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Friday, July 28, 2023

Equity Corporate Actions Alert #2023 - 437
(UPDATED: Merger closed) Information Regarding the Merger of Embark Technology, Inc. (EMBK & EMBKW)

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  • Industry Announcement

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At a special meeting held on July 17, 2023, the shareholders of Embark Technology, Inc. (EMBK & EMBKW) approved the merger with Applied Intuition, Inc., Azara Merger Sub, Inc., and wholly owned subsidiary of the parent. The merger closed prior to the market open on August 2, 2023. In anticipation of the closing, the stock was halted immediately following the after-hours session at 8 p.m. on August 1, 2023. The stock will remain halted on the day of closing (August 2nd) and will be suspended effective August 3, 2023. The details are as follows:

Company Name/Issue: Embark Technology, Inc. Common Stock
CUSIP#: 29079J202
Symbol: EMBK
Last Trading Date: August 1, 2023
Marketplace Effective Date for Suspension: August 3, 2023
Merger Consideration: $2.88 for each share held.
Company Name/Issue: Embark Technology, Inc. Warrant
CUSIP#: 29079J111
Symbol: EMBKW
Last Trading Date: August 1, 2023
Marketplace Effective Date for Suspension: August 3, 2023
Merger Consideration: Each Warrant outstanding & unexercised immediately prior to the Effective Time will automatically be cancelled & converted into the right to receive (without interest) an amount in cash equal to the product of (A) the total number of shares of Company Common Stock underlying such Company Warrant multiplied by (B) the excess, if any, of the Per Share Price over the Warrant Price (as defined in the Warrant Agreement), subject to reduction for any applicable withholding or other similar Taxes required by applicable Law

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