Khosla Ventures Acquisition Co. II Announces Additional Withdrawn Redemption Elections and Confirms Expected Closing Date
Khosla Ventures Acquisition Co. II (KVSB) has announced the anticipated closing of its Business Combination with Nextdoor Holdings, Inc. on November 5, 2021. Following the merger, shares will trade on the NYSE under the symbol 'KIND' starting November 8, 2021. The transaction is projected to yield at least $666 million in gross proceeds, including $396 million from trust proceeds and $270 million from a private placement. Current shareholders can redeem their shares for approximately $10.00 each. The majority of shareholders have opted not to redeem their shares, indicating confidence in the merger.
- Transaction expected to generate at least $666 million in gross proceeds.
- Less than 5% of shares have election outstanding for redemption, indicating strong shareholder confidence.
- Shares of Nextdoor Holdings expected to provide liquidity on NYSE under symbol 'KIND'.
- None.
MENLO PARK, Calif., Nov. 4, 2021 /PRNewswire/ -- Khosla Ventures Acquisition Co. II ("KVSB") (Nasdaq: KVSB) today confirmed that the closing of the Business Combination is expected to occur on November 5, 2021, subject to the satisfaction or waiver of all closing conditions. Following closing, the combined company will be known as Nextdoor Holdings, Inc. and its shares are expected to trade on the New York Stock Exchange ("NYSE") on November 8, 2021 under the ticker symbol "KIND."
Less than
The deadline for KVSB stockholders to withdraw any election to have their shares redeemed in connection with the Business Combination will be 5:00 p.m. Eastern Time on Thursday, November 4, 2021. Stockholders who wish to withdraw a redemption request should contact KVSB's transfer agent, Continental Stock Transfer & Trust Company, by email at mzimkind@continentalstock.com.
About Nextdoor, Inc.
Nextdoor is where you connect to the neighborhoods that matter to you so you can belong. Our purpose is to cultivate a kinder world where everyone has a neighborhood they can rely on. Neighbors around the world turn to Nextdoor daily to receive trusted information, give and get help, get things done, and build real-world connections with those nearby — neighbors, businesses, and public services. Today, neighbors rely on Nextdoor in more than 280,000 neighborhoods across 11 countries. In the U.S., nearly 1 in 3 households uses the network. Nextdoor is based in San Francisco. For additional information and images: nextdoor.com/newsroom.
About KVSB
KVSB is a special purpose acquisition company sponsored by affiliates of Khosla Ventures. Khosla Ventures manages a series of venture capital funds that make early-stage venture capital investments and provide strategic advice to entrepreneurs building companies with lasting significance. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. Khosla Ventures has over
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Nextdoor and KVSB, including the satisfaction of closing conditions to the business combination, the timing of the completion of the business combination and the listing of Nextdoor Holdings, Inc.'s shares on the New York Stock Exchange. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of KVSB's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4, and other documents filed by KVSB from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Nextdoor and KVSB assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Nextdoor nor KVSB gives any assurance that either Nextdoor or KVSB will achieve its expectations.
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SOURCE Khosla Ventures Acquisition Co. II
FAQ
What is the expected closing date for KVSB's Business Combination?
When will Nextdoor Holdings, Inc. start trading publicly?
How much gross proceeds is the KVSB transaction expected to raise?
What percentage of KVSB shares are eligible for redemption?
What will KVSB shareholders receive if they choose to redeem their shares?
