San Francisco, California-based Embark Trucks, a robotics technology company concentrating exclusively on the software and associated services that power self-driving trucks, has announced a reduction in force. The company appears to be in financial distress.
The personnel adjustment will impact 230 workers. “The decision was based on cost-reduction initiatives intended to reduce operating expenses."
According to the statement filed with the SEC, "On March 1, 2023, the Board of Directors of the Company approved a process to explore, review and evaluate a range of potential strategic alternatives available to the Company, including, without limitation, exploring alternative uses of the Company’s assets to commercialize its technology, additional sources of financing, as well as potential dissolution or winding up of the Company and liquidation of its assets. The Board’s decision comes following an extended evaluation by the Company of alternative markets in which to commercialize its technology as well as an exploration, performed with the assistance of a financial advisor, of a potential sale of the Company."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?