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The American crowdfunding company Evolv Technology said on Sunday that it is combining with the blankcheck firm NewHold Investment Corp to announce in a deal for about $ 1.7 billion.
Evolv is backed 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 the Nasdaq under the tick ‘EVLV’, according to the Wall Street Journal, which first reported the news.
Special purpose acquisition companies, or SPACs, are shell companies that raise funds to acquire a private company with the aim of making it public, so that such targets can bypass a traditional initial public offering to enter public markets.
The American crowdfunding company Evolv Technology said on Sunday that it is combining with the blankcheck firm NewHold Investment Corp to announce in a deal for 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 has gathered less regulatory scrutiny and more certainty about market valuation and funds.
Evolv uses AI technology and sensors to examine people in other public spaces such as stadiums, hospitals, schools and entertainment venues, according to the metal detectors, according to the website.
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The company has a list of clients, including Six Flags Entertainment Corp., the Metropolitan Museum of Art in New York and the Lincoln Center.