Khosla Ventures Acquisition Co. II Announces Planned Transfer of Listing to NYSE in Connection with its Proposed Business Combination with Nextdoor
Khosla Ventures Acquisition Co. II (KVSB) will transfer its Class A common stock listing from Nasdaq to NYSE following its business combination with Nextdoor, Inc., which will be renamed Nextdoor Holdings, Inc. (symbol: KIND). The transition is scheduled to occur after market close on November 5, 2021, contingent on meeting NYSE listing requirements. KVSB's shares will continue trading on Nasdaq until the deal closes, which enhances KVSB’s market presence and aligns with Nextdoor's community-focused mission.
- KVSB is expected to enhance its market presence by moving to NYSE.
- The merger with Nextdoor aims to strengthen community engagement and expand user base.
- Transitioning from Nasdaq to NYSE may pose initial compliance and integration challenges.
SAN FRANCISCO and MENLO PARK, Calif., Oct. 29, 2021 /PRNewswire/ -- Khosla Ventures Acquisition Co. II (Nasdaq:KVSB) ("KVSB"), a special purpose acquisition company sponsored by an affiliate of Khosla Ventures, LLC ("Khosla Ventures"), today announced that it will voluntarily transfer the listing of its Class A common stock from the Nasdaq Capital Market ("Nasdaq") to the New York Stock Exchange ("NYSE") in connection with, and upon the closing of, the previously announced business combination (the "Business Combination") with Nextdoor, Inc. ("Nextdoor"), the neighborhood network. The shares of Class A common stock of the post-business combination company, to be renamed Nextdoor Holdings, Inc., will trade under the stock symbol "KIND". KVSB's Class A common stock will continue to trade on the Nasdaq until the closing of the Business Combination.
In compliance with Nasdaq's Listing Rules, today KVSB provided Nasdaq with notice of its intent to delist its Class A common stock from Nasdaq after market close on November 5, 2021. The NYSE listing and Nasdaq delisting are subject to the closing of the Business Combination and fulfillment of all NYSE listing requirements.
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
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. 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.
Additional Information and Where to Find It / Non-Solicitation
In connection with the proposed transaction, KVSB has filed, and the SEC has declared effective, a Registration Statement on Form S-4 containing a proxy statement/prospectus. The proxy statement/prospectus was sent to the stockholders of KVSB on or about October 22, 2021. KVSB and Nextdoor also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of KVSB are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by KVSB and Nextdoor through the website maintained by the SEC at www.sec.gov.
Participants in Solicitation
KVSB and Nextdoor and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from KVSB's stockholders in connection with the proposed transaction. Information about persons who may be deemed participants in the solicitation is set forth in KVSB's filings with the SEC. To the extent that holdings of KVSB's securities have changed since the amounts printed in KVSB's Registration Statement on Form S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. A list of the names of such directors and executive officers and information regarding their interests in the business combination are contained in the proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
These communications do 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.
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FAQ
What is the significance of KVSB transferring its listing to NYSE?
When will KVSB's shares begin trading under the new ticker KIND?
What are the benefits of the merger between KVSB and Nextdoor?
What does the business combination with Nextdoor involve?
