Nextdoor Holdings, Inc 8-K, filed Nov 3, 2021
Nextdoor Holdings, Inc. (NXDR)
About this 8-K
Nextdoor Holdings, Inc filed this 8-K on November 3, 2021, reporting on events of November 2, 2021.
Items reported
- Item 5.07: Shareholder vote results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 5.07. | Submission of Matters to a Vote of Securityholders. |
On November 2, 2021, Khosla Ventures Acquisition Co. II (“KVSB” or the “Company”) held a special meeting of stockholders (the “Special Meeting”) to consider certain proposals related to the Transactions (defined terms not provided herein have the same meaning as such terms are defined in the Company’s proxy statement/prospectus filed with the U.S. Securities and Exchange Commission on October 21, 2021 (the “Proxy Statement”)).
As of October 6, 2021, the record date for the Special Meeting, 42,767,100 shares of the Company’s Class A common stock (the “Company Class A Common Stock”) were issued and outstanding, each share being entitled to one vote, and 5,000,000 shares of the Company’s Class B common stock (the “Company Class B Common Stock”) were issued and outstanding, each share of Class B Common Stock being entitled to (a) one vote for the BCA Proposal (as defined below) and (b) 1.4694498 votes for each proposal other than the BCA Proposal. At the Special Meeting, a total of 33,708,260 shares of Company Class A Common Stock and 5,000,000 shares of Company Class B Common Stock, together representing approximately 81% of the outstanding shares entitled to vote, were present in person or by proxy, constituting a quorum to conduct business.
At the Special Meeting, the following proposals were submitted to a vote of stockholders. For more information on each of these proposals, see the Proxy Statement.
| (1) | The BCA Proposal. Proposal to approve the business combination described in the Proxy Statement, including (a) adopting the Merger Agreement, a copy of which is attached to the Proxy Statement as Annex A and (b) approving the other transactions contemplated by the Merger Agreement and related agreements described in the Proxy Statement (the “BCA Proposal”). |
| (2) | The Charter Proposal. Proposal to approve and adopt the amended and restated certificate of incorporation of KVSB (the “Proposed Charter”) in the form attached to the Proxy Statement as Annex C (the “Charter Proposal”). |
| (3) | The Advisory Charter Amendment Proposals. The non-binding, advisory vote on certain governance provisions in the Proposed Charter, presented separately in accordance with the United States Securities and Exchange Commission (“SEC”) requirements (the “Advisory Charter Amendment Proposals”). |
| (4) | The Stock Issuance Proposal. Proposal to approve, to comply with Nasdaq Rule 5635, the issuance of (a) 27,000,000 shares of New Nextdoor Class A common stock to the PIPE Investors, (b) 364,714,149 shares of New Nextdoor Class B common stock issued or issuable in connection with the Business Combination, and 364,714,149 shares of New Nextdoor Class A common stock issuable upon conversion of such shares and (c) up to 1,000,000 shares of New Nextdoor Class A common stock to the Sponsor or its assigns under the Forward Purchase Agreement. |
| (5) | The Equity Incentive Plan Proposal. Proposal to approve the New Nextdoor Equity Incentive Plan, a copy of which is attached to the Proxy Statement as Annex H (the “Equity Incentive Plan Proposal”). |
| (6) | The ESPP Proposal. Proposal to approve the New Nextdoor Employee Stock Purchase Plan, a copy of which is attached to the Proxy Statement as Annex I (the “ESPP Proposal”). |
Each of the proposals was approved by the requisite vote of the Company’s stockholders. The final voting results for each proposal are described below.
| (1) | The BCA Proposal: |
| For | Against | Abstain | ||||||||||
| Number of shares of common stock |
40,210,749 | 841,268 | 3,492 | |||||||||
| (2) | The Charter Proposal: |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock |
31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock |
7,347,249 | 0 | 0 | |||||||||
| (3) | The Advisory Charter Amendment Proposals: |
| (a) | Advisory Charter Amendment Proposal A - To change KVSB’s name to “Nextdoor Holdings, Inc.” |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (b) | Advisory Charter Amendment Proposal B - To increase the number of authorized shares of KVSB Class A common stock, KVSB Class B common stock and “blank check” preferred stock and to eliminate the authorized shares of KVSB Class K common stock |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (c) | Advisory Charter Amendment Proposal C - To provide that holders of New Nextdoor Class A common stock will be entitled to one vote per share of New Nextdoor Class A common stock and holders of New Nextdoor Class B common stock will be entitled to ten votes per share of New Nextdoor Class B common stock |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (d) | Advisory Charter Amendment Proposal D - To require that stockholders only act at annual and special meeting of the corporation and not by written consent |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (e) | Advisory Charter Amendment Proposal E - To eliminate the current limitations in place on the corporate opportunity doctrine |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (f) | Advisory Charter Amendment Proposal F - To establish the required vote thresholds for approving amendments to the Proposed Charter as follows: (i) at least two-thirds of the voting power of all of the then outstanding shares of capital stock will be required to amend certain provisions of the Proposed Charter, including provisions relating to the classified board, the size of the New Nextdoor board of directors, removal of directors, special meetings, actions by written consent and designation of our preferred stock, provided that if two-thirds of the New Nextdoor board of directors has approved such amendment only the affirmative vote of a majority of the voting power of all of the then outstanding shares of capital stock shall be required to amend the Proposed Charter, (ii) at least two-thirds of the voting power of the New Nextdoor Class B common stock will be required to amend certain provisions relating to the New Nextdoor Class B common stock and take certain other actions that impact the New Nextdoor Class B common stock, and (iii) the affirmative vote of holders of at least 75% of the voting power of each of our Class A common stock and Class B common stock, voting separately by class, will be required to amend certain provisions of the Proposed Charter relating to the terms of the New Nextdoor Class A common stock or New Nextdoor Class B common stock |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (g) | Advisory Charter Amendment Proposal G - To approve all other changes including eliminating certain provisions related to special purpose acquisition corporations that will no longer be relevant following the Closing |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 31,263,129 | 2,438,094 | 7,037 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (4) | The Stock Issuance Proposal: |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 30,522,038 | 3,175,717 | 10,505 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (5) | The Equity Incentive Plan Proposal: |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 25,730,962 | 7,931,965 | 45,333 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| (6) | The ESPP Proposal: |
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class A Common Stock | 26,807,628 | 6,861,090 | 39,542 | |||||||||
| For | Against | Abstain | ||||||||||
| Votes of Company |
||||||||||||
| Class B Common Stock | 7,347,249 | 0 | 0 | |||||||||
| Item 8.01. | Other Events. |
Press Release
On November 2, 2021, the Company issued a press release (the “Press Release”) announcing the preliminary results of the Special Meeting. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release, dated November 2, 2021. | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Khosla Ventures Acquisition Co. II | ||||||
| Date: November 3, 2021 | By: | /s/ Peter Buckland | ||||
| Name: | Peter Buckland | |||||
| Title: | Chief Financial Officer | |||||
Exhibit 99.1
Khosla Ventures Acquisition Co. II Stockholders Approve Business Combination with
Nextdoor, Inc.
