Evolv repays $29.3M SVB loan, triggers default; Delaware court validates charter amendment

Evolv Technologies Holdings, Inc.

Repaid $29.3M principal, $0.2M interest, and 1% prepayment fee on 2022 SVB Credit Agreement; agreement terminated.
Transfer of cash out of First Citizens triggered an event of default; First Citizens did not accelerate obligations.
Company holds substantially all cash outside First Citizens; deposits exceeded FDIC insurance limit prior to transfer.
Delaware Court of Chancery validated charter amendment increasing Class A shares from 45M to 1.1B and eliminating Class B.
Court validated 142,260,102 shares of Class A common stock issued in connection with the merger, effective retroactively to July 16, 2021.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Evolv Technologies Holdings, Inc. terminated 2022 SVB Credit Agreement with Silicon Valley Bank valued at $29.3 million (effective 2023-03-31).

Action: termination
Agreement: credit facility
Counterparty: Silicon Valley Bank
Value: $29.3 million
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, prior to any acceleration of the obligations under the 2022 SVB Credit Agreement, the Company paid in full all of its outstanding obligations, including all principal, interest and prepayment fees due under the 2022 SVB Credit Agreement, and the 2022 SVB Credit Agreement was thereby terminated.

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Evolv Technologies Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-010402

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