Evolv Technologies (EVLV) Drops 16.3% amid SEC Inquiry

Evolv Technology, a leading security technology company, has received an update on a request from the U.S. Securities and Exchange Commission (SEC). The SEC notified the company on February 16, 2024, that it was initiating a confidential "non-public, fact-finding inquiry." Despite this, the SEC explicitly stated that the investigation "should neither be construed as an indication by the commission or its staff that any violation of law has occurred, nor as a reflection upon any person, entity, or security."

In response to media inquiries, Evolv has decided to publicly disclose the matter, citing attempts by certain media outlets to discredit the company and manipulate the customer markets it serves. Brian Norris, Senior Vice President of Finance and Investor Relations at Evolv, expressed the company's eagerness to cooperate with the SEC and any regulatory body.

Evolv Technology stands behind its AI-based weapons detection technology and is proud to partner with hundreds of security professionals in various markets, including education, healthcare, professional sports, industrial workplaces, houses of worship, and tourist attractions. The company's technology is deployed at over 650 customers and has been used to screen over 1 billion visitors, identifying hundreds of firearms every day. The company's team includes security professionals with extensive experience in government agencies and law enforcement.

Evolv Technology, listed on the NASDAQ under the ticker symbol EVLV, has seen its shares move -16.3% today and is now trading at a price of $4.38.

The company's full 8-K submission is available here.

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