Business Context and Reporting Period
This July 19, 2021 Form 8-K was filed by Khosla Ventures Acquisition Co. II, a special purpose acquisition company whose Class A common stock traded under “KVSB.” The filing concerns unaudited condensed financial statements as of March 31, 2021 and for the period from January 29, 2021 (inception) through March 31, 2021. The provided text does not identify Nextdoor Holdings, Inc. as the registrant.
Financial Metrics and Liquidity
The filing does not provide clear revised values for revenue, profit, cash flow, margins, debt, liquidity, or other financial metrics. It states that errors affected financial figures related to the partial exercise of the underwriters’ over-allotment option, the issuance of private placement shares, and the calculation of shares subject to possible redemption.
Material Changes Versus the Prior Comparable Period
Management and the Audit Committee concluded that the previously issued unaudited financial statements for the Non-Reliance Period should no longer be relied upon. The company intends to amend its Form 10-Q for the period ended March 31, 2021 and present restated unaudited condensed financial statements correcting the identified errors.
Guidance, Risks, Contingencies, and Unusual Items
- The previously issued financial statements are subject to restatement and should not be relied upon.
- The errors relate to accounting for the partial exercise of the underwriters’ over-allotment option and the issuance of private placement shares.
- The stated correction specifically includes the calculation of amounts for shares subject to possible redemption.
- The amended Form 10-Q was to be filed as soon as practicable; the filing text does not provide a specific expected filing date or quantify the impact of the restatement.
- Management and the Audit Committee discussed the matter with Marcum LLP, the company’s independent registered public accounting firm.
Key Facts for Investor Verification
- Confirm the identity of the relevant registrant, as the filing identifies Khosla Ventures Acquisition Co. II rather than Nextdoor Holdings, Inc.
- Review the subsequent amended Form 10-Q for the restated March 31, 2021 financial statements.
- Compare the original and restated amounts for shares subject to possible redemption, private placement shares, and over-allotment shares.
- Assess whether the restatement affected trust-account balances, equity classifications, or other transaction-related disclosures.
- Verify whether any additional accounting errors, auditor communications, or control implications were disclosed in subsequent filings.