Embark Technologies (EMBK) looks like an autonomous trucking companies that someone entered into a science fair competition. Some details here and here from Reddit. Basically they are a zero revenue, zero patent, zero experience de-SPAC that is in a crowded space with much better competitors like TuSimple (TSP).
Two key events happening in the next few days:
- On Monday, May 9, 400M shares get unlocked
- On Tuesday, May 10, earnings
As a result, IV is ~200%, making puts very expensive. It is also possible that they will say nice things and make the price moon a bit, like they did during the previous earnings.
Either way, will be looking at initiating a short position sometime later next week. Expecting price to go below $1 soon enough.
#embk #tsp
