Duke University's contactless security system developer agrees to list through a reverse takeover, providing an exit to OUP.
Evolv Technology, a US-based touchless screening technology spinout of Duke University that is backed by venture capital firm Osage University Partners (OUP), agreed a reverse takeover with special purpose acquisition company NewHold Investment Corp on Monday.
The transaction will give the merged company a post-transaction pro forma enterprise value of $1.25bn and the spot on the Nasdaq Capital Market taken by NewHold when it floated in a $150m initial public offering in August 2020.
Communications equipment maker Motorola Solutions, Magnetar Capital, Eldridge, Senator Investment Group, UBS O’Connor and various individuals are backing a $300m private investment in public equity (PIPE) financing deal that will support the merger.
Founded in 2013, Evolv provides touchless security screening systems that utilise its proprietary artificial intelligence technology. It claims the technology is faster than existing security systems, apart from having clear benefits in a world afflicted by coronavirus.
Peter George,…
