MENLO PARK, California, November 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 conditions Closing. After 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 5% of KVSB’s shares currently have choices pending to repurchase their shares. As a result, the transaction is expected to generate at least $ 396 million from KVSB trust proceeds (or more if additional redemption electives are withdrawn) and $ 270 million from a fully committed private placement of common shares (PIPE). , resulting in total gross proceeds of at least $ 666 million. KVSB shares closed at $ 10.52 per share on November 3, 2021, and shareholders who elected to repurchase will receive approximately $ 10.00 per share.
The deadline for KVSB shareholders to withdraw their choice to redeem their shares in the context of the Business Combination will be 5:00 p.m. EST Thursday, November 4, 2021. Shareholders who wish to withdraw a redemption request should contact KVSB’s transfer agent, Continental Stock Transfer & Trust Company, by email at [email protected].
About Nextdoor, Inc.
Nextdoor is where you connect to the neighborhoods that matter to you so you can belong. Our goal is to cultivate a smoother world where everyone has a neighborhood they can count on. Neighbors around the world turn to Nextdoor daily for reliable information, giving and getting help, getting things done, and making real connections with those nearby – neighbors, businesses and utilities. Today, neighbors trust Nextdoor in more than 280,000 neighborhoods in 11 countries. Almost one in three households in the United States uses the network. Nextdoor is based at San Francisco. For more information and images: nextdoor.com/newsroom.
KVSB is a special purpose acquisition company sponsored by subsidiaries of Khosla Ventures. Khosla Ventures operates a series of venture capital funds that make early stage venture capital investments and provide strategic advice to entrepreneurs who create businesses of lasting significance. The company was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. Khosla Ventures has finished $ 14 billion assets under management and focuses on a wide range of sectors including artificial intelligence, agriculture / food, consumer, business, financial services, healthcare, space, sustainable energy , robotics, VR / AR and 3D printing. Collectively, Khosla Ventures’ investment portfolio has created nearly half a trillion dollars in market value.
No offer or solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor a solicitation of a vote or approval, and there will be no sale of securities in any jurisdiction in which any such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.
This communication contains certain forward-looking statements within the meaning of federal securities laws regarding the proposed transaction between Nextdoor and KVSB, including the satisfaction of the closing conditions of the business combination, the timing of the completion of the business combination and the listing of the shares of Nextdoor Holdings, Inc. on the New York Stock Exchange. These forward-looking statements are generally identified by the words “believe”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “the strategy”, “the future”, ” opportunity “,” plan, “” may “,” should “,” will “,” would “,” will “,” continue “,” will probably result “and similar expressions. Forward-looking statements are predictions, projections and other statements regarding future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this communication. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the KVSB Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Registration Statement on Form S- 4 and other documents filed by the KVSB from time to time with the SEC. These documents identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Nextdoor and KVSB assume no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither Nextdoor nor KVSB gives assurance that Nextdoor or KVSB will meet its expectations.
SOURCE Khosla Ventures Acquisition Co. II