Company: EVLVW
Filing Date: 2025-07-30
Form Type: 8-K
Source: 0001104659-25-071952
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Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-07-30
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Credit Agreement.  

On July 29, 2025, Evolv Technologies, Inc.
(the ” Borrower”), a direct, wholly-owned subsidiary of Evolv Technologies Holdings, Inc. (“ the Company”),
entered into the Credit, Security and Guaranty Agreement (the “ Credit Agreement”), by and among the Borrower, the Company,
MidCap Financial Trust, as agent and term loan service and the other lenders party thereto, that provides for an initial $30 million term
loan facility, $30 million delayed draw facility (available for drawdown during the two-year period following the closing date), and a
$15 million revolving facility, each with a term of five years (collectively, the “ senior secured credit facilities”).
The proceeds of any borrowings under the senior secured credit facilities will be used for general corporate purposes.

The Credit Agreement contains customary affirmative and
negative covenants, including, among other things, limitations on the Company and its subsidiaries with respect to liens, incurrence of
indebtedness, certain fundamental changes, restricted payments, investments and transactions with affiliates, in each case, subject to
customary exceptions. 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 Borrower
and the Company.

Under the Credit Agreement, the Borrower is also required
to comply with a minimum annual recurring revenue covenant, a minimum earnings before interest, taxes, depreciation, and amortization
(“ EBITDA”) covenant that takes effect on the second anniversary of the closing date, and a minimum liquidity covenant
that would cease to apply following the resolution of certain litigation and regulatory matters.

Borrowings
under the senior secured credit facilities bear interest at a fluctuating rate per annum equal to, at the Borrower’s option, the
base rate or Term Secured Overnight Financing Rate (“ Term SOFR”), in each case, plus an applicable margin calculated
depending on EBITDA, ranging from 5.00% to 5.25% (or 4.00% to 4.25% for base rate borrowings). At closing, the applicable margin on Term
SOFR loans is 5.25%.

The foregoing description of the Credit Agreement does not
purport to be complete and is subject to, and qualified in its entirety by, the full