Evolv Technology’s $1.7 Billion Merger With Newhold Investment Corp.

Latham & Watkins represented Evolv Technology, while Loeb & Loeb LLP acted as legal counsel to NewHold in the transaction.

Evolv Technology (Evolv), an AI touchless security screening company, and NewHold Investment Corp. (NASDAQ: NHIC), a special purpose acquisition company (SPAC), have entered into a definitive merger agreement for a business combination that will result in Evolv becoming a publicly traded company. It is anticipated that Evolv will trade on the NASDAQ with the ticker symbol “EVLV” after the deal closes in Q2 2021.

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.

Evolv Technology is the world’s leading provider of AI touchless security screening systems that enhance safety without sacrificing the visitor, student and employee experience. Built on top of its Evolv Cortex AI™ software platform, the company provides an array of AI touchless screening technologies for weapons detection, identity verification and health-related threats.

NewHold Investment Corp. is a blank check company formed in 2020 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, it focuses on identifying businesses in the industrial technology sector. 

Latham & Watkins represented Evolv Technology in the transaction with a corporate deal team led by Houston partner Ryan Maierson (Picture) and Boston partners Stephen Ranere and Daniel Hoffman, with Boston associates Stefanie Vincent, Martha Anderson, and Nuri Ruzi. Advice was also provided on antitrust matters by Washington, D.C. counsel Peter Todaro and Joseph Simei; on tax matters by New York partner Lisa Watts, with New York associate Eric Kamerman; on benefits and compensation matters by New York partner Jennifer Pepin; on intellectual property matters by Boston partner Sarah Gagan, with Boston associate Deborah Hinck.

Involved fees earner: Martha Louise Anderson – Latham & Watkins; Sarah Gagan – Latham & Watkins; Deborah Hinck – Latham & Watkins; Daniel Hoffman – Latham & Watkins; Eric Kamerman – Latham & Watkins; Ryan Maierson – Latham & Watkins; Jennifer Pepin – Latham & Watkins; Stephen Ranere – Latham & Watkins; Nuri Ruzi – Latham & Watkins; Joseph Simei – Latham & Watkins; Peter Todaro – Latham & Watkins; Stefanie Vincent – Latham & Watkins; Lisa Watts – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Evolv Technology;

Author: Martina Bellini