Khosla Ventures Acquisition II in a news released pre-announced shareholder redemptions totaling about 13% of the SPAC’s trust ahead of the merger vote on Nextdoor.
Khosla II said it now expects all conditions to be met, including minimum cash proceeds, subject to stockholder approval, to close the deal.
The transaction is expected to raise at least $363.3 million from KVSB trust proceeds (after giving effect to the preliminary redemptions), and $270 million from a fully committed PIPE, resulting in total gross proceeds of at least $633.3 million. KVSB shares closed at $10.23 Oct. 29, and stockholders who elected to redeem will receive approximately $10 per share.
Announced in July, the combined companies would have an expected pro forma equity value of approximately $4.3 billion. Read more.
