SAN FRANCISCO and MENLO PARK, Calif., Nov. 5, 2021 /PRNewswire/ -- Nextdoor, Inc.
("Nextdoor"), the neighborhood network, and Khosla Ventures
Acquisition Co. II (Nasdaq: KVSB) ("KVSB"), a special purpose
acquisition company sponsored by an affiliate of Khosla Ventures,
LLC ("Khosla Ventures"), today completed their previously announced
transaction to take Nextdoor public. The combined company is
expected to start trading on The New York Stock Exchange ("NYSE")
on November 8, 2021 under the new
ticker symbol "KIND" for Nextdoor Class A common stock.
Nextdoor's purpose is to cultivate a kinder world where everyone
has a neighborhood they can rely on. Nextdoor connects neighbors to
those nearby — neighbors, businesses, and public services —
creating a highly engaged, hyperlocal network, building meaningful
connections both online and offline. Now in over 280,000
neighborhoods globally, this transaction will enable Nextdoor to
continue bringing all stakeholders of the neighborhood together to
get things done locally and build thriving communities.
"We are thrilled to have completed our combination with KSVB and
to be listing on the NYSE under the ticker "KIND". Through the KVSB
trust proceeds and the fully committed private placement, we raised
$674 million that will help us to fund long-term growth at
scale and enable our purpose of cultivating a kinder world
where everyone has a neighborhood to rely on," said Nextdoor CEO
Sarah Friar. "We chose "KIND" as our
NYSE ticker as kindness is core to Nextdoor's purpose. At Nextdoor,
we want to give neighbors ways to connect and be kind to each
other, online and in real life. We believe a little kindness goes a
long way towards making life easier, neighborhoods stronger, and
the world a better place."
"Nextdoor is a cutting-edge, category-defining company with
tremendous growth potential. Importantly, their strong management
team remains deeply committed to their purpose to cultivate a
kinder world. We are proud to be listing on the NYSE under the
ticker "KIND", and we look forward to continuing our partnership
and accelerating Nextdoor's growth as a public company," said
Vinod Khosla, Founder of KVSB and
Managing Director of Khosla Ventures.
Advisors
Morgan Stanley & Co. LLC ("Morgan
Stanley") and Evercore Group L.L.C. ("Evercore") served as
joint-lead financial advisors to Nextdoor and placement agents to
institutional investors for the PIPE to KVSB. Goldman Sachs &
Co. LLC and Citigroup Global Markets Inc. served as financial
advisors to KVSB. Fenwick & West LLP served as legal counsel to
Nextdoor. Latham & Watkins LLP served as legal counsel to KVSB.
Simpson Thacher & Bartlett LLP acted as legal counsel to Morgan
Stanley and Evercore as placement agents to institutional investors
to KVSB.
About Nextdoor, Inc.
Nextdoor is where you connect to
the neighborhoods that matter to you so you can belong. Our purpose
is to cultivate a kinder world where everyone has a neighborhood
they can rely on. Neighbors around the world turn to Nextdoor daily
to receive trusted information, give and get help, get things done,
and build real-world connections with those nearby — neighbors,
businesses, and public services. Today, neighbors rely on Nextdoor
in more than 280,000 neighborhoods across 11 countries. In the
U.S., nearly 1 in 3 households uses the network. Nextdoor is based
in San Francisco. For additional
information and images: nextdoor.com/newsroom.
About KVSB
KVSB was a special purpose acquisition
company sponsored by affiliates of Khosla Ventures. Khosla Ventures
manages a series of venture capital funds that make early-stage
venture capital investments and provide strategic advice to
entrepreneurs building companies with lasting significance. The
firm was founded in 2004 by Vinod
Khosla, co-founder of Sun Microsystems. Khosla Ventures has
over $14 billion dollars of assets
under management and focuses on a broad range of sectors including
artificial intelligence, agriculture/food, consumer, enterprise,
financial services, health, space, sustainable energy, robotics,
VR/AR and 3D printing. Collectively, Khosla Ventures portfolio of
investments has created nearly half a trillion dollars in market
value.
Forward-Looking Statements
This communication contains
certain forward-looking statements within the meaning of the
federal securities laws with respect to the transaction between
Nextdoor and KVSB, including statements regarding Nextdoor's
business strategy, plans and objectives of management for future
operations, including as they relate to the anticipated effects of
the business combination and the listing of shares of Nextdoor on
The New York Stock Exchange. These forward-looking statements
generally are identified by the words "believe," "project,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
communication. You should carefully consider the risks and
uncertainties described in the "Risk Factors" section of KVSB's
proxy statement/prospectus filed by KVSB with the Securities and
Exchange Commission ("SEC") on October 21,
2021, and other documents filed by Nextdoor from time to
time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Nextdoor assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Nextdoor gives no assurance that it
will achieve its expectations.
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SOURCE Nextdoor, Inc.