Motorola Solutions is among the participants supplying $300m in PIPE financing as the contactless security system developer agrees to list through a reverse takeover.

Evolv Technology, a US-based touchless screening technology developer backed by corporates Motorola Solutions and Stanley Black & Decker, 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…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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