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.
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