Form 8-K Embark Technology, Inc. For: Mar 03
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Embark Trucks (EMBK) to reduce workforce, explore strategic alternatives including liquidation
March 3, 2023 12:24 PM EST(Updated - March 3, 2023 12:26 PM EST)
Embark Trucks (NASDAQ: EMBK) disclosed:
On March 1, 2023, the Board of Directors of Embark Technology, Inc. (the Company) approved a reduction in the Companys current workforce by approximately 230 employees. The decision was based on cost-reduction initiatives intended to reduce operating expenses.
The Company currently estimates that it will incur charges of approximately $7 to $11 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits,... More
