Our read more link uses the following code.
<a href="<?php the_permalink(); ?>"><?php _e('READ MORE', 'evolve' ); ?></a>
The function the_permalink is a WordPress core function
The permalink is auto generated by that function, and not by our theme.
Perhaps you have a wrong custom structure for your permalink, or a wrong custom redirection code in your .htaccess, these could be the reasons for your read more link leading to 404.
Please go to WordPress admin -> Appearance -> Settings -> Permalinks and select one of the available option.