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.
Latest SPAC Liquidations: JAWS Hurricane JAWS Hurricane Acquisition Corporation (HCNE) to Liquidate on June 16 JAWS Hurricane Acquisition Corporation (Nasdaq: HCNE) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the special meeting of its stockholders,...
Jupiter Wellness Acquisition Corp. (NASDAQ:JWAC) announced this afternoon that it has completed its combination with Chinese carmaker Chijet. The deal was already approved by shareholders at a special meeting held on May 2, but at that time, the SPAC did not provide a timeline for the closing of the transaction. Although redemption numbers have still not...
The advent of summer is bringing nine lock-up expirations for de-SPAC’d companies and 10 on the sponsor side. The first change is to come for the sponsor of European Biotech Acquisition Corp., which closed its combination with Swiss pharma firm Oculis SA (NASDAQ:OCS) just three months ago. The sponsor is getting flexibility at a good...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Lucid to raise $3B in a common stock offering from Saudi owners, Betsy Cohen says SPACs will make a comeback, and SatixFy makes another leadership change Lucid Raising $3 Billion With More Money From...
An article on Bloomberg yesterday announced what many in SPAC Land have been wondering after UBS acquired Credit Suisse – where was Niron Stabinsky, the Head of SPACs at Credit Suisse, going to land? The answer is Banco Santander SA, in what appears to be a massive lift of most (or nearly all) of Credit...