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No akhbaraka newsletter is complete without an SPAC announcement, and this time it’s EvolvINTL

No akhbaraka newsletter is complete without an SPAC announcement, and this time it’s Evolv

Since it wouldn’t be an akhbaraka newsletter without a major SPAC merger announcement, this one’s for y’all: US crowd safety company Evolv is debuting on the stock markets via a $1.7b deal with a blank check company .

Evolv is merging with the special purpose acquisition company NewHold Investment in order to go public on the Nasdaq stock exchange. This is also a bit of a celebrity affair as some of its investors include Bill Gates and former Florida governor Jeb Bush.

FYI, Evolv offers AI technology and sensors that allow crowd screening in public spaces. The SPAC deal is expected to be completed in Q2 of this year.

why it matters
Evolv is taking advantage of the uptick in valuations that saw hundreds of SPACs raise nearly $80b in 2020 alone – a stat that is only going to skyrocket this year.