SCHEDULE: Gates Frontier Discloses 1.4% Stake in Evolv Technologies

Gates Frontier, LLC and William H. Gates III report a passive 1.4% beneficial ownership in Evolv Technologies Holdings, Inc. Class A common stock.

Summary

• Gates Frontier, LLC and William H. Gates III have filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in Evolv Technologies Holdings, Inc.
• The reporting persons beneficially own 2,365,664 shares of Class A common stock.
• This ownership represents 1.4% of the Issuer's Class A common stock outstanding.
• The percentage is based on 171,891,467 shares of Common Stock outstanding as of August 11, 2025, as reported in the Issuer's Form 10-Q filed on August 14, 2025.
• William H. Gates III is deemed to beneficially own the shares held by Gates Frontier, LLC as its sole member.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing control of the Issuer.

Sentiment

Score: 5

Explanation: The filing is neutral as it is a routine disclosure of passive beneficial ownership, not indicating any significant positive or negative operational or financial news for the company.

Positives

• A prominent investor, William H. Gates III, through Gates Frontier, LLC, maintains a passive investment in Evolv Technologies, potentially signaling confidence in the company's long-term prospects.

Negatives

• No specific negative information is disclosed in this passive ownership filing.

Risks

• The filing itself does not detail specific risks related to Evolv Technologies Holdings, Inc. beyond the inherent risks of equity investment.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the Issuer's future performance or outlook.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a routine disclosure of passive beneficial ownership and does not provide specific insights into broader industry trends or competitive positioning for Evolv Technologies Holdings, Inc. It primarily reflects an investment decision by a specific entity.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, indicating a passive investment below the 5% threshold, which is a common practice for institutional and high-net-worth investors. It does not offer direct comparisons to specific companies or projects but rather confirms a non-controlling stake.

Stakeholder Impact

• Shareholders: Confirms a significant, but passive, investment by a notable entity, which may be viewed positively as a vote of confidence, but does not imply any change in control or strategic direction.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this passive ownership filing.

Next Steps

• No specific future actions or milestones for Evolv Technologies Holdings, Inc. are mentioned in this ownership disclosure.

Key Dates

Keywords

Evolv Technologies Holdings, Gates Frontier, William H. Gates III, Beneficial Ownership, Schedule 13G, Class A Common Stock, Passive Investment, EVLV