(Reuters) – U.S. public safety company Evolv Technology said on Sunday it is teaming up with blank check company NewHold Investment Corp. to go public in a deal valued at about $ 1.7 billion.
Evolv is backed by investors including Microsoft co-founder Bill Gates and venture capital firm General Catalyst.
The deal is expected to close in the second quarter, and the company plans to trade the Nasdaq under the “EVLV” ticker, according to the Wall Street Journal, which first reported the news.
Special purpose construction companies, or SPACs, are shell companies that raise money to acquire a private company with the purpose of making it public, allowing such targets to go against public offering. traditional to enter public markets.
A growing number of companies are joining SPAC, as it incorporates less regulatory scrutiny and greater certainty about market valuation and funds raised.
Evolv uses AI technology and sensors to screen people in public places such as stadiums, hospitals, schools and entertainment venues among others, eliminating gaps exposed by metal detectors, according to the her website.
The company lists customers include Six Flags Entertainment Corp., New York City Metropolitan Museum of Art, and Lincoln Center.
Reporting by Bhargav Acharya in Bengaluru; Edited by Muralikumar Anantharaman