Item 4 — Purpose of Transaction
Pursuant to the terms of the Merger Agreement, DC IV's (i) 14,326,647 shares of Old Evolv's Series A-1 Preferred Stock, (ii) 7,118,451 shares of Old Evolv's Series B Preferred Stock, (iii) 5,316,881 shares of Old Evolv's Series B-1 Preferred Stock and (iv) a convertible promissory note in the principal amount of $3,000,000.00 converted into 10,601,281 shares, in the aggregate, of the Issuer's Common Stock. Subject to the Registration Rights Agreement (as defined in Item 6 below), the Reporting Persons hold the securities of the Issuer for general investment purposes. The Reporting Persons may, from time to time, depending on prevailing market, economic and other conditions, acquire additional shares of Common Stock or other securities of the Issuer, dispose of any such securities, or engage in discussions with the Issuer concerning such acquisitions or dispositions or further investments in the Issuer. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending upon the price and availability of shares of Common Stock or other securities of the Issuer, subsequent developments affecting the Issuer, the Issuer's business and prospects, other investment and business opportunities available to the Reporting Persons, general stock market and economic conditions, tax considerations and other factors considered relevant, may decide at any time to increase or to decrease the size of their investment in the Issuer in the open market, in privately negotiated transactions. Except as set forth above, the Reporting Persons have no present plans or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.