NewHold Investment Corp., a publicly-traded special purpose acquisition company, and Evolv Technologies Inc., a provider of weapons detection security screening solutions, announced that they have completed their business combination. The transaction was unanimously approved by the board of directors of NewHold and was approved at a special meeting of NewHold shareholders on July 15, 2021. The common stock of the combined company will trade on the NASDAQ Stock Market under the symbol “EVLV,” its warrants will trade under “EVLVW,” and its units will trade under “EVLVU” beginning July 19, 2021. Peter George, who has served as chief executive officer of the company since January 2020, will continue to lead the business.
“Evolv’s new capital supports our rapid growth in transforming security,” George said. “The world is opening, visitors require a better experience and peace of mind to gather safely. We are energized by our market opportunity and driven to fulfill our mission to make everywhere safer. And we are incredibly thankful to all the customers, employees, investors, and partners who have helped us establish a higher standard for physical security.”
Evolv specializes in Evolv Express, its frictionless weapons detection security screening system. The system allows for visitors to pass through screening without breaking stride.
“Evolv is a category creating company, permanently changing the physical security market with its weapons detection systems,” said Kevin Charlton, CEO of NewHold Investment Corp. “NewHold is proud to finalize our combination and partnership with Evolv, in order to help accelerate the company’s growth and make more people safer, sooner. We could not be more excited about the future of the company and expect Evolv Technology to generate value for shareholders for years to come.”
In addition to CEO Peter George, Evolv will continue to be led by its management team including co-founders Mike Ellenbogen (chief innovation officer) and Anil Chitkara (head of corporate development); Chief Financial Officer Peter Faubert; General Counsel Eric Pyenson; Chief Scientist Alec Rose; Chief Marketing Officer Dana Loof; Chief Revenue Officer A.J. DeRosa; and Head of People Liza Knapp.
George will also serve as a director of the combined company board alongside Evolv’s co-founder Mike Ellenbogen. Chairman of the former Evolv Board, Alan Cohen of DCVC, will continue as chairman of the combined company board. NewHold representatives, Kevin Charlton, CEO, and Neil Glat, a board member of NewHold will also join the board of the combined company alongside David Orfao of General Catalyst; Bilal Zuberi of Lux Capital; Mahesh Saptharishi of Motorola Solutions; Merline Saintil; Mark Sullivan and Kimberly Sheehy.
Evolv Technology, which has over 100 employees worldwide, will maintain its global headquarters in Waltham, Mass., in addition to offices in Singapore and London.