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NewHold Investment Corp. II (NASDAQ: NHIC) announced its decision to dissolve and liquidate immediately after April 25, 2023, due to its inability to file a required registration statement with the SEC for extending the period to complete a business combination.
As per the company's Charter, operations will cease, and 100% of its Class A common stock will be redeemed, with an expected redemption price of approximately $10.28 per share. Trading on NASDAQ will end on April 25, and the company will pursue the necessary actions to redeem shares and liquidate the trust account.
NewHold Investment Corp. II (NHICU) announced shareholder approval for the "Extension Amendment" and "Termination Amendment" allowing the Board discretion to extend proxy filing dates and redeem public shares. However, the Board has chosen not to effectuate these amendments. On December 24, 2022, NHIC II's sponsor entered a Backstop Agreement to fund up to $1 million for any excise tax liabilities arising from liquidation under the Inflation Reduction Act of 2022. The Board continues to pursue a business combination, citing strong deal opportunities.
NewHold Investment Corp. II (NASDAQ: NHICU) has filed a proxy statement seeking stockholder approval for two amendments to its Charter. The ‘Extension Amendment’ extends the proxy filing deadline for business combinations from April 25, 2023, to June 25, 2023. The ‘Termination Amendment’ allows NHIC to redeem public shares and liquidate as early as December 28, 2022. The company aims to navigate challenging market conditions that may hinder merger announcements. A special stockholder meeting is scheduled for December 20, 2022, to vote on these amendments.
NewHold Investment Corp. (NASDAQ: NHIC) announced that shareholders approved all proposals regarding the business combination with Evolv Technologies at an Extraordinary General Meeting on July 15, 2021. Approximately 89% of votes cast, representing 69% of NewHold’s outstanding shares, were in favor of the combination. The merger is expected to close on July 16, 2021, with the combined entity operating as Evolv Technologies Holdings, Inc. Shares are anticipated to trade on Nasdaq under the symbols “EVLV” and “EVLVW” starting July 19, 2021.
NewHold Investment Corp. (NASDAQ: NHIC) and Evolv Technology announced a virtual presentation at the CJS Securities Summer New Ideas Conference on July 13 at 8:45 AM ET. Peter George, CEO, and Peter Faubert, CFO of Evolv will present. Evolv, a leader in AI touchless security screening, focuses on enhancing safety without compromising user experience. In March 2021, Evolv entered a definitive agreement for a merger with NewHold, aiming for a public listing. The transaction is anticipated to close post-Q2 2021, pending regulatory approvals.
NewHold Investment Corp. (NASDAQ: NHIC) announced that the SEC has declared effective its Form S-4 registration statement for the merger with Evolv Technologies, the leader in AI touchless security screening. The Special Meeting for stockholders to vote on the proposed Business Combination will be held virtually on July 15, 2021, with stockholders of record as of June 10, 2021, eligible to vote. If approved, the merger is expected to close shortly after the meeting, and the combined entity will be named Evolv Technologies Holdings, Inc., trading under symbols EVLV and EVLVW on Nasdaq.
Evolv Technology has reported record-breaking financial highlights for Q1 2021, achieving the highest revenue and Total Contract Value (TCV) Bookings in its history. TCV Bookings reached $8.2 million, with total revenue of $3.9 million. The company expanded its sales team by 25% and increased its headcount by 80%. Evolv’s security screening systems, which have screened over 50 million individuals, are now adopted by major sports teams and casinos. The merger with NewHold Investment Corp. (NHIC) is anticipated to close after Q2 2021, establishing Evolv as a publicly traded entity.
NewHold Investment Corp. (NASDAQ: NHIC) and Evolv Technology will participate in three virtual investor conferences. Key events include:
- Cowen 49th Annual Technology, Media & Telecom Conference: June 3, 2021, featuring CEO Peter George and CFO Peter Faubert.
- Cowen Sustainability & Energy Transition Summit: June 9, 2021.
- Stifel Cross Sector Insight Conference: June 10, 2021.
The business combination between NewHold and Evolv is expected to close shortly after Q2 2021, pending customary conditions. Evolv, a leader in AI touchless screening, enhances security without compromising user experience.
NewHold Investment Corp. (NASDAQ: NHIC) has filed a registration statement with the SEC for its proposed business combination with Evolv Technology, a leader in AI touchless security screening. This follows a definitive agreement announced on March 8, 2021, which will result in Evolv becoming publicly traded. The transaction is expected to close in Q2 2021, pending customary conditions and shareholder approvals. NewHold intends to rename itself Evolv Technologies Holdings, Inc. and will trade under the new symbol 'EVLV'. Audited financials for 2019 and 2020 are included in the filing.
Evolv Technology and NewHold Investment Corp. have announced a merger agreement that will enable Evolv to become publicly traded under the ticker symbol 'EVLV' by Q2 2021. Evolv is recognized for its AI-enabled touchless security screening, capable of screening 3,600 individuals per hour, up to 70% cheaper than traditional methods. The merger is expected to provide approximately $470 million in gross proceeds from trust and PIPE investors to support product portfolio expansion and enhance market penetration. The combined company will hold an estimated enterprise value of $1.25 billion.
