSA ADS crash data report highlighted a perfect safety record with zero reportable crashes. A successful public demonstration of emergency vehicle interaction was also completed. However, the company revised its 2022 free cash flow guidance from $125-$140 million to $100-$115 million, coupled with stock-based compensation adjustments. Cash and equivalents stood at approximately $220.4 million, with a net loss of $14.3 million for Q2 2022.

Embark Trucks, a leader in autonomous technology, has successfully demonstrated its emergency vehicle interaction capability in collaboration with the Texas Department of Public Safety and the Travis County Sheriff’s Office. This groundbreaking event marked the first time an autonomous truck was pulled over by law enforcement on public highways, bringing Embark closer to commercial deployment. With this milestone, Embark has now achieved 12 out of the 16 technical capabilities needed for autonomous trucks in the US Sunbelt, showcasing significant advancements in safety and compliance with law enforcement protocols.