Khosla Ventures Acquisition Co. II (NASDAQ:KVSB) secured shareholder approval of its combination with neighborhood social media platform Nextdoor after pre-announcing its redemption amounts yesterday.
KVSB reported that the transaction is expected to raise approximately $655 million in gross proceeds. Approximately $385 million will be from its trust proceeds after giving effect to preliminary redemption elections, representing approximately 7.41% of the trust account, and $270 million will be from a fully committed PIPE. KVSB shares closed at $10.90 per share today, 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.
The deal is expected to close on Friday, November 5 and KVSB will change its name to “Nextdoor Holdings, Inc.” The combined company’s shares are expected to trade on the New York Stock Exchange under the ticker symbol “KIND” on Monday, November 8.
Khosla Ventures II initially announced its $3.5 billion combination on July 6. San Francisco-based Nextdoor provides a social network for communities to connect with their fellow neighbors to share information on neighborhood events as well as concern about local problems
- Morgan Stanley & Co. LLC and Evercore Group L.L.C. are serving as joint-lead financial advisors to Nextdoor and placement agents to institutional investors for the PIPE to KVSB.
- Goldman Sachs & Co. LLC is serving as exclusive financial advisor to KVSB.
- Fenwick & West LLP is serving as legal counsel to Nextdoor.
- Latham & Watkins LLP is acting as legal counsel to KVSB.
- Simpson Thacher & Bartlett LLP is acting as legal counsel to Morgan Stanley and Evercore as placement agents to institutional investors to KVSB