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 |
(State or other jurisdiction of |
(Commission |
(I.R.S. Employer | ||
incorporation) |
File Number) |
Identification No.) |
(Address of Principal Executive Offices) |
(Zip Code) |
Trading |
Name of each exchange | |||
Title of each class |
Symbol(s) |
on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page No. |
||||||
1 |
||||||
Item 1. |
1 |
|||||
2 |
||||||
3 |
||||||
4 |
||||||
5 |
||||||
6 |
||||||
Item 2. |
16 |
|||||
Item 3. |
19 |
|||||
Item 4. |
19 |
|||||
20 |
||||||
Item 1. |
20 |
|||||
Item 1A. |
20 |
|||||
Item 2. |
20 |
|||||
Item 3. |
21 |
|||||
Item 4. |
21 |
|||||
Item 5. |
21 |
|||||
Item 6. |
21 |
|||||
ASSETS |
||||
Cash and cash equivalents |
$ | |||
Prepaid expenses |
||||
Total current assets |
||||
Marketable securities held in Trust Account |
||||
Other assets |
||||
Total assets |
$ |
|||
LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ DEFICIT |
||||
Current liabilities: |
||||
Accounts payable |
$ | |||
Franchise tax payable |
||||
Accrued expenses |
||||
Due to related party |
||||
Total current liabilities |
||||
Deferred underwriting fees payable |
||||
Class K Founder Shares derivative liabilities |
||||
Total liabilities |
||||
Commitments and Contingencies (Note 5) |
||||
Class A common stock subject to possible redemption, |
||||
Stockholders’ Deficit |
||||
Preferred stock $ |
— | |||
Class A common stock, $ |
||||
Class B common stock, $ |
||||
Additional paid-in capital |
— | |||
Accumulated deficit |
( |
) | ||
Total stockholders’ deficit |
( |
) | ||
Total Liabilities, Common Stock subject to Possible Redemption, and Stockholders’ Deficit |
$ |
|||
Three Months Ended September 30, 2021 |
Inception-to- date September 30, 2021 |
|||||||
Formation and operating costs |
$ | — | $ | |||||
General and administrative expenses |
||||||||
Franchise tax expense |
||||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
Financing expenses on derivative classified instrument |
— | ( |
) | |||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
||||||||
Change in fair value of derivative liabilities |
||||||||
|
|
|
|
|||||
Loss before income tax expense |
( |
) | ||||||
|
|
|
|
|||||
Net Income (Loss) |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted |
||||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted |
||||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class A non-redeemable common stock |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted |
||||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock |
$ | $ | ( |
) | ||||
|
|
|
|
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 15, 2021 (inception) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Issuance of common stock to Sponsor |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Sale of Public Shares, net of $ |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Sale of Private Placement Shares |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Accretion of Class A Common Stock to redemption value |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of June 30, 2021 (audited) |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||
Accretion of Class A Common Stock to redemption value |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
|
|
|
|
Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Financing expenses on derivative classified instrument |
||||
Change in fair value of derivative liabilities |
( |
) | ||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
|
|
|
|
Prepaid expenses and other assets |
( |
) | ||
Accounts payable and accrued expenses |
||||
Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
|
|
|
|
Investment of cash into Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash Flows from Financing Activities: |
|
|
|
|
Proceeds from issuance of common stock to Sponsor |
||||
Advances from related party |
||||
Proceeds from sale of Public Shares, net of transaction costs |
||||
Proceeds from sale of Private Placement Shares |
||||
Net cash provided by financing activities |
||||
|
|
|
|
|
Net increase in cash |
||||
Cash - beginning of period |
|
|
|
|
Cash - end of period |
|
$ |
|
|
|
|
|
|
|
Supplemental disclosure of noncash investing and financing activities: |
|
|
|
|
Deferred underwriting fees payable |
|
$ |
|
|
• | 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 |
||||||||
September 30, |
Inception to date |
|||||||
2021 |
September 30, 2021 |
|||||||
(Unaudited) |
(Unaudited) |
|||||||
Net Income (Loss) |
$ | $ | ( |
) | ||||
Accretion of temporary equity to redemption value |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net income (loss) including accretion of temporary equity to redemption value |
$ | $ | ( |
) | ||||
|
|
|
|
For the three months ended September 30, 2021 |
Inception to date September 30, 2021 |
|||||||||||||||||||||||
|
(Unaudited) |
|
|
(Unaudited) |
|
|||||||||||||||||||
Class A-t |
Class A-p |
Class B |
Class A-t |
Class A-p |
Class B |
|||||||||||||||||||
Basic and diluted net |
||||||||||||||||||||||||
Allocation of net income (loss) including accretion of temporary equity |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
Accretion of temporary equity to redemption value |
— | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Allocation of net income (loss) |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Denominator |
||||||||||||||||||||||||
Weighted average shares outstanding, basic and diluted |
||||||||||||||||||||||||
Basic and diluted net income (loss) per share |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) |
Description |
Level |
September 30, 2021 |
||||||
Assets: |
||||||||
Marketable securities held in Trust Account |
1 | $ | ||||||
Liabilities: |
||||||||
Derivative liability - Class K Founder Shares |
3 | $ |
Input |
January 15, 2021 (Inception) |
September 30, 2021 |
||||||
Risk-free interest rate |
% | % | ||||||
Term to business combination |
||||||||
Expected volatility |
% | % | ||||||
Stock price |
$ | $ | ||||||
Dividend yield |
% | % |
Class K Founder Shares Derivative Liabilities |
||||
Initial measurement on January 15, 2021 |
$ |
|||
Change in fair value of Class K Founder Shares Derivative Liabilities |
( |
) | ||
|
|
|||
Fair Value, March 31, 2021 (unaudited) |
$ |
|||
Change in fair value of Class K Founder Shares Derivative Liabilities |
( |
) | ||
|
|
|||
Fair Value, June 30, 2021 (audited) |
$ |
|||
Change in fair value of Class K Founder Shares Derivative Liabilities |
( |
) | ||
|
|
|||
Fair Value, September 30, 2021 (unaudited) |
$ |
|||
|
|
* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 9, 2021 and incorporated by reference herein. |
KHOSLA VENTURES ACQUISITION CO. | ||||||
Date: November 5, 2021 | By: | /s/ Peter Buckland | ||||
Name: | Peter Buckland | |||||
Title: | Chief Financial Officer |