SEC Form 10-Q filed by Khosla Ventures Acquisition Co. III
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.) | ||
(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 |
ASSETS |
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Cash and cash equivalents |
$ | |||
Prepaid expenses |
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Total current assets |
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Marketable securities held in Trust Account |
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Other assets |
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Total assets |
$ |
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LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
$ | |||
Franchise tax payable |
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Accrued expenses |
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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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Class K Founder Shares derivative liabilities |
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Total liabilities |
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Commitments and Contingencies (Note 5) |
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Class A common stock subject to possible redemption, |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ||
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Total stockholders’ deficit |
( |
) | ||
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Total Liabilities, Common Stock subject to Possible Redemption, and Stockholders’ Deficit |
$ |
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Three Months Ended September 30, 2021 |
Inception-to- date September 30, ,2021 |
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Formation costs |
$ | — | $ | |||||
General and administrative expenses |
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Franchise tax expense |
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Loss from operations |
( |
) | ( |
) | ||||
Financing expenses on derivative classified instrument |
— | ( |
) | |||||
Gain on marketable securities (net), dividends and interest, held in Trust Account |
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Change in fair value of derivative liabilities |
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Income (Loss) before income tax expense |
( |
) | ||||||
Net Income (Loss) |
$ |
$ |
( |
) | ||||
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Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted |
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Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption |
$ | $ | ( |
) | ||||
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Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted |
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Basic and diluted net income (loss) per share, Class A non-redeemable common stock |
$ | $ | ( |
) | ||||
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Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted |
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Basic and diluted net income (loss) per share, Class B non-redeemable common stock |
$ | $ | ( |
) | ||||
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Common Stock Subject to Possible Redemption |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Class A |
Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
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Balance as of January 29, 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 |
$ |
$ |
$ |
$ | — | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||
Accretion of Class A Common Stock to redemption value |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Balance as of September 30, 2021 |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||
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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Financing expenses on derivative classified instrument |
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Gain on marketable securities (net), dividends and interest held in Trust Account |
( |
) | ||
Change in fair value of derivative liabilities |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
( |
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Accounts payable and accrued expenses |
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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 issuance of Class B and Class K common stock to Sponsor |
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Advances from related party |
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Proceeds from sale of Public Shares, net of transaction costs paid |
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Proceeds from sale of Private Placement Shares |
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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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Accretion of Class A Common Stock to redemption value |
$ | |||
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Deferred underwriting fees payable |
$ | |||
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For the three months ended September 30, 2021 (Unaudited) |
Inception to date September 30, 2021 (Unaudited) |
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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 (Unaudited) |
Inception to date September 30, 2021 (Unaudited) |
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Class A-t |
Class A-p |
Class B |
Class A-t |
Class A-p |
Class B |
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Basic and diluted net income (loss) per share |
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Numerator |
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Allocation of net income (loss) including accretion of temporary equity |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
Accretion of temporary equity to redemption value |
— | — | — | — | ||||||||||||||||||||
Allocation of net income (loss) |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||
Denominator |
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Weighted average shares outstanding, basic and diluted |
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Basic and diluted net income (loss) per share |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) |
Description | Level | September 30, 2021 | ||||||
Assets: |
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Marketable securities held in Trust Account |
1 | $ | ||||||
Liabilities: |
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Derivative liability - Class K Founder Shares |
3 | $ |
Input |
January 29, 2021 (Inception) |
September 30, 2021 |
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Risk-free interest rate |
% | % | ||||||
Term to business combination |
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Expected volatility |
% | % | ||||||
Stock price |
$ | $ | ||||||
Dividend yield |
% | % |
Class K Founder Shares Derivative Liabilities (Unaudited) |
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Initial measurement on January 29, 2021 |
$ | |||
Change in fair value of Class K Founder Shares Derivative Liabilities |
( |
) | ||
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Fair Value, March 31, 2021 |
$ | |||
Change in fair value of Class K Founder Shares Derivative Liabilities |
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Fair Value, June 30, 2021 |
$ | |||
Change in fair value of Class K Founder Shares Derivative Liabilities |
( |
) | ||
|
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Fair Value, September 30, 2021 |
$ | |||
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* | Filed herewith. |
** | Furnished. |
KHOSLA VENTURES ACQUISITION CO. III | ||||||
Date: November 5, 2021 | By: | /s/ Peter Buckland | ||||
Name: | Peter Buckland | |||||
Title: | Chief Financial Officer |