Significant Updates:
| • | Khosla Ventures Acquisition Co. II (KVSB) stockholders approve business combination with Nextdoor, Inc.; KVSB expects all closing conditions to be met and for the business combination to close on November 5, 2021 |
| • | Gross proceeds of at least $655 million from fully committed $270 million PIPE and $385 million of cash held in trust (assuming no redemption elections are withdrawn) |
| • | Redeeming stockholders may elect to withdraw their redemption rights by contacting Continental Stock Transfer & Trust Company by 5:00 p.m. Eastern Time on Thursday, November 4, 2021 (withdrawal deadline) |
MENLO PARK, CA – November 2, 2021 – Khosla Ventures Acquisition Co. II (“KVSB”) (Nasdaq:KVSB) today announced that its stockholders approved the proposals that were conditions to closing of the previously announced business combination with Nextdoor, Inc. (“Nextdoor” or the “Company”) at a special meeting of stockholders held today. A Form 8-K disclosing the full voting results is expected to be filed with the Securities and Exchange Commission.
The closing of the Business Combination is expected to occur on or about November 5, 2021, subject to the satisfaction or waiver of all closing conditions. Following closing, the combined company will be known as Nextdoor Holdings, Inc. and its shares are expected to trade on the New York Stock Exchange (“NYSE”) on November 8, 2021 under the ticker symbol “KIND.”
The transaction is expected to raise at least $385 million from KVSB trust proceeds (after giving effect to preliminary redemption elections, which may be withdrawn, representing approximately 7.41% of the trust account), and $270 million from a fully committed common stock private placement (PIPE), resulting in total gross proceeds of at least $655 million. KVSB shares closed at $10.90 per share on November 2, 2021, and stockholders who elected to redeem will receive approximately $10.00 per share.
The deadline for KVSB stockholders to withdraw any election to have their shares redeemed in connection with the Business Combination will be 5:00 p.m. Eastern Time on Thursday, November 4, 2021. Stockholders who wish to withdraw a redemption request should contact KVSB’s transfer agent, Continental Stock Transfer & Trust Company, by email at mzimkind@continentalstock.com.
About Nextdoor, Inc.
Nextdoor is where you connect to the neighborhoods that matter to you so you can belong. Our purpose is to cultivate a kinder world where everyone has a neighborhood they can rely on.
Neighbors around the world turn to Nextdoor daily to receive trusted information, give and get help, get things done, and build real-world connections with those nearby — neighbors, businesses, and public services. Today, neighbors rely on Nextdoor in more than 280,000 neighborhoods across 11 countries. In the U.S., nearly 1 in 3 households uses the network. Nextdoor is based in San Francisco. For additional information and images: nextdoor.com/newsroom.
About KVSB
KVSB is a special purpose acquisition company sponsored by affiliates of Khosla Ventures. Khosla Ventures manages a series of venture capital funds that make early-stage venture capital investments and provide strategic advice to entrepreneurs building companies with lasting significance. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. Khosla Ventures has over $14 billion dollars of assets under management and focuses on a broad range of sectors including artificial intelligence, agriculture/food, consumer, enterprise, financial services, health, space, sustainable energy, robotics, VR/AR and 3D printing. Collectively, Khosla Ventures portfolio of investments has created nearly half a trillion dollars in market value.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Nextdoor and KVSB, including the satisfaction of closing conditions to the business combination, the timing of the completion of the business combination and the listing of Nextdoor Holdings, Inc.’s shares on the New York Stock Exchange. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of KVSB’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4, and other documents filed by KVSB from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Nextdoor and KVSB assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Nextdoor nor KVSB gives any assurance that either Nextdoor or KVSB will achieve its expectations.
Contacts
Nextdoor Media Relations: press@nextdoor.com
Nextdoor Investor Relations: ir@nextdoor.com or visit investors.nextdoor.com
Khosla Ventures: information@khoslaventures.com