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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 |
86-1777015 | ||
(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 | ☒ |
1 |
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1 |
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17 |
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17 |
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17 |
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18 |
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18 |
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18 |
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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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21 |
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21 |
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21 |
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21 |
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22 |
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23 |
For The Three Months Ended March 31, 2022 |
For The Period From January 29, 2021 (Inception) Through March 31, 2021 |
|||||||
Formation costs |
$ | — | $ | 25,000 | ||||
General and administrative expenses |
508,512 | 20,802 | ||||||
Franchise tax expenses |
34,708 | 50,000 | ||||||
|
|
|
|
|||||
Loss from operations |
(543,220 | ) | (95,802 | ) | ||||
Financing expenses on derivative classified instrument |
— | (47,887,500 | ) | |||||
Change in fair value of derivative liabilities |
6,210,000 | 30,750,000 | ||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
45,975 | — | ||||||
|
|
|
|
|||||
Net income (loss) |
$ | 5,712,755 | $ | (17,233,302 | ) | |||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted |
56,330,222 | 4,940,810 | ||||||
Basic and diluted net income (loss) per share, Class A subject to possible redemption |
$ |
0.09 |
$ |
(3.08 |
) | |||
Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted |
1,426,605 | 127,848 | ||||||
Basic and diluted net income (loss) per share, Class A non-redeemable common stock |
$ |
0.09 |
$ |
(3.46 |
) | |||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted |
5,000,000 | 4,758,065 | ||||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock |
$ |
0.09 |
$ |
(0.33 |
) |
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) |
56,330,222 | $ | 563,330,122 | 1,426,605 | $ | 143 | 5,000,000 | $ | 500 | $ | — | $ | (24,948,285 | ) | $ | (24,947,642 | ) | |||||||||||||||||||
Accretion of Class A common stock to redemption value |
— | 45,975 | — | — | — | — | — | (45,975 | ) | (45,975 | ) | |||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | 5,712,755 | 5,712,755 | |||||||||||||||||||||||||||
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Balance as of March 31, 2022 (unaudited) |
56,330,222 | $ | 563,376,097 | 1,426,605 | $ | 143 | 5,000,000 | $ | 500 | $ | — | $ | (19,281,505 | ) | $ | (19,280,862 | ) | |||||||||||||||||||
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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 $31,705,310 issuance costs |
56,330,222 | 531,596,916 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Proceeds from the 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 |
— | — | — | — | — | — | — | (17,233,303 | ) | (17,233,303 | ) | |||||||||||||||||||||||||
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Balance as of March 31, 2021 (unaudited) |
56,330,222 |
$ |
563,302,226 |
1,426,605 |
$ |
143 |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(34,660,706 |
) |
$ |
(34,660,063 |
) | |||||||||||||||||||
|
|
|
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For The Three Months Ended March 31, 2022 |
For The Period From January 29, 2021 (Inception) Through March 31, 2021 |
|||||||
Cash Flows from Operating Activities |
||||||||
Net income (loss) |
$ | 5,712,755 | $ | (17,233,302 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Finance expense on fair value instruments |
— | 47,887,500 | ||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
(45,975 | ) | — | |||||
Change in fair value of derivative liabilities |
(6,210,000 | ) | (30,750,000 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid and other assets |
147,270 | (1,668,787 | ) | |||||
Accounts payable, franchise tax payable and accrued expenses |
97,091 | 607,305 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(298,859 | ) | (1,157,284 | ) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities |
||||||||
