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
HCM III Acquisition Corp. (NASDAQ:HCMAU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HCMAU”, Friday, August 1, 2025. The new SPAC intends to focus on identifying businesses which provide disruptive technology or innovations within the financial services industry. HCM III is led...
Melar I (NASDAQ:MACI) has entered into a definitive agreement to combine with Italian e-commerce firm Everli at a pro forma enterprise value of $247 million. Everli delivers groceries to consumers via in-store shoppers at a wide range of retailers in the Italian market. The combined company is expected to trade on the Nasdaq under the...
Spring Valley II (NASDAQ:SVII) has entered into a definitive agreement to combine with uranium miner Eagle Energy Metals at an equity value of $312 million. Eagle Energy holds the rights to two large uranium deposits near the Oregon-Nevada border that it aims to develop alongside its own small, modular nuclear reactor designs. The combined company...
The pace of lock-up expirations among de-SPACs and sponsors is set to slow in August as just four of each will become newly freed to trade their shares. Those with the most to gain from this new freedom this month are the company shareholders of eVTOL developer Joby (NYSE:JOBY). It last closed at $16.89 as...
At the SPAC of Dawn The return of the SPAC market has not depended on further interest rate cuts, but SPACs would have likely benefited had the Fed leaned that way yesterday afternoon. The market is still pointed up in the pre-market even in the absence of a cut, perhaps with the knowledge that dissent...