Khosla Ventures Acquisition Co. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 9, 2023, Khosla Ventures Acquisition Co. (the “Company”) received a letter (the “Nasdaq Letter”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, as a result of the resignation of Derek Anthony West, as previously disclosed, from the Company’s board of directors and its Compensation Committee, the Company is not in compliance with Nasdaq Listing Rule 5605, which requires that the Company’s Compensation Committee be comprised of at least two directors, all of whom are independent directors as defined by Nasdaq rules.
The Nasdaq Letter further provided that, pursuant to Nasdaq Listing Rule 5605(d)(4), the Company is entitled to a cure period to regain compliance with Nasdaq Listing Rule 5605, which cure period will expire on the earlier of the date of the Company’s next annual stockholders’ meeting or March 7, 2024, or, if the next annual stockholders’ meeting is held before September 5, 2023, then the cure period will expire on September 5, 2023.
The Company must submit documentation, including the biography of any new director, evidencing compliance with the Nasdaq Listing Rule 5605 no later than the compliance date described above. The Company is working diligently to comply with Nasdaq’s Compensation Committee requirements as set forth in the Nasdaq Listing Rule 5605 within the cure period provided by Nasdaq, and expects to evidence compliance to Nasdaq no later than the compliance date.
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. | ||||||
| Date: May 17, 2023 | By: | /s/ Peter Buckland | ||||
| Name: Peter Buckland | ||||||
| Title: Chief Financial Officer | ||||||