Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 217

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 217
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 than $0.1 million, respectively. The prior year activity was limited in scope, and the reclassifications did not impact total loss from operations or total net income (loss). All actions related to the prior year reduction in force were completed by June 30, 2024.The following table summarizes the liabilities recognized in relation to the cash obligations from reduction in force, which are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets (in thousands):Balance at December 31, 2023$— Charges incurred860 Cash payments(860)Balance at December 31, 2024— Charges incurred2,137 Cash payments(1,849)Balance at June 30, 2025$288 

17. Subsequent Events

Senior Secured Credit FacilitiesAs described in Note 2, on July 29, 2025, the Company entered into the $75.0 million MidCap Credit Agreement, the proceeds of which will be used for general corporate purposes, including to support growing long-term demand for the 

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Table of ContentsEVOLV TECHNOLOGIES HOLDINGS, INC.NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

Company's subscription sales model. The MidCap Credit Agreement provides for the Senior Secured Credit Facilities, which include an initial $30.0 million term loan facility, a $30.0 million delayed draw facility (available for drawdown during the two-year period following the closing date), and a $15.0 million revolving line of credit, each with a term of five years. At closing, the Company received net proceeds of $26.6 million, after deducting $3.4 million in debt issuance costs incurred in connection with the closing of MidCap Credit Agreement.The Senior Secured Credit Facilities are guaranteed by the Company, and in the future, may be guaranteed by certain material subsidiaries. The Senior Secured Credit Facilities are secured by a first lien on substantially all of the assets of the Company. The borrowings under the Senior Secured Credit Facilities bear interest at a fluctuating rate per annum equal to (x) a base rate determined by reference to the higher of (1) the prime rate of Wells Fargo and (2) 2.00% or (y) Term Secured Overnight Financing Rate (“Term SOFR”), in each case, plus an applicable margin calculated based on earnings before interest, taxes, depreciation, and