Business Context and Reporting Period
This Form 8-K was filed by Khosla Ventures Acquisition Co. II, the then-registrant associated with Nextdoor Holdings, Inc., regarding its failure to timely file its Form 10-Q for the quarter ended June 30, 2021. The filing is dated August 25, 2021, although the notice, press release, and signature references indicate August 31, 2021.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial metrics. The delayed Form 10-Q was expected to contain the relevant quarterly financial information.
Material Changes Versus the Prior Comparable Period
No operating or financial-period comparison is provided. The material development is the Company’s failure to file its June 30, 2021 Form 10-Q by the required August 16, 2021 deadline.
Guidance, Outlook, Risks, and Unusual Items
- Nasdaq notified the Company on August 25, 2021 that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports.
- The Company stated that it intended to file the Form 10-Q as soon as practicable.
- The notice had no immediate effect on the listing or trading of the Company’s securities.
- If the Company failed to regain compliance within the applicable period, its securities could become subject to delisting from the Nasdaq Capital Market.
- The filing references a Form 12b-25 submitted on August 16, 2021, but does not state the specific reason for the reporting delay.
Investor Verification Items
- Verify when the delayed Form 10-Q was ultimately filed and review its financial statements, liquidity position, and any restatements or material weaknesses.
- Confirm whether Nasdaq granted additional time or subsequently determined that the Company regained compliance.
- Review the applicable delisting timeline and any related Nasdaq correspondence.
- Reconcile the filing date of August 25, 2021 with the August 31, 2021 dates stated for the press release and signature.
- Review Exhibit 99.1 for additional management commentary regarding the Nasdaq notice.