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American crowd safety firm Evolv Technology said on Sunday that it is combining with the blank check firm NewHold Investment Corp to go public in a deal that will value it at about $ 1.7 billion.
Evolv is supported by investors, including Microsoft co-founder Bill Gates and venture capital firm General Catalyst.
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The deal is expected to close in the second quarter, and the company expects to trade on Nasdaq under the ticker “EVLV”, according to the Wall Street Journal, which released the news for the first time.
Special purpose acquisition companies, or SPACs, are shell companies that raise funds to acquire a private company with the aim of making it public, allowing such targets to bypass a traditional initial public offering to enter public markets.
American crowd security firm Evolv Technology said on Sunday that it is combining with the blank check firm NewHold Investment Corp to go public in a deal that will value it at about $ 1.7 billion. Photographer: Takaaki Iwabu / Bloomberg via Getty Images (Takaaki Iwabu / Bloomberg via Getty Images)
An increasing number of companies are merging with a SPAC, as it involves less regulatory scrutiny and more certainty about the market valuation and the funds raised.
Evolv uses AI technology and sensors to track people in public spaces such as stadiums, hospitals, schools and entertainment venues, among others, eliminating gaps presented by metal detectors, according to its website.
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The company lists customers, including Six Flags Entertainment Corp, New York City’s Metropolitan Museum of Art and Lincoln Center.