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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
September 30,
2021 |
Inception-to-
date September 30, ,2021 |
|||||||
Formation costs
|
$ | — | $ | 25,000 | ||||
General and administrative expenses
|
352,100 | 668,108 | ||||||
Franchise tax expense
|
50,000 | 150,000 | ||||||
|
|
|
|
|||||
Loss from operations
|
(402,100 | ) | (843,108 | ) | ||||
Financing expenses on derivative classified instrument
|
— | (47,887,500 | ) | |||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
8,654 | 17,214 | ||||||
Change in fair value of derivative liabilities
|
9,900,000 | 36,600,000 | ||||||
|
|
|
|
|||||
Income (Loss) before income tax expense
|
9,506,554 | (12,113,394 | ) | |||||
Net Income (Loss)
|
$
|
9,506,554
|
|
$
|
(12,113,394
|
)
|
||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted
|
56,330,222 | 43,351,392 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption
|
$ | 0.15 | $ | (0.24 | ) | |||
|
|
|
|
|||||
Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted
|
1,426,605 | 1,098,457 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class A non-redeemable common stock
|
$ | 0.15 | $ | (0.29 | ) | |||
|
|
|
|
|||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted
|
5,000,000 | 5,000,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock
|
$ | 0.15 | $ | (0.29 | ) | |||
|
|
|
|
Common Stock Subject to Possible
Redemption |
Common Stock
|
Additional
Paid-In Capital |
Accumulated
Deficit |
Total
Stockholders’ Deficit |
||||||||||||||||||||||||||||||||
Class A
|
Class A
|
Class B
|
||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||||||||
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 Placement 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
|
)
|
|||||||||
Accretion of Class A Common Stock to redemption value
|
— | 17,214 | — | — | — | — | — | (17,214 | ) | (17,214 | ) | |||||||||||||||||||||||||
Net income
|
— | — | — | — | — | — | — | 9,506,554 | 9,506,554 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of September 30, 2021
|
|
56,330,222
|
|
$
|
563,319,440
|
|
|
1,426,605
|
|
$
|
143
|
|
|
5,000,000
|
|
$
|
500
|
|
$
|
—
|
|
$
|
(29,558,011
|
)
|
$
|
(29,557,368
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities:
|
|
|||
Net loss
|
$ | (12,113,394 | ) | |
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
|
(17,214 | ) | ||
Change in fair value of derivative liabilities
|
(36,600,000 | ) | ||
Changes in operating assets and liabilities:
|
||||
Prepaid expenses and other assets
|
(1,245,814 | ) | ||
Accounts payable and accrued expenses
|
268,398 | |||
|
|
|||
Net cash used in operating activities
|
(1,820,524 | ) | ||
|
|
|||
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 paid
|
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
|
486,094 | |||
Cash - beginning of period
|
— | |||
|
|
|||
Cash - end of period
|
$ | 486,094 | ||
|
|
|||
Supplemental disclosure of noncash investing and financing activities:
|
||||
|
|
|||
Accretion of Class A Common Stock to redemption value
|
$ |
31,722,524
|
||
|
|
|||
Deferred underwriting fees payable
|
$ | 19,715,578 | ||
|
|
For the three months
ended September 30, 2021
(Unaudited)
|
Inception to date
September 30, 2021 (Unaudited) |
|||||||
Net Income (Loss)
|
$ | 9,506,554 | $ | (12,113,394 | ) | |||
Accretion of temporary equity to redemption value
|
(17,214 | ) | (2,270,429 | ) | ||||
|
|
|
|
|||||
Net income (loss) including accretion of temporary equity to redemption value
|
$ | 9,489,340 | $ | (14,383,823 | ) | |||
|
|
|
|
For the three months ended September 30,
2021 (Unaudited) |
Inception to date September 30, 2021
(Unaudited)
|
|||||||||||||||||||||||
Class A-t
|
Class A-p
|
Class B
|
Class A-t
|
Class A-p
|
Class B
|
|||||||||||||||||||
Basic and diluted net income (loss) per share
|
||||||||||||||||||||||||
Numerator
|
||||||||||||||||||||||||
Allocation of net income (loss) including accretion of temporary equity
|
$ | 8,517,585 | $ | 215,715 | $ | 756,040 | $ | (12,609,922 | ) | $ | (319,516 | ) | $ | (1,454,385 | ) | |||||||||
Accretion of temporary equity to redemption value
|
17,214 | — | — | 2,270,429 | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Allocation of net income (loss)
|
$ | 8,534,799 | $ | 215,715 | $ | 756,040 | $ | (10,339,493 | ) | $ | (319,516 | ) | $ | (1,454,385 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Denominator
|
||||||||||||||||||||||||
Weighted average shares outstanding, basic and diluted
|
56,330,222 | 1,426,605 | 5,000,000 | 43,351,392 | 1,098,457 | 5,000,000 | ||||||||||||||||||
Basic and diluted net income (loss) per share
|
$ | 0.15 | $ | 0.15 | $ | 0.15 | $ | (0.24 | ) | $ | (0.29 | ) | $ | (0.29 | ) |
Description | Level | September 30, 2021 | ||||||
Assets:
|
||||||||
Marketable securities held in Trust Account
|
1 | $ | 563,319,440 | |||||
Liabilities:
|
||||||||
Derivative liability - Class K Founder Shares
|
3 | $ | 11,300,000 |
Input
|
January 29,
2021 (Inception) |
September 30,
2021 |
||||||
Risk-free interest rate
|
1.19 | % | 1.56 | % | ||||
Term to business combination
|
1.4 years | 0.8 years | ||||||
Expected volatility
|
21.50 | % | 12.50 | % | ||||
Stock price
|
$ | 10.00 | $ | 9.80 | ||||
Dividend yield
|
0.00 | % | 0.00 | % |
Class K Founder Shares
Derivative Liabilities
(Unaudited) |
||||
Initial measurement on January 29, 2021
|
$ | 47,900,000 | ||
Change in fair value of Class K Founder Shares Derivative Liabilities
|
(30,750,000 | ) | ||
|
|
|||
Fair Value, March 31, 2021
|
$ | 17,150,000 | ||
Change in fair value of Class K Founder Shares Derivative Liabilities
|
4,050,000 | |||
|
|
|||
Fair Value, June 30, 2021
|
$ | 21,200,000 | ||
Change in fair value of Class K Founder Shares Derivative Liabilities
|
(9,900,000 | ) | ||
|
|
|||
Fair Value, September 30, 2021
|
$ | 11,300,000 | ||
|
|
* |
Filed herewith.
|
** |
Furnished.
|
KHOSLA VENTURES ACQUISITION CO. III | ||||||
Date: November 5, 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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