NewHold Investment Corp. (NASDAQ:NHIC) announced in a press release today that its shareholders approved its combination with AI touchless security screening company Evolv Technology (“Evolv”) in a meeting held earlier this morning.
Approximately 89% of the votes cast at the meeting on the business combination proposal, representing approximately 69% of NewHold’s shares, voted to approve the combination with Evolv. NewHold shareholders also voted overwhelmingly to approve the other proposals at the Special Meeting.
The transaction is expected to close tomorrow Friday July 16, and the combined entity’s shares and warrants are expected to trade on the Nasdaq under the symbols “EVLV” and “EVLVW,” respectively, on Monday, July 19.
The parties initially inked the $1.325 billion deal on March 8. Evolv’s touchless screening system allows for visitors to pass through security screening without breaking stride and continuing the pace of life. The Evolv Express system delivers up to a 70% reduction in cost and is ten times faster than traditional metal detectors, resulting in screening approximately 3,600 people per hour, per system.
In the past few quarters, we’ve seen celebrities and athletes jump aboard SPACs, but in this case, Evolv has three super stars across two sports involved in its deal. Former NFL quarterback Peyton Manning and tennis players Andre Agassi and Steffi Graf are all investors in the $300 million PIPE.
Evolv’s CEO Peter George and NewHold’s CEO Kevin Charlton joined SPACInsider last month for a live Q&A.
- Cowen is acting as sole financial and capital markets advisor to Evolv.
- Cowen acted as sole placement agent to NewHold in connection with the $300 million PIPE.
- Stifel is acting as sole financial and capital markets advisor to NewHold.
- Latham & Watkins LLP is acting as legal counsel to Evolv
- Loeb & Loeb LLP is acting as legal counsel to NewHold.