Fenwick represented Nextdoor, a hyperlocal social networking service for neighborhoods, in a definitive agreement with Khosla Ventures Acquisition Co. II (Nasdaq: KVSB) (KVSB), a special purpose acquisition company (SPAC) sponsored by an affiliate of Khosla Ventures, LLC (Khosla Ventures), under which Nextdoor will become a publicly listed company.
Upon closing of the proposed transaction, the combined company will be listed under the ticker symbol “KIND.”
The transaction, which has been unanimously approved by the Boards of Directors of Nextdoor and KVSB, is subject to approval by KVSB and Nextdoor stockholders and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2021.
Nextdoor's business combination with KVSB will provide access to new capital, which will be used to accelerate the company’s growth plans including hiring, expanding monetization and continuing to develop products to build stronger, more vibrant and resilient neighborhoods. More information can be obtained from the company’s announcement. In conjunction with the transaction, Nextdoor announced the founding of the Nextdoor Kind Foundation, a nonprofit foundation dedicated to helping neighbors rejuvenate their neighborhoods through targeted grants.
The Fenwick transaction team included corporate partners Cynthia Hess, Ethan Skerry, Ran Ben-Tzur, Katherine Duncan and Michael Pilo, associates Victoria Lupu, Joshua Damm, Samuel Fleuter, Tyler Gratton and Arielle Trapp and attorneys Christopher Novak and Sydney Pahren; executive compensation and employee benefits partner Shawn Lampron and associate Jonathan Stephenson; technology transactions partner Jonathan Millard and associate Lise Berichel; privacy and cybersecurity counsel Helen Christakos; and tax partner William Skinner.