Evolv Technology, which develops AI touchless security screening, plans to merge with NewHold Investment at a $1.7 billion equity valuation. Evolv will trade on the Nasdaq under EVLV after the deal closes in the second quarter, pending shareholder approval.
The combined company expected to have a post-transaction pro forma total enterprise value of approximately $1.25 billion.
The new company is expected to have approximately $470 million in gross proceeds, assuming no trust account redemptions, consisting of $172.5 million cash held in trust from NewHold Investment 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 star athletes, franchise owners and managers including Peyton Manning, Andre Agassi, Steffi Graf, Joe Torre, Theo Epstein, Tony Ressler, Mark Attanasio and Bennett Rosenthal.
Evolv’s existing stockholders will own approximately 72% of the fully diluted shares of common stock of the combined company immediately following the closing of the business combination. Read more.
