Out of all the beaten-down public companies in the autonomous driving space, Embark Technology stands out as a conspicuously terrible stock market performer. From a report: The San Francisco-headquartered company, which develops autonomous driving technology for the trucking industry, has presided over a roughly 98% share price decline since going public a year ago. In the process, it's wiped out close to $5 billion in market capitalization. Today, Embark and a few others that carried out SPAC mergers are in that weird category of companies trading below the value of cash reserves. In Embark's case, the company's recent market capitalization of $110 million is actually quite a bit lower than the $191 million cash it had at the end of Q3. In other words, investors seem to think it's worth less than nothing. What happened? What's noteworthy in Embark's case, as opposed to some other venture-backed companies that crashed so mightily, is there's no high-profile scandal. There was also no giant earnings miss, as it's a pre-revenue company. Rather, a mix of factors seem to have contributed to its fall, including apparent initial overvaluation, a sectorwide downturn and a critical report from a prolific short-seller. Collectively, those factors have contributed to erasing billions in valuation from a company that once secured backing from the most famous names in venture.

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