Evolv Technology (“Evolv” or the “Company”) (EVLV), a leading security technology company developing AI-based screening systems to create safer environments, announced today that on October 30, 2024, the Company’s Board of Directors (the “Board”) dismissed Peter George, President and CEO of Evolv, without cause, effective immediately.

The Board has appointed Michael Ellenbogen, Evolv’s Chief Innovation Officer and a member of the Board, as the interim President and CEO. Mr. Ellenbogen is an experienced professional in the security technology industry who has played a key role in leading Evolv since the company’s founding in 2013. Prior to assuming his current role as Chief Innovation Officer in 2021, Mike served as the company’s CEO for about seven years. Mr. Ellenbogen will serve in this interim capacity until a successor to Mr. George is appointed.

Today’s announcement follows months of careful planning and discussions by the Board of Directors. In May 2024, the Board formed a Succession Planning Committee (the “Committee”) consisting of independent directors to assess leadership effectiveness and plan for an orderly CEO transition. With the assistance of a nationally recognized executive search firm, the Committee actively engaged in searching and interviewing candidates for the CEO position. Following yesterday’s decision, the Committee will continue this work, and the Board intends to announce the appointment of a new CEO in the near future.

Comment from the Board of Directors:

“We appreciate Peter’s years of dedication to our company and his significant contributions to the company’s mission. We wish him success in his future endeavors. However, we have concluded that changes in leadership are necessary to improve the company’s corporate culture as we prepare for the next phase of growth.

We continue to believe that the fundamental foundations of our business remain strong. But we are also convinced that the company can perform even better.

The Board of Directors and company management intend to ensure a smooth transition, and we are grateful to be able to leverage Mike’s experience and insights during this period. The Board will actively engage with Mike and the rest of the leadership team to ensure the company moves in the right direction.”

Michael Ellenbogen commented: “As a co-founder, I care deeply about this company, its customers, employees, and shareholders. I look forward to working closely with the Board and our senior leadership team to advance our mission of creating a safer world while growing the business.”

The Board concluded its comments by addressing the previously announced internal investigation: “The Board has been evaluating leadership and performance for several months—long before we became aware of any potential issues related to the company’s sales practices and financial reporting. Regarding this ongoing investigation, the Board remains committed to conducting a thorough inquiry as promptly as possible. Our goal is to ensure that the company’s financial reports are always current and reliable, and that our organizational culture reflects our values of honesty and integrity. This is the only way to restore our investors’ trust.”

The company will provide additional information about the internal investigation upon its completion.

About Michael Ellenbogen

Before taking on the role of Chief Innovation Officer at Evolv, Michael Ellenbogen co-founded Evolv Technologies, Inc., which became a subsidiary of Evolv, in July 2013, and served as Head of Advanced Technology from January 2020. From August 2013 to January 2020, Mr. Ellenbogen served as CEO of Evolv Technologies, Inc. Since July 2021, Mr. Ellenbogen has also been a member of the Board of Directors of Evolv Technologies Holdings, Inc. Prior to founding Evolv Technologies, Inc., Mr. Ellenbogen was the founder, President, and CEO of Reveal Imaging Technologies, a company specializing in X-ray imaging systems with a focus on automatic explosive detection, from 2002 to 2010. Before joining Reveal, Mr. Ellenbogen served as Vice President of Research and Development and Business Development at PerkinElmer Detection Systems, a provider of X-ray-based security technologies, from 1994 to 2002. Over his more than 25-year career in the security industry, Mr. Ellenbogen has demonstrated expertise in product development and business growth, as well as in creating value for stakeholders. Additionally, Mr. Ellenbogen is an inventor with more than 20 patented inventions. He holds a Bachelor of Arts degree in Physics from Colgate University.