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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Khosla Ventures Acquisition Company | NASDAQ:KVSA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.74 | 10.72 | 10.75 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware |
001-40131 |
85-1488707 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
2128 Sand Hill Road |
||
Menlo Park, California |
94025 | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Class A common stock, par value $0.0001 per share |
KVSA |
The NASDAQ Stock Market LLC |
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
3 |
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3 |
||||
19 |
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19 |
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19 |
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20 |
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20 |
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21 |
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21 |
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21 |
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22 |
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22 |
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22 |
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23 |
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23 |
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23 |
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23 |
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23 |
||||
23 |
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23 |
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23 |
||||
25 |
For The Three Months Ended March 31, 2022 |
For The Period From January 15, 2021 (Inception) Through March 31, 2021 |
|||||||
Formation costs |
$ | — | $ | 30,000 | ||||
General and administrative expenses |
371,195 | 116,558 | ||||||
Franchise tax expenses |
50,000 | 50,000 | ||||||
|
|
|
|
|||||
Loss from operations |
(421,195 | ) | (196,558 | ) | ||||
Financing expenses on derivative classified instrument |
— | (12,137,500 | ) | |||||
Change in fair value of derivative liabilities |
150,000 | 9,000,000 | ||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
28,158 | — | ||||||
|
|
|
|
|||||
Net loss |
$ | (243,037 | ) | $ | (3,334,058 | ) | ||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted |
34,500,000 | 11,040,000 | ||||||
Basic and diluted net loss per share, Class A subject to possible redemption |
$ |
(0.01 |
) |
$ |
(0.25 |
) | ||
Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted |
990,000 | 316,800 | ||||||
Basic and diluted net loss per share, Class A non-redeemable common stock |
$ |
(0.01 |
) |
$ |
(0.25 |
) | ||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted |
5,000,000 | 5,000,000 | ||||||
Basic and diluted net loss per share, Class B non-redeemable common stock |
$ |
(0.01 |
) |
$ |
(0.09 |
) |
Common Stock Subject to Possible Redemption |
||||||||||||||||||||||||||||||||||||
Class A |
Class A |
Class B |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders Deficit |
|||||||||||||||||||||||||||||||
Shares |
Amount | Shares | Amount |
Shares |
Amount |
|
|
|
||||||||||||||||||||||||||||
Balance as of January 1, 2022 (audited) |
34,500,000 | $ | 345,017.029 | 990,000 | $ | 99 | 5,000,000 | $ | 500 | $ | — | $ | (15,451,798 | ) | $ | (15,451,199 | ) | |||||||||||||||||||
Accretion of Class A common stock to redemption value |
— | 28,158 | — | — | — | — | — | (28,158 | ) | (28,158 | ) | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | (243,037 | ) | (243,037 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
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|
|||||||||||||||||||
Balance as of March 31, 2022 (unaudited) |
34,500,000 |
$ |
345,045,187 |
990,000 |
$ |
99 |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(15,722,993 |
) |
$ |
(15,722,394 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
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|
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Common Stock Subject to Possible Redemption |
||||||||||||||||||||||||||||||||||||
Class A |
Class A |
Class B |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders Deficit |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|
|
|
||||||||||||||||||||||||||||
Balance as of January 15, 2021 (inception) |
— | $ | — | — | $ | — | — | $ |
— | $ | — | $ | — | $ | — | |||||||||||||||||||||
Issuance of common stock to Sponsor |
— | — | — | — | 5,000,000 | 500 | 12,000 | — | 12,500 | |||||||||||||||||||||||||||
Sale of Public Shares, net of $19,660,260 issuance costs |
34,500,000 | 325,339,740 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Sale of Private Placement Shares |
— | — | 990,000 | 99 | — | — | 9,899,901 | — | 9,900,000 | |||||||||||||||||||||||||||
Accretion of Class A Common Stock to redemption value |
— | 19,660,260 | — | — | — | — | (9,911,901 | ) | (9,748,359 | ) | (19,660,260 | ) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | (3,334,058 | ) | (3,334,058 | ) | |||||||||||||||||||||||||
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|
|
|
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|
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|
|
|||||||||||||||||||
Balance as of March 31, 2021 (unaudited) |
34,500,000 |
$ |
345,000,000 |
990,000 |
$ |
99 |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(13,082,417 |
) |
$ |
(13,081,818 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
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|
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|
|
For The Three Months Ended March 31, 2022 |
For The Period From January 15, 2021 (Inception) Through March 31, 2021 |
|||||||
Cash Flows from Operating Activities |
||||||||
Net loss |
$ | (243,037 | ) | $ | (3,334,058 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Finance expense on fair value instruments |
