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.
ADVISORS
- 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.
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...
At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)...
Terms Tracker for the Week Ending May 3, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The big news this week was that SPACs finally had a new IPO price with Churchill Capital Corp. IX’s $250 million offering on Thursday. SPACs...
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...