Khosla Ventures Acquisition, a blank check company backed by Khosla Ventures, expects to close its previously announced merger with Nextdoor Inc, a neighborhood network. The transaction is expected to raise at least $363.3 million from KVSB trust proceeds. When the deal closes, KVSB will change its name to “Nextdoor Holdings, Inc” and trade on the New York Stock Exchange under the ticker symbol “KIND.”
MENLO PARK, Calif., Nov. 1, 2021 /PRNewswire/ — Khosla Ventures Acquisition Co. II (“KVSB”) (Nasdaq:KVSB), a special purpose acquisition company, today announced that it expects all conditions to be met, including minimum cash proceeds, subject to stockholder approval, to complete its previously announced business combination with Nextdoor, Inc. (“Nextdoor”), the neighborhood network.
The transaction is expected to raise at least $363.3 million from KVSB trust proceeds (after giving effect to preliminary redemption elections, which may be withdrawn, representing approximately 13% of the trust account), and $270 million from a fully committed common stock private placement (PIPE), resulting in total gross proceeds of at least $633.3 million. KVSB shares closed at $10.23 per share on October 29, 2021, and stockholders who elected to redeem will receive approximately $10.00 per share.
“Nextdoor has become synonymous with neighborhood community,” said Samir Kaul, Chief Executive Officer of KVSB. “Sarah and her team have demonstrated strong financial growth coupled with constant innovation, and we are committed to the long-term success of this company as it becomes a global brand.”
“Given the tremendous opportunity that lies ahead for Nextdoor and the exciting and rich product roadmap that we’ve built out, our plan is to remain in investment mode for the next several years,” said Nextdoor CEO Sarah Friar. “We believe that our expected listing on the NYSE will provide the funding necessary to accelerate the growth of our platform and our ability to lead in cultivating hyperlocal communities where neighbors turn daily to receive trusted information, give and get help, and build real-world connections.”
KVSB also announced today that the deadline for 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 firstname.lastname@example.org.
Upon completion of the business combination, KVSB will change its name to “Nextdoor Holdings, Inc.” Following the consummation of the business combination, Nextdoor Holdings Inc.’s shares are expected to trade on the New York Stock Exchange under the ticker symbol “KIND.”
The special meeting of KVSB stockholders (the “Special Meeting”) is scheduled to occur at 11:00 a.m. Eastern Time, on November 2, 2021 and will be held exclusively in a virtual format. Additional details regarding the proposals and the Special Meeting are available in the definitive proxy statement/prospectus relating to the Special Meeting. Stockholders can view KVSB’s definitive proxy statement/prospectus at the link here. Subject to stockholder approval and satisfaction or waiver of all closing conditions, KVSB and Nextdoor expect to close the business combination on November 5, 2021.
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.