Business Context and Reporting Period
Nextdoor Holdings, Inc. was not yet the registrant at the time of this filing. The Form 8-K was filed by Khosla Ventures Acquisition Co. II, a special purpose acquisition company (SPAC), concerning events on March 26, 2021. The company later became associated with Nextdoor through a business combination.
Key Financial Metrics
- IPO: 40,000,000 Class A common shares sold at $10.00 per share, generating gross proceeds of $400.0 million.
- Private placement: 1,100,000 Class A shares sold to the sponsor at $10.00 per share, generating gross proceeds of $11.0 million.
- Trust account: $400.0 million was deposited into a U.S.-based trust account at JPMorgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company serving as trustee.
- Profit, cash flow, margins, debt, and liquidity: The filing does not provide operating results, profitability, cash flow, margins, debt balances, or broader liquidity measures. It states that an audited balance sheet as of March 26, 2021 was filed as Exhibit 99.1.
Material Changes Versus Prior Comparable Period
The filing reports the completion of the IPO and sponsor private placement. It does not present comparative-period financial statements or operating performance.
Guidance, Outlook, Risks, and Unusual Items
- The filing does not provide revenue or earnings guidance, an operating outlook, or management commentary regarding Nextdoor.
- The principal unusual item is the formation of the SPAC’s initial capital base, including the IPO proceeds, private placement proceeds, and trust-account deposit.
- As a SPAC, the company’s future business combination, use of trust-account funds, and related transaction risks are material matters for investors to evaluate; this filing does not describe a completed combination.
Important Facts to Verify
- Confirm the audited March 26, 2021 balance sheet in Exhibit 99.1, including cash, liabilities, and equity classifications.
- Verify that $400.0 million, rather than the full $411.0 million of gross financing proceeds, was deposited into the trust account.
- Review subsequent filings for the proposed or completed business combination with Nextdoor, redemption activity, transaction expenses, and post-combination capitalization.
- Distinguish this SPAC formation filing from filings reporting Nextdoor’s operating results, revenue, cash flow, debt, and liquidity.