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
ADVISORS
- 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
Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....
Gores Holdings X Inc. (NASDAQ:GTENU) announced the pricing of its upsized $312 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTENU”, Friday, May 2, 2025. The new SPAC aims to combine with a target company in the industrials, technology, healthcare, or consumer sectors. Gores X’s management team...
Wen Acquisition Corp. (NASDAQ:WTENNU) has filed for a $261 million SPAC to hunt for a crypto or financial services target with a team staffed by former advisors to the FinTech SPAC series. The new SPAC is not overfunded and will have a 1/2 warrant in each unit with 24 months to initially complete a business...
April highlighted two defining trends in the SPAC market: an increased reliance on extended deadlines and a surge in announced transactions. Extension votes doubled compared to March, while the number of De-SPAC deals disclosed reached nine in April alone. These developments underscore a market that remains active but continues to rely on deadline extensions, largely...
D. Boral ARC Acquisition Corp. I has filed for a $250 million SPAC to be David Boral’s first in-house SPAC since the internal split at the firm formerly known as EF Hutton. Before that split, Boral and his former partner Joseph Rallo served as executive managers for the EF Hutton I SPAC, which ultimately combined...