Evolv Plans to Go Public as Company Pens Deal with SPAC for $1.7 Billion

By Thomas Price Monday, March 8, 2021

As global businesses begin to rebound from the COVID-19 pandemic, one of the largest needs is allowing for the workforce to return en masse, safely. Evolv Technology is a company working specifically to allow other businesses to manage large crowds safer through their touchless security screening devices and checkpoints. As the demand for touchless security devices has skyrocketed during the pandemic, the business has made a deal with a SPAC, or special purpose acquisition company, to go public on the Nasdaq.

Two entrepreneurs shaking hands.

Evolv’s Ongoing Success and Public Valuation

Evolv Technology is a global leader in crowd safety technology, offering touchless security screenings for large groups of people to reduce risk of infection during the pandemic while providing the same level of base safety. This is achieved through the devices the company offers, including the Evolv Express and Evolv Edge.

These devices created by the company can deliver up to a 70% reduction in cost to any business using them for security. On top of this, the company devices can screen up to 3,600 people per hour, a mark higher than nearly all of the competition in the crowd-safety business.

The effectiveness of their products has put Evolv in business with a massive variety of major companies, including Six Flags, The Metropolitan Museum of Art, The Chicago White Sox, and the Lincoln Center, among many others.

This success for the business has pushed the company toward going public by combining with SPAC NewHold Investment in a deal that will value Evolv at a whopping $1.7 billion.

Public Listing and SPAC Deal Details

Evolv plans to go public on the Nasdaq under the ticker “EVLV” with 72% of diluted stock to immediately be held by existing stockholders of the company. The business deal was unanimously approved by Evolv’s board of directors, moving the plans forward seamlessly. The deal is expected to close during Q2 of the fiscal year.

The use of a SPAC in order to go public has become an increasingly popular move for many businesses as it offers an easier, less regulated approach than through a traditional IPO (initial public offer).

In a statement released with the announcement to go public, Evolv CEO Peter George said, “In a world where increasing weapons violence and health threats imperil human security, our platform identifies threats before they cause harm, without the invasive pat downs, wands and bag checks experienced with traditional metal detector technology. Every Evolv team member shares that mission: to save lives. Our merger with NewHold will provide the capital to build upon our expansive vision for human security.”

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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