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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 | ||||
1 | ||||
18 | ||||
18 | ||||
18 | ||||
19 | ||||
19 | ||||
20 | ||||
20 | ||||
20 | ||||
20 | ||||
21 | ||||
21 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
23 | ||||
24 |
For The Three Months Ended June 30, 2022 |
For The Three Months Ended June 30, 2021 |
For The Six Months Ended June 30, 2022 |
For The Period From January 29, 2021 (Inception) Through June 30, 2021 |
|||||||||||||
Formation costs |
$ | — | $ | — | $ | — | $ | 25,000 | ||||||||
General and administrative expenses |
443,089 | 295,206 | 951,601 | 316,008 | ||||||||||||
Franchise tax expenses |
50,000 | 50,000 | 84,708 | 100,000 | ||||||||||||
Loss from operations |
(493,089 | ) | (345,206 | ) | (1,036,309 | ) | (441,008 | ) | ||||||||
Financing expenses on derivative classified instrument |
— | — | — | (47,887,500 | ) | |||||||||||
Change in fair value of derivative liabilities |
40,000 | (4,050,000 | ) | 6,250,000 | 26,700,000 | |||||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
800,083 | 8,560 | 846,058 | 8,560 | ||||||||||||
Income (loss) before income tax expense |
346,994 | (4,386,646 | ) | 6,059,749 | (21,619,948 | ) | ||||||||||
Income tax expense |
123,742 | — | 123,742 | — | ||||||||||||
Net income (loss) |
$ | 223,252 | $ | (4,386,646 | ) | $ | 5,936,007 | $ | (21,619,948 | ) | ||||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted |
56,330,222 | 56,330,222 | 56,330,222 | 35,505,754 | ||||||||||||
Basic and diluted net income (loss) per share, Class A subject to possible redemption |
$ |
0.01 |
$ |
(0.07 |
) |
$ |
0.10 |
$ |
(0.54 |
) | ||||||
Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted |
1,426,605 | 1,426,605 | 1,426,605 | 900,312 | ||||||||||||
Basic and diluted net income (loss) per share, Class A non-redeemable common stock |
$ |
(0.01 |
) |
$ |
(0.07 |
) |
$ |
0.08 |
$ |
(0.60 |
) | |||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted |
5,000,000 | 5,000,000 | 5,000,000 | 4,901,961 | ||||||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock |
$ |
(0.01 |
) |
$ |
(0.07 |
) |
$ |
0.08 |
$ |
(0.39 |
) |
Common Stock Subject to Possible Redemption |
||||||||||||||||||||||||||||||||||||
Class A |
Class A |
Class B |
||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
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 |
) | |||||||||||||||||||
Accretion of Class A common stock to redemption value |
— | 800,083 | — | — | — | (800,083 | ) | (800,083 | ) | |||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | 223,252 | 223,252 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of June 30, 2022 (unaudited) |
56,330,222 |
$ |
564,176,180 |
1,426,605 |
$ |
143 |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(19,858,336 |
) |
$ |
(19,857,693 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
Common Stock Subject to Possible Redemption |
||||||||||||||||||||||||||||||||||||
Class A |
Class A |
Class B |
||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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 |
— | — | — | — | — | — | — | (17,233,302 | ) | (17,233,302 | ) | |||||||||||||||||||||||||
|
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|
|
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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 |
$ |
— |
$ |
(34,660,705 |
) |
$ |
(34,660,062 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | (4,386,646 | ) | (4,386,646 | ) | |||||||||||||||||||||||||
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|
|||||||||||||||||||
Balance as of June 30, 2021 (unaudited) |
56,330,222 |
$ |
563,302,226 |
1,426,605 |
$ |
143 |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(39,047,351 |
) |
$ |
(39,046,708 |
) | |||||||||||||||||||
|
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|
|
For The Six Months Ended June 30, 2022 |
For The Period From January 29, 2021 (Inception) Through June 30, 2021 |
|||||||
Cash Flows from Operating Activities |
||||||||
Net income (loss) |
$ | 5,936,007 | $ | (21,619,948 | ) | |||
Adjustments to reconcile net income (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 |
(846,058 | ) | (8,560 | ) | ||||
Change in fair value of derivative liabilities |
(6,250,000 | ) | (26,700,000 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid and other non-current assets |
375,854 | (1,458,456 | ) | |||||
Accounts payable and accrued expenses (including franchise tax payable and income tax payable) |
261,143 | 150,478 | ||||||
