Nextdoor, Inc. and special purpose acquisition company (SPAC) Khosla Ventures Acquisition Co. II on Friday (Sept. 17) announced plans to list Nextdoor Holdings Inc.’s Class A common stock on the New York Stock Exchange when their proposed business combination transaction is finalized.
“We are thrilled to announce our intention to list on the NYSE and join its remarkable roster of industry-leading companies and some of the world’s most respected brands,” Nextdoor Chief Executive Officer Sarah Friar said in the announcement.
“We believe that our proposed transaction with KVSB and intent to list on the NYSE will accelerate the growth of our platform and our ability to lead in cultivating hyperlocal communities where neighbors turn daily to receive trusted information, give and get help, and build real-world connections,” she said.
KVSB will de-list from the Nasdaq and the Class A common stock of Nextdoor Holdings, Inc. will begin trading on the NYSE under the ticker symbol KIND when the deal is finalized.
Nextdoor’s NYSE listing is subject to application to list the shares on the Exchange and approval by NYSE of the application.
“Nextdoor and the NYSE share a fundamental belief in the power of community and the value of connecting people, data and technology,” NYSE Group President Stacey Cunningham said in the announcement. “Nextdoor’s platform connects people to the neighborhoods that matter most to them and we are thrilled to welcome them to the NYSE community of icons and disruptors.”
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Related: Nextdoor To Enter Public Markets As A $4.3B Solution In Search Of A Problem
Nextdoor, the 13-year-old social network designed to digitally connect local community residents, is valued at $4.3 billion.
The SPAC merger with Khosla Ventures Acquisition Co. II will generate $686 million, including a $270 million private investment from T. Rowe Price Group Inc., Cathie Wood’s ARK Investment Management and Dragoneer Investment Group, and is expected to close in the fourth quarter of this year.
