MENLO PARK, Calif.,
Nov. 2, 2021 /PRNewswire/ -- Khosla
Ventures Acquisition Co. II ("KVSB") (Nasdaq:KVSB) today announced
that its stockholders approved the proposals that were conditions
to closing of the previously announced business combination with
Nextdoor, Inc. ("Nextdoor" or the "Company") at a special meeting
of stockholders held today. A Form 8-K disclosing the full voting
results is expected to be filed with the Securities and Exchange
Commission.
The closing of the Business Combination is expected to occur on
or about 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."
The transaction is expected to raise at
least $385 million from KVSB trust proceeds (after giving
effect to preliminary redemption elections, which may be withdrawn,
representing approximately 7.41% of the trust account),
and $270 million from a fully committed common stock
private placement (PIPE), resulting in total gross proceeds of at
least $655 million. KVSB shares closed at $10.90 per
share on November 2, 2021, and stockholders who elected to
redeem will receive approximately $10.00 per share.
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 $14
billion dollars of assets under management and focuses on a
broad range of sectors including artificial intelligence,
agriculture/food, consumer, enterprise, financial services, health,
space, sustainable energy, robotics, VR/AR and 3D printing.
Collectively, Khosla Ventures portfolio of investments 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, 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