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 incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page No. |
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1 |
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1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
16 |
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Item 3. |
18 |
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Item 4. |
18 |
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19 |
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Item 1. |
19 |
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Item 1A. |
19 |
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Item 2. |
19 |
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Item 3. |
20 |
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Item 4. |
20 |
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Item 5. |
20 |
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Item 6. |
20 |
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ASSETS |
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Cash and cash equivalent |
$ | |||
Prepaid expenses |
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Total current assets |
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Cash held in trust account |
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Other assets |
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Total assets |
$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
$ | |||
Franchise tax payable |
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Accrued offering and formation costs |
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Advances from related party |
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Total current liabilities |
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Deferred underwriting fees payable |
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Total liabilities |
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Commitments and Contingencies (Note 5) |
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Class A common |
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Stockholder Equity: |
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Preferred stock, $ |
$ |
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Class A common share, $ |
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Class B common stock, $ |
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Class K common stock, $ |
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Additional paid-in capital |
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Accumulated Deficit |
( |
) | ||
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Total stockholders’ equity |
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Total Liabilities and Stockholders’ Equity |
$ |
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FROM JANUARY 29, 2021 (INCEPTION) THROUGH MARCH 31, 2021 |
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Formation costs |
$ | |||
General and administrative expenses |
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Franchise tax expense |
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Net loss |
$ |
( |
) | |
Weighted average Class A outstanding, redeemable common stock, basic and diluted |
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Basic and diluted net income per share, Class A common stock subject to possible redemption |
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$ |
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Weighted average Class A and B shares outstanding, non-redeemable common stock, basic and diluted |
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Basic and diluted net loss per common stock, non-redeemable common stock |
$ |
( |
) | |
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(1) |
Class K shares are not included in the calculation of diluted loss per share as their conversion into Class A shares is contingent upon the occurrence of future events as described in Note 2. |
Class A Common Stock |
Class B Common Stock |
Class K Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
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Balance, January 29, 2021 (inception) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of Class K ordinary shares to Sponsor(1) |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Sale of Public Shares |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Underwriting discounts |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Deferred underwriting fee payable |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Offering costs |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Sale of Private Placement Shares |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Common stock subject to possible redemption |
( |
) | ( |
) | — | — | — | — | ( |
) | — | ( |
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Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance, March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
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(1) |
Includes an aggregate of 5,000,000 shares of Class K common stock held by the Sponsor that are subject to forfeiture to the extent that the Company does not complete an initial business combination or achieve certain market price criteria for Class A shares. |
FOR THE PERIOD FROM JANUARY 29, 2021 (INCEPTION) THROUGH MARCH 31, 2021 |
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Cash Flows from Operating Activities |
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Net Loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities |
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Amortization of prepaid expenses |
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Changes in operating assets and liabilities |
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Prepaid expenses |
( |
) | ||
Other assets |
( |
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Accounts payable |
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Franchise tax payable |
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Net cash used in operating activities |
( |
) | ||
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Cash Flows from Investing Activities: |
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Investment of cash into Trust Account |
( |
) | ||
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Net cash used in Investing Activities: |
( |
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Cash Flows from Financing Activities |
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Proceeds from sale of Units , net of deferred underwriting discounts paid |
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Proceeds from Private Placement shares |
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Proceeds from Sponsor for class B and K shares |
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Proceeds from share transfer |
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Payment of offering costs |
( |
) | ||
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Net cash provided by financing activities |
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Net increase in cash |
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Cash - beginning of period |
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Cash - end of period |
$ |
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Supplemental disclosure of noncash investing and financing activities: |
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Initial classification of Class A common stock subject to possible redemption |
$ |
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Change in initial classification s of Class A common stock subject to possible redemption |
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$ |
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Deferred offering costs included in accrued offering costs |
$ |
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Deferred offering costs included in accounts payable |
$ |
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Deferred offering costs paid through promissory note - related party |
$ |
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Deferred underwriting fees payable |
$ |
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Three Months Ended March 31, 2021 |
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Redeemable Class A Common Stock |
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Numerator: Earnings allocable to Redeemable Class A common stock |
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Interest income earned on Trust Account |
$ |
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Less: Applicable franchise and income taxes |
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Net loss attributable to Redeemable Class A common stock |
$ |
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Denominator: Weighted Average Stock Outstanding, Redeemable Class A |
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Basic and diluted weighted average shares outstanding, Redeemable Class A |
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Basic and diluted net loss per share, Redeemable Class A |
$ |
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Non-Redeemable Class A and Class B Common Stock |
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Numerator: Net loss minus net loss allocable to Redeemable Class A common stock |
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Net loss |
$ |
( |
) | |
Less: Net loss allocable to Redeemable Class A common stock - |
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Net loss attributable to Non-Redeemable Class A and Class B common stock shareholders |
$ |
( |
) | |
Denominator: Weighted Average Stock Outstanding, Non-Redeemable Class A and Class B |
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Basic and diluted weighted average shares outstanding, Non-Redeemable Class A and Class B |
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Basic and diluted net loss per share, Non-Redeemable Class A and Class B |
$ |
( |
) | |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings. |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. |
Defaults Upon Senior Securities. |
Item 4. |
Mine Safety Disclosures. |
Item 5. |
Other Information. |
Item 6. |
Exhibits |
* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 30, 2021 and incorporated by reference herein. |
KHOSLA VENTURES ACQUISITION CO. III | ||||||
Date: May 28, 2021 |
By: | /s/ Peter Buckland | ||||
Name: | Peter Buckland | |||||
Title: |
Chief Financial Officer |