Net cash used in operating activities |
(523,054 | ) | (1,748,986 | ) | ||||
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 |
283,949 | 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 |
283,949 | 565,608,844 | ||||||
Net (decrease) increase in cash |
(239,105 | ) | 557,632 | |||||
Cash - beginning of period |
239,105 | — | ||||||
Cash - end of period |
$ | — | $ | 557,632 | ||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Immediate accretion of Class A shares to redemption value |
$ | 846,058 | $ | — | ||||
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 Six Months Ended June 30, 2022 (Unaudited) |
For The Period From January 29, 2021 (Inception) Through June 30, 2021 (Unaudited) |
|||||||
Net income (loss) |
$ | 5,936,007 | $ | (21,619,948 | ) | |||
Accretion of temporary equity in excess of fair value |
(846,058 | ) | (2,253,215 | ) | ||||
Net income (loss) including accretion of temporary equity in excess of fair value |
$ | 5,089,949 | $ | (23,873,163 | ) | |||
For The Three Months Ended June 30, 2022 |
For The Three Months Ended June 30, 2021 |
|||||||
Net income (loss) |
$ | 223,252 | $ | (4,386,646 | ) | |||
Accretion of temporary equity in excess of fair value |
(800,083 | ) | — | |||||
Net loss including accretion of temporary equity in excess of fair value |
$ | (576,831 | ) | $ | (4,386,646 | ) | ||
For The Six Months Ended June 30, 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 |
$ | 4,568,713 | $ | 115,706 | $ | 405,530 | ||||||
Deemed dividend for accretion of temporary equity in excess of fair value |
846,058 | — | — | |||||||||
Allocation of net income (loss) and deemed dividend |
$ | 5,414,771 | $ | 115,706 | $ | 405,530 | ||||||
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 |
$ | 0.10 | $ | 0.08 | $ | 0.08 |
For The Period from January 29, 2021 (Inception) Through June 30, 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 |
$ | (21,396,779 | ) | $ | (541,889 | ) | $ | (1,934,494 | ) | |||
Deemed dividend for accretion of temporary equity in excess of fair value |
2,253,215 | — | — | |||||||||
Allocation of net income (loss) and deemed dividend |
$ | (19,143,564 | ) | $ | (541,889 | ) | $ | (1,934,494 | ) | |||
Denominator |
||||||||||||
Weighted average shares outstanding, basic and diluted |
35,505,754 | 900,312 | 4,901,961 | |||||||||
Basic and diluted net income (loss) per share |
$ | (0.54 | ) | $ | (0.60 | ) | $ | (0.39 | ) |
For The Three Months Ended June 30, 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 |
$ | (517,761 | ) | $ | (13,113 | ) | $ | (45,958 | ) | |||
Deemed dividend for accretion of temporary equity in excess of fair value |
800,083 | — | — | |||||||||
Allocation of net income (loss) and deemed dividend |
$ | 282,322 | $ | (13,113 | ) | $ | (45,958 | ) | ||||
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 |
$ | 0.01 | $ | (0.01 | ) | $ | (0.01 | ) |
For The Three Months Ended June 30, 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 |
$ | (3,937,431 | ) | $ | (99,718 | ) | $ | (349,495 | ) | |||
Deemed dividend for accretion of temporary equity in excess of fair value |
— | — | — | |||||||||
Allocation of net income (loss) and deemed dividend |
$ | (3,937,431 | ) | $ | (99,718 | ) | $ | (349,495 | ) | |||
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 |
$ | (0.07 | ) | $ | (0.07 | ) | $ | (0.07 | ) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Marketable securities held in Trust Account |
$ | 564,176,180 | $ | — | $ | — | $ | 564,176,180 | ||||||||
Liabilities: |
||||||||||||||||
Class K Founder Shares derivative liabilities |
— | — | — | — |
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 |
December 31, 2021 |
||||
Input Risk-free interest rate |
1.54 | % | ||
Term to business combination |
0.5 years | |||
Expected volatility |
11.00 | % | ||
Stock price |
$ | 9.76 | ||
Dividend yield |
0.00 | % |
Class K Founder Shares Derivative Liabilities |
||||
Fair value as of January 1, 2022 |
$ | 6,250,000 | ||
Change in fair value |
(6,210,000 | ) | ||
Fair value as of March 31, 2022 |
$ | 40,000 | ||
Change in fair value |
(40,000 | ) | ||
Fair value as of June 30, 2022 |
$ | — | ||
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 March 31, 2021 |
$ | 17,150,000 | ||
Change in fair value |
4,050,000 | |||
Fair value as of June 30, 2021 |
$ | 21,200,000 | ||
* | Filed herewith. |
** | Furnished herewith. |
KHOSLA VENTURES ACQUISITION CO. III | ||||||
Date: August 11, 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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