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 5% of the shares of KVSB currently have elections
outstanding to redeem their shares. As a result, the
transaction is expected to raise at least $396 million
from KVSB trust proceeds (or more if additional redemption
elections are withdrawn), and $270 million from a fully
committed common stock private placement (PIPE), resulting in total
gross proceeds of at least $666 million. KVSB shares closed
at $10.52 per share on November 3, 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