Investment in marketable securities held in 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 |
59,754 | 160,383 | ||||||
Proceeds from sale of Public Shares, net of transactions costs |
— | 551,312,494 | ||||||
Proceeds from sale of Private Placement Shares |
— | 14,266,050 | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
59,754 | 565,763,927 | ||||||
|
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|
|||||
Net (decrease) increase in cash |
(239,105 | ) | 1,304,417 | |||||
Cash - beginning of period |
239,105 | — | ||||||
|
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|
|
|||||
Cash - end of period |
$ | — | $ | 1,304,417 | ||||
|
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|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Initial class A shares subject to possible redemption |
$ | — | $ | 531,596,916 | ||||
Accretion of Class A shares to redemption value |
$ | 45,975 | $ | 31,705,310 | ||||
Offering costs included in accounts payable |
$ | — | $ | 489,567 | ||||
Deferred underwriting fees payable |
$ | — | $ | 19,715,578 |
• | 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 (Unaudited) |
For The Period From January 29, 2021 (Inception) Through March 31, 2021 (Unaudited) |
|||||||
Net income (loss) |
$ | 5,712,755 | $ | (17,233,302 | ) | |||
Accretion of temporary equity in excess of fair value |
(45,975 | ) | (2,253,215 | ) | ||||
|
|
|
|
|||||
Net income (loss) including accretion of temporary equity in excess of fair value |
$ | 5,666,780 | $ | (19,486,517 | ) | |||
|
|
|
|
For The Three Months Ended March 31, 2022 |
||||||||||||
Class A-t (Temporary) |
Class A-p (Permanent) |
Class B |
||||||||||
Basic and diluted net income (loss) per share |
||||||||||||
Numerator |
||||||||||||
Allocation of net income (loss) including accretion of temporary equity in excess of fair value |
$ |
5,086,474 |
$ |
128,819 |
$ |
451,487 |
||||||
Deemed dividend for accretion of temporary equity in excess of fair value |
45,975 |
— |
— |
|||||||||
|
|
|
|
|
|
|||||||
Allocation of net income (loss) and deemed dividend |
$ |
5,132,449 |
$ |
128,819 |
$ |
451,487 |
||||||
|
|
|
|
|
|
|||||||
Denominator |
||||||||||||
Weighted average shares outstanding, basic and diluted |
56,330,222 |
1,426,605 |
5,000,000 |
|||||||||
Basic and diluted net income (loss) per share |
$ |
0.09 |
$ |
0.09 |
$ |
0.09 |
For The Period from January 29, 2021 (Inception) Through March 31, 2021 |
||||||||||||
Class A-t (Temporary) |
Class A-p (Permanent) |
Class B |
||||||||||
Basic and diluted net income (loss) per share |
||||||||||||
Numerator |
||||||||||||
Allocation of net income (loss) including accretion of temporary equity in excess of fair value |
$ |
(17,458,587 |
) |
$ |
(442,152 |
) |
$ |
(1,585,778 |
) | |||
Deemed dividend for accretion of temporary equity in excess of fair value |
2,253,215 |
— |
— |
|||||||||
|
|
|
|
|
|
|||||||
Allocation of net income (loss) and deemed dividend |
$ |
(15,205,372 |
) | $ |
(442,152 |
) |
$ |
(1,585,778 |
) | |||
|
|
|
|
|
|
|||||||
Denominator |
||||||||||||
Weighted average shares outstanding, basic and diluted |
4,940,810 |
127,848 |
4,758,065 |
|||||||||
Basic and diluted net income (loss) per share |
$ |
(3.08 |
) |
$ |
(3.46 |
) |
$ |
(0.33 |
) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Marketable securities held in Trust Account |
$ |
563,376,097 |
$ |
— |
$ |
— |
$ |
563,376,097 |
||||||||
Liabilities: |
| |||||||||||||||
Class K Founder Shares derivative liabilities |
— |
— |
40,000 |
40,000 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Marketable securities held in Trust Account |
$ |
563,330,122 |
$ |
— |
$ |
— |
$ |
563,330,122 |
||||||||
Liabilities: |
| |||||||||||||||
Class K Founder Shares derivative liabilities |
— |
— |
6,250,000 |
6,250,000 |
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 |
4.5 | % | 11.00 | % | ||||
Stock price |
$ | 9.77 | $ | 9.76 | ||||
Dividend yield |
0.00 | % | 0.00 | % |
Class K Founder Shares Derivative Liabilities |
||||
Fair value at January 1, 2022 |
$ | 6,250,000 | ||
Change in fair value |
(6,210,000 | ) | ||
|
|
|||
Fair value as of March 31, 2022 |
$ | 40,000 | ||
|
|
|
|
|
Class K Founder Shares Derivative Liabilities |
||||
Fair value at January 29, 2021 (inception) |
$ | 47,900,000 | ||
Change in fair value |
(30,750,000 | ) | ||
Fair value as of |
$ | 17,150,000 |
* | Filed herewith. |
** | Furnished herewith. |
KHOSLA VENTURES ACQUISITION CO. III | ||||||
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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