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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Khosla Ventures Acquisition Company III | NASDAQ:KVSC | 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% | 10.19 | 10.18 | 10.19 | 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
|
001-40247
|
85-1777015
|
||
(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
|
KVSC
|
The NASDAQ Stock Market LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Three Months
Ended June 30, |
Inception-to-Date
June 30, |
|||||||
2021
|
2021
|
|||||||
Formation costs
|
$ | — | $ | 25,000 | ||||
General and administrative expenses
|
295,206 | 316,008 | ||||||
Franchise tax expense
|
50,000 | 100,000 | ||||||
|
|
|
|
|||||
Loss from operations
|
(345,206 | ) | (441,008 | ) | ||||
Financing expenses on derivative classified instrument
|
— | (47,887,500 | ) | |||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
8,560 | 8,560 | ||||||
Change in fair value of derivative liabilities
|
(4,050,000 | ) | 26,700,000 | |||||
|
|
|
|
|||||
Loss before income tax expense
|
(4,386,646 | ) | (21,619,948 | ) | ||||
Net Loss
|
$
|
(4,386,646
|
)
|
$
|
(21,619,948
|
)
|
||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted
|
|
56,330,222
|
|
|
35,780,991
|
|
||
|
|
|
|
|||||
Basic and diluted net loss per share, Class A common stock subject to possible redemption
|
$
|
(0.06
|
)
|
$
|
(0.49
|
)
|
||
|
|
|
|
|||||
Weighted average shares outstanding of Class A
non-redeemable
common stock, basic and diluted
|
|
1,426,605
|
|
|
907,068
|
|
||
|
|
|
|
|||||
Basic and diluted net loss per share, Class A
non-redeemable
common stock
|
$
|
(0.15
|
)
|
$
|
(0.69
|
)
|
||
|
|
|
|
|||||
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
|
$
|
(0.15
|
)
|
$
|
(0.69
|
)
|
||
|
|
|
|
|
|
Common Stock Subject to Possible Redemption
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Class A
|
|
|
Class A
|
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Deficit |
|
|
Total
Stockholders’ Equity |
|
|||||||||
Balance as of January 29, 2021 (Inception)
|
— | $ | — | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Issuance of common stock to Sponsor
|
— | — | — | — | 5,000,000 | 500 | 12,000 | — | 12,500 | |||||||||||||||||||||||||||
Sale of Public Shares, net of $
31,705,310
issuance costs
|
56,330,222 | 531,596,916 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Sale of Private Plac
e
ment Shares
|
— | — | 1,426,605 | 143 | — | — | 14,265,907 | — | 14,266,050 | |||||||||||||||||||||||||||
Accretion of Class A Common Stock to redemption value
|
— | 31,705,310 | — | — | — | — | (14,277,907 | ) | (17,427,403 | ) | (31,705,310 | ) | ||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | — | — | (17,233,302 | ) | (17,233,302 | ) | |||||||||||||||||||||||||
Balance as of March 31, 2021
|
|
56,330,222
|
|
$
|
563,302,226
|
|
|
1,426,605
|
|
$
|
143
|
|
|
5,000,000
|
|
$
|
500
|
|
$ | — |
$
|
(34,660,705
|
)
|
$
|
(34,660,062
|
)
|
||||||||||
Net loss
|
— | — | — | — | — | — | — | (4,386,646 | ) | (4,386,646 | ) | |||||||||||||||||||||||||
Balance as of June 30, 2021
|
|
56,330,222
|
|
$
|
563,302,226
|
|
|
1,426,605
|
|
$
|
143
|
|
|
5,000,000
|
|
$
|
500
|
|
$ | — |
$
|
(39,047,351
|
)
|
$
|
(39,046,708
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities:
|
||||
Net loss
|
$ | (21,619,948 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||
Financing expenses on derivative classified instrument
|
47,887,500 | |||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
(8,560 | ) | ||
Change in fair value of derivative liabilities
|
(26,700,000 | ) | ||
Changes in operating assets and liabilities:
|
||||
Prepaid expenses and other assets
|
(1,458,456 | ) | ||
Accounts payable and accrued expenses
|
150,478 | |||
|
|
|||
Net cash used in operating activities
