Evolv Technologies Co-Founder Michael Ellenbogen Reduces Equity Position

Michael Ellenbogen, co-founder and board member of Evolv Technologies Holdings (NASDAQ: EVLV), has reduced his direct equity stake in the AI-powered security firm. According to an SEC Form 4 filing, Ellenbogen disposed of 80,745 Class A Common Stock shares on April 15, 2026, at a weighted average price of $6.32 per share. The transaction, which totaled approximately $510,000, was executed through a derivative event where options were exercised and immediately sold. This activity was conducted under a Rule 10b5-1 trading plan, a mechanism used by corporate insiders to sell shares at predetermined times to avoid accusations of insider trading. Despite the sale, Ellenbogen maintains a significant commitment to the company, retaining over two million directly held shares. The disposition represents only 3.49% of his direct holdings at the time of the transaction. The sale follows a period of strong financial recovery for Evolv. In the fourth quarter of 2025, the company reported revenue of $38.5 million, marking a 32% increase year-over-year. More notably, Evolv shifted from a net loss of $15.7 million in Q4 2024 to a net income of $10.9 million in Q4 2025. The stock has seen significant growth from its 52-week low of $3.24 reached in April 2025. While the insider sale is routine, the company's high beta suggests continued volatility for investors.