Evolv Technology Announces $75 Million in Non-Dilutive Debt Financing with Silicon Valley Bank
December 21 2022 - 8:00AM
Business Wire
– Facility Expected to Support Company’s
Rapidly Growing Subscription Offering –
Evolv Technology (NASDAQ: EVLV), the leader in AI-based weapons
detection security screening, today announced that it has closed a
$75 million non-dilutive debt financing facility with Silicon
Valley Bank, the bank of the world’s most innovative companies and
investors.
“Today’s announcement is consistent with our previously
disclosed capital allocation plans,” said Mark Donohue, Chief
Financial Officer of Evolv Technology. “We believe the non-dilutive
capital from this debt facility will further strengthen our already
strong balance sheet and support our rapidly growing subscription
business. Evolv Express® is the industry’s leading AI-based weapons
detection solution and is comprised of highly advanced hardware and
software, which we deliver to our customers through long term
subscription contracts. We believe this program with Silicon Valley
Bank will enable us to offset any cash we deploy to fund these
hardware purchases from our contract manufacturer, enabling us to
operate a capital free SaaS model while more effectively supporting
our long-term growth plans.”
“Silicon Valley Bank is pleased to continue to work with Evolv
Technology and support its continued growth,” said Yvonne McCague,
Managing Director at Silicon Valley Bank. “Evolv Express is
deployed at over 400 customers across education, healthcare,
professional sports and various other markets. The program
announced today is designed to significantly reduce the capital
required to support Evolv Technology’s growth plans while also
supporting its mission to make a safer world for people to live,
work, learn and play.”
About Evolv Technology
Evolv Technology (NASDAQ: EVLV) is transforming human security
to make a safer, faster, and better experience for the world’s most
iconic venues and companies as well as schools, hospitals, and
public spaces, using industry leading artificial intelligence
(AI)-powered weapons detection and analytics. Its mission is to
transform security to create a safer world to work, learn, and
play. Evolv has digitally transformed the gateways in places where
people gather by enabling seamless integration combined with
powerful analytics and insights. Evolv’s advanced systems have
scanned more than 425 million people, second only to the Department
of Homeland Security’s Transportation Security Administration (TSA)
in the United States. Evolv has been awarded the U.S. Department of
Homeland Security (DHS) SAFETY Act Designation as a Qualified
Anti-Terrorism Technology (QATT) as well as the Security Industry
Association (SIA) New Products and Solutions (NPS) Award in the Law
Enforcement/Public Safety/Guarding Systems category. Evolv
Technology®, Evolv Express®, Evolv Insights®, and Evolv Cortex AI®
are registered trademarks of Evolv Technologies, Inc. in the United
States and other jurisdictions. For more information, visit
https://evolvtechnology.com.
About Silicon Valley Bank
Silicon Valley Bank, the bank of the world’s most innovative
companies and investors, provides commercial banking services,
expertise and insights to the technology, life science and
healthcare, private equity, venture capital and premium wine
industries. Silicon Valley Bank operates in centers of innovation
around the world and is one of SVB’s core businesses with SVB
Capital, SVB Private and SVB Securities. With global commercial
banking services, Silicon Valley Bank helps address the unique
needs of its dynamic, fast-growing, innovative clients. Learn more
at svb.com.
Forward-Looking Statements
This press release contains forward-looking statements and
information within the meaning of the Private Securities Litigation
Reform Act of 1995. We intend such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933,
as amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). All
statements contained in this press release that do not relate to
matters of historical fact, including without limitation statements
regarding the anticipated benefits and impacts of our financing
agreement with Silicon Valley Bank on our business strategy and
growth plans and expectations regarding the facility’s ability to
support the Company’s subscription business, are forward-looking
statements. Statements using words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. These forward-looking statements are
subject to risks, uncertainties and assumptions, some of which are
beyond our control. In addition, these forward-looking statements
reflect our current views with respect to future events or our
Company’s performance and are not a guarantee of future
performance. Actual outcomes may differ materially from the
information contained in the forward-looking statements as a result
of a number of factors, including, without limitation, expectations
regarding the Company’s strategies and future financial
performance, including its future business plans or objectives,
prospective performance and opportunities and competitors,
revenues, products and services, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures; the Company’s history of losses and lack of
profitability; the Company’s reliance on third party contract
manufacturing; the rate of innovation required to maintain
competitiveness in the markets in which the Company competes; the
competitiveness of the market in which the Company competes; the
ability for the Company to obtain, maintain, protect and enforce
the Company’s intellectual property rights; the concentration of
the Company’s revenues on a single solution; the Company’s ability
to timely design, produce and launch its solutions, the Company’s
ability to invest in growth initiatives and pursue acquisition
opportunities; the limited liquidity and trading of the Company’s
securities; geopolitical risk and changes in applicable laws or
regulations; the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
operational risk; risk that the COVID-19 pandemic, including
variants, vaccine roll-out efforts, and local, state, and federal
responses to addressing the pandemic may have an adverse effect on
the Company’s business operations, as well as the Company’s
financial condition and results of operations; risks associated
with inflation and its possible impact on the Company; litigation
and regulatory enforcement risks, including the diversion of
management time and attention and the additional costs and demands
on resources; and the other important risk factors set forth under
the caption “Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2021 filed with the Securities and
Exchange Commission ("SEC") on March 28, 2022, as may be updated in
other filings we make with the SEC, including our Quarterly Report
on Form 10-Q for the quarter ended on September 30, 2022 that was
filed with the SEC on November 9, 2022. These statements reflect
management’s current expectations regarding future events and
operating performance and speak only as of the date of this press
release. You should not put undue reliance on any forward-looking
statements. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
that future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20221221005158/en/
Investor Relations: Brian Norris Vice President of
Finance and Investor Relations bnorris@evolvtechnology.com
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