Loeb & Loeb LLP advised NewHold Investment Corp. (NASDAQ: NHIC), a publicly traded special purpose acquisition company, in its business combination with Evolv Technologies, Inc., a global leader in weapons detection security screening. The common stock of the combined company began trading on the Nasdaq Stock Market under the symbol “EVLV” on July 19, 2021. The combined company’s warrants also began trading under “EVLVW” and its units began trading under “EVLVU” on July 19.
The transaction has been unanimously approved by the board of directors of NewHold and was approved at a special meeting of NewHold shareholders on July 15, 2021. The combined entity has a pro forma enterprise value of approximately $1.3 billion. At the closing of the transaction, NewHold Investment Corp.’s name will change to Evolv Technologies Holdings Inc.
More information can be obtained from the companies’ joint press release.
The Loeb deal team that represented NewHold in this transaction included Capital Markets & Corporate partners Lloyd Rothenberg, Giovanni Caruso and Ronelle Porter, senior counsels Joan Guilfoyle and Megan Stombock, associate George Du and paralegals Hope Wankel and Josh Rosenstock; Advanced Media & Technology associate Jeff Hamburg; Antitrust partner Richard Lorenzo and senior counsel Nicole Travers; Employment and Labor partner Mark Goldberg; Executive Compensation & Employee Benefits partner Marina Casani; Finance paralegal Loukia Harris; Litigation partner Paula Colbath; Nonprofits & Tax-Exempt Organizations partner Marc Owens; Patent Litigation partner Bill Kramer; Research Services specialist Jana Felberbaum; and Tax partner Jamie Null.