NewHold Investment said its shareholders approved the business combination with Evolv Technologies, a company that provides AI touchless security screening systems.
Approximately 89% of the votes cast at the meeting, representing approximately 69% of NewHold’s outstanding shares, voted to approve the deal.
The business combination is expected to close today. Evolv Technologies Holdings stock and warrants are expected to trade on the Nasdaq under EVLV and EVLVW starting July 19.
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 former NFL quarterback Peyton Manning, and tennis pros Andre Agassi and Steffi Graf. Read more.