— | 12,137,500 | ||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
(28,158 | ) | — | |||||
Change in fair value of derivative liabilities |
(150,000 | ) | (9,000,000 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid and other assets |
119,028 | (1,278,834 | ) | |||||
Accounts payable and accrued expenses |
44,523 | 706,912 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(257,644 | ) | (768,480 | ) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities |
||||||||
Investment of marketable securities held in Trust Account |
— | (345,000,000 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— | (345,000,000 | ) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities |
||||||||
Proceeds from issuance of Class B and Class K common stock to Sponsor |
— | 25,000 | ||||||
Advances from (to) related party |
78,067 | (24,400 | ) | |||||
Proceeds from sale of Public Share, net of transaction costs |
— | 337,414,740 | ||||||
Proceeds from sale of Private Placement Shares |
— | 9,900,000 | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
78,067 | 347,315,340 | ||||||
|
|
|
|
|||||
Net (decrease) increase in cash |
(179,577 | ) | 1,546,860 | |||||
Cash - beginning of period |
202,245 | — | ||||||
|
|
|
|
|||||
Cash - end of period |
$ | 22,668 | $ | 1,546,860 | ||||
|
|
|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Initial class A shares subject to possible redemption |
$ | — | $ | 325,339,740 | ||||
Accretion of Class A shares to redemption value |
$ | 28,158 | $ | 19,660,260 | ||||
Offering costs included in accrued expenses |
$ | — | $ | 511,237 | ||||
Deferred underwriting fees payable |
$ | — | $ | 12,075,000 |
• | Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
• | Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
For The Three Months Ended March 31, 2022 |
For The Period From January 15, 2021 (Inception) Through March 31, 2021 |
|||||||
Net loss |
$ | (243,037 | ) | $ | (3,334,058 | ) | ||
Accretion of temporary equity in excess of fair value |
(28,158 | ) | — | |||||
Net loss including accretion of temporary equity in excess of fair value |
$ | (271,195 | ) | $ | (3,334,058 | ) | ||
|
|
|
|
For The Three Months Ended March 31, 2022 |
||||||||||||
Class A-t (Temporary) |
Class A-p (Permanent) |
Class B |
||||||||||
Basic and diluted net loss per share |
||||||||||||
Numerator |
||||||||||||
Allocation of net loss including accretion of temporary equity in excess of fair value |
$ | (231,075 | ) | $ | (6,631 | ) | $ | (33,489 | ) | |||
Deemed dividend for accretion of temporary equity in excess of fair value |
28,158 | — | — | |||||||||
|
|
|
|
|
|
|||||||
Allocation of net loss and deemed dividend |
$ | (202,917 | ) | $ | (6,631 | ) | $ | (33,489 | ) | |||
|
|
|
|
|
|
|||||||
Denominator |
||||||||||||
Weighted average shares outstanding, basic and diluted |
34,500,000 | 990,000 | 5,000,000 | |||||||||
Basic and diluted net loss per share |
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) |
For The Period from January 15, 2021 (Inception) Through March 31, 2021 |
||||||||||||
Class A-t (Temporary) |
Class A-p (Permanent) |
Class B |
||||||||||
Basic and diluted net loss per share |
||||||||||||
Numerator |
||||||||||||
Allocation of net loss including accretion of temporary equity in excess of fair value |
$ | (2,809,063 | ) | $ | (80,608 | ) | $ | (444,387 | ) | |||
Deemed dividend for accretion of temporary equity in excess of fair value |
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Allocation of net loss and deemed dividend |
$ | (2,809,063 | ) | $ | (80,608 | ) | $ | (444,387 | ) | |||
|
|
|
|
|
|
|||||||
Denominator |
||||||||||||
Weighted average shares outstanding, basic and diluted |
11,040,000 | 316,800 | 5,000,000 | |||||||||
Basic and diluted net loss per share |
$ | (0.25 | ) | $ | (0.25 | ) | $ | (0.09 | ) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Marketable securities held in Trust Account |
$ | 345,045,187 | $ | — | $ | — | $ | 345,045,187 | ||||||||
Liabilities: |
||||||||||||||||
Class K Founder Shares derivative liabilities |
— | — | — | — |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Marketable securities held in Trust Account |
$ | 345,017,029 | $ | — | $ | — | $ | 345,017,029 | ||||||||
Liabilities: |
||||||||||||||||
Derivative liability - Class K Founder Shares |
— | — | 150,000 | 150,000 |
Input |
March 31, 2022 |
December 31, 2021 |
||||||
Risk-free interest rate |
2.34 | % | 1.54 | % | ||||
Term to Business Combination |
0.7 years | 0.5 years | ||||||
Expected volatility |
4.50 | % | 10.50 | % | ||||
Stock price |
$ | 9.78 | $ | 9.70 | ||||
Dividend yield |
0.00 | % | 0.00 | % |
Class K Founder Shares Derivative Liabilities |
||||
Fair value at January 1, 2022 |
$ | 150,000 | ||
Change in fair value |
(150,000 | ) | ||
Fair value as of March 31, 2022 |
$ | — | ||
Class K Founder Shares Derivative Liabilities |
||||
Fair value at January 15 , 2021 (Inception) |
$ |
12,150,000 |
||
Change in fair value |
(9,000,000 |
) | ||
Fair value as of March 31, 2021 |
$ |
3,150,000 |
||
Incorporated by Reference |
Filed/ Furnished Herewith |
|||||||||||||||||||||
Exhibit Number |
Exhibit Description |
Form |
File No. |
Exhibit |
Filing Date |
|||||||||||||||||
3.1 | Second Amended and Restated Certificate of Incorporation, dated March 4, 2021 | 8-K |
001-40131 |
3.1 | 3/9/21 | |||||||||||||||||
3.3 | Bylaws | S-1 |
333-253096 |
3.3 | 2/12/21 | |||||||||||||||||
4.1 | Specimen Class A Common Stock Certificate | S-1 |
333-253096 |
4.1 | 2/12/21 |
* | Filed herewith. |
** | Furnished herewith. |
KHOSLA VENTURES ACQUISITION CO. | ||||||
Date: May 13, 2022 | By: | /s/ Peter Buckland | ||||
Name: | Peter Buckland | |||||
Title: | Chief Financial Officer |
1 Year Khosla Ventures Acquisit... Chart |
1 Month Khosla Ventures Acquisit... Chart |
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