NewHold Investment set a July 15 meeting for shareholders to vote on the proposed merger with Evolv Technologies. The SEC has declared the S-4 registration statement effective.
If approved, the combined company will operate as Evolv Technologies Holdings. Shares and warrants would list on the Nasdaq under EVLV and EVLVW, respectively.
Evolv is engaged in AI touchless security screening.
The combined company is expected to have a post-transaction pro forma total enterprise value of approximately $1.25 billion.
Announced in March, terms call for approximately $470 million in gross proceeds, assuming no trust account redemptions, consisting of the SPAC’s $172.5 million cash in trust and an upsized $300 million PIPE anchored by Motorola Solutions, and institutional investors including Magnetar Capital, Eldridge, Senator Investment Group and UBS O’Connor, in addition to investments from athletes, franchise owners and managers including Peyton Manning, Andre Agassi, Steffi Graf, Joe Torre, Theo Epstein, Tony Ressler, Mark Attanasio and Bennett Rosenthal. Read more.