|
(1,748,986 | ) | ||
|
|
|||
Cash Flows from Investing Activities:
|
||||
Investment of cash into Trust Account
|
(563,302,226 | ) | ||
|
|
|||
Net cash used in investing activities
|
(563,302,226 | ) | ||
|
|
|||
Cash Flows from Financing Activities:
|
||||
Proceeds from issuance of Class B
and
Class K common stock to Sponsor
|
25,000 | |||
Advances from related party
|
5,300 | |||
Proceeds from sale of Public Shares, net of transaction costs
|
551,312,494 | |||
Proceeds from sale of Private Placement Shares
|
14,266,050 | |||
|
|
|||
Net cash provided by financing activities
|
565,608,844 | |||
|
|
|||
Net increase in cash
|
557,632 | |||
Cash - beginning of period
|
— | |||
|
|
|||
Cash - end of period
|
$ | 557,632 | ||
|
|
|||
Supplemental disclosure of noncash investing and financing activities:
|
||||
Deferred underwriting fees payable
|
$ | 19,715,578 | ||
|
|
For the three
months ended June 30, 2021 (Unaudited) |
Inception-to-
date June 30, 2021 (Unaudited) |
|||||||
Net loss
|
$ | (4,386,646 | ) | $ | (21,619,948 | ) | ||
Accretion of temporary equity to redemption value
|
(5,069,727 | ) | (7,322,935 | ) | ||||
|
|
|
|
|||||
Net loss including accretion of temporary equity to redemption value
|
$ | (9,456,373 | ) | $ | (28,942,883 | ) | ||
|
|
|
|
For the three months ended June 30, 2021
(Unaudited) |
Inception-to-date
|
|||||||||||||||||||||||
Class A-t
|
Class A-p
|
Class B
|
Class A-t
|
Class A-p
|
Class B
|
|||||||||||||||||||
Basic and diluted net loss per share
|
||||||||||||||||||||||||
Numerator
|
||||||||||||||||||||||||
Allocation of net loss including accretion of temporary equity
|
$ | (8,487,994 | ) | $ | (214,965 | ) | $ | (753,414 | ) | $ | (24,841,767 | ) | $ | (629,752 | ) | $ | (3,471,364 | ) | ||||||
Accretion of temporary equity to redemption value
|
5,069,727 | — | — | 7,322,935 | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Allocation of net loss
|
$ | (3,418,267 | ) | $ | (214,965 | ) | $ | (753,414 | ) | $ | (17,518,832 | ) | $ | (629,752 | ) | $ | (3,471,364 | ) | ||||||
Denominator
|
||||||||||||||||||||||||
Weighted average shares outstanding, basic and diluted
|
56,330,222 | 1,426,605 | 5,000,000 | 35,780,991 | 907,068 | 5,000,000 | ||||||||||||||||||
Basic and diluted net loss per share
|
$ | (0.06) | $ | (0.15) | $ | (0.15) | $ | (0.49) | $ | (0.69) | $ | (0.69) |
Description | Level | June 30, 2021 | ||||||
Assets:
|
||||||||
Marketable securities held in Trust Account
|
1 | $ | 563,310,786 | |||||
|
|
|
|
|||||
Liabilities:
|
||||||||
Derivative liability – Class K Founder Shares
|
3 | $ | 21,200,000 | |||||
|
|
|
|
Input
|
January 29, 2021
(Inception) |
June 30, 2021
|
||||||
Risk-free interest rate
|
1.19 | % | 1.51 | % | ||||
Term to business combination
|
1.4 years | 1.0 years | ||||||
Expected volatility
|
21.50 | % | 15.00 | % | ||||
Stock price
|
$ | 10.00 | $ | 9.87 | ||||
Dividend yield
|
0.00 | % | 0.00 | % |
Class K Founder Shares
Derivative Liability |
||||
Fair value, January 29, 2021 (inception)
|
$ | 47,900,000 | ||
Change in fair value of Class K Founder Shares liability
|
(30,750,000 | ) | ||
|
|
|||
Fair value, March 31, 2021 (unaudited)
|
$ | 17,150,000 | ||
Change in fair value of Class K Founder Shares liability
|
4,050,000 | |||
|
|
|||
Fair value, June 30, 2021 (unaudited)
|
$ | 21,200,000 | ||
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits
|
No.
|
Description of Exhibit
|
|
32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 | |
101.INS* | Inline XBRL Instance Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data file (formatted as inline XBRL) |
* |
Filed herewith.
|
** |
Furnished.
|
KHOSLA VENTURES ACQUISITION CO. III
|
||||||
Date: October 7, 2021 | 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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