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 | ||
per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page No. |
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PART I. FINANCIAL INFORMATION | 1 | |||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | 18 | |||||
Item 3. | 22 | |||||
Item 4. | 22 | |||||
PART II. OTHER INFORMATION | 22 | |||||
Item 1. | 22 | |||||
Item 1A. | 23 | |||||
Item 2. | 23 | |||||
Item 3. | 23 | |||||
Item 4. | 23 | |||||
Item 5. | 23 | |||||
Item 6. | 23 | |||||
SIGNATURES |
ASSETS |
||||
Cash and cash equivalents |
$ | |||
Prepaid expenses |
||||
Due from related party |
||||
Total current assets |
||||
Marketable securities held in Trust Account |
||||
Other assets |
||||
Total assets |
$ | |||
LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ DEFICIT |
||||
Current liabilities: |
||||
Accounts payable |
$ | |||
Franchise tax payable |
||||
Accrued expenses |
||||
Due to related party |
||||
Total current liabilities |
||||
Deferred underwriting fees payable |
||||
Class K Founder Shares derivative liabilities |
||||
Total liabilities |
||||
Commitments and Contingencies (Note 6) |
||||
Class A common stock subject to possible redemption, |
||||
Stockholders’ Deficit |
||||
Preferred stock, $ |
— | |||
Class A common stock, $ |
||||
Class B common stock, $ |
||||
Additional paid-in capital |
||||
Accumulated deficit |
( |
) | ||
Total stockholders’ deficit |
( |
) | ||
Total Liabilities, Common Stock Subject to Possible Redemption, and Stockholders’ Deficit |
$ |
|||
Formation costs |
$ | |||
General and administrative expenses |
||||
Franchise tax expense |
||||
Loss from operations |
( |
) | ||
Financing expenses on derivative classified instrument |
( |
) | ||
Change in fair value of derivative liabilities |
||||
Loss before income tax expense |
( |
) | ||
Net loss |
$ |
( |
) | |
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted |
||||
Basic and diluted net loss per share, Class A common stock subject to possible redemption |
$ |
( |
) | |
Weighted average shares outstanding of Class A non-redeemable common stock, basic and diluted |
||||
Basic and diluted net loss per share, Class A non-redeemable common stock |
$ |
( |
) | |
Weighted average shares outstanding Class B non-redeemable common stock, basic and diluted |
||||
Basic and diluted net loss per common stock, Class B |
$ |
( |
) | |
Common Stock Subject to Possible Redemption |
Common Stock |
|||||||||||||||||||||||||||||||||||||
Class A |
Class A |
Class B |
||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||||||||
Balance as of January 15, 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 |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
||||
Financing expenses on derivative classified instrument |
||||
Change in fair value of derivative liabilities |
( |
) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses and other assets |
( |
) | ||
Accounts payable and accrued expenses |
||||
Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
||||
Investment of cash into Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash Flows from Financing Activities: |
||||
Proceeds from issuance of Class B and Class K common stock to Sponsor |
||||
Advances to related party |
( |
) | ||
Proceeds from sale of Public Shares, net of transaction costs |
||||
Proceeds from sale of Private Placement Shares |
||||
Net cash provided by financing activities |
||||
Net increase in cash |
||||
Cash - beginning of period |
||||
Cash - end of period |
$ | |||
Supplemental disclosure of noncash investing and financing activities: |
||||
Deferred underwriting fees payable |
$ | |||
As of March 31, 2021 |
||||||||||||
As Previously Reported |
Restatement Adjustment |
As Restated |
||||||||||
Balance Sheet |
||||||||||||
Total assets |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Liabilities, common stock subject to possible redemption, and stockholders’ deficit |
||||||||||||
Total current liabilities |
$ |
$ |
$ |
|||||||||
Deferred underwriting fees payable |
||||||||||||
Class K Founder Shares derivative liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
||||||||||||
Class A common stock subject to possible redemption, |
||||||||||||
Stockholders’ deficit |
||||||||||||
Preferred stock - $ |
||||||||||||
Class A common stock - $ |
( |
) |
||||||||||
Class B common stock - $ |
||||||||||||
Class K common stock - $ |
( |
) |
||||||||||
Additional paid-in-capital |
( |
) |
||||||||||
Accumulated deficit |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Total stockholders’ equity (deficit) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total liabilities, common stock subject to possible redemption, and stockholders’ equity (deficit) |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Period From January 15 (Inception) Through March 31, 2021 |
||||||||||||
As Previously Reported |
Restatement Adjustment |
As Restated |
||||||||||
Statement of Operations |
||||||||||||
Loss from operations |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Financing expenses on derivative classified instrument |
( |
) |
( |
) | ||||||||
Change in fair value of derivative liabilities |
||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Weighted average shares outstanding of Class A common stock subject to possible redemption |
( |
) |
||||||||||
Basic and diluted net loss per common stock, Class A |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Weighted average shares outstanding of Class A non-redeemable common stock |
||||||||||||
Basic and diluted net loss per common stock, Class A |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Weighted average shares outstanding of Class B non-redeemable common stock |
( |
) |
||||||||||
Basic and diluted net loss per common stock, Class B |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
Period From January 15 (Inception) Through March 31, 2021 |
||||||||||||
As Previously Reported |
Restatement Adjustment |
As Restated |
||||||||||
Statement of Cash Flows |
||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Financing expenses on derivative classified instrument |
||||||||||||
Change in fair value of derivative liabilities |
( |
) |
( |
) | ||||||||
Changes in operating assets and liabilities |
||||||||||||
Accounts payable and accrued expenses |
||||||||||||
Net cash used in operating activities |
( |
) |
( |
) | ||||||||
Cash flow from financing activities |
||||||||||||
Proceeds from issuance of Class B and Class K common stock to sponsor |
( |
) |
||||||||||
Proceeds from sale of Public Shares, net of transaction costs |
( |
) |
||||||||||
Advances to related party |
( |
) |
( |
) | ||||||||
Net cash provided by financing activities |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Net change in cash |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Inception-to-Date, |
Class A subject to possible redemption |
Class A |
Class B |
|||||||||
Allocation of undistributable losses |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Net income/(loss) to common stock |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Weighted average shares outstanding, basic and diluted |
||||||||||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Description |
Level |
March 31, 2021 |
||||||
Assets: |
||||||||
Marketable securities held in Trust Account |
1 | $ | ||||||
Liabilities: |
||||||||
Derivative liability – Class K Founder Shares |
3 | $ |
Input |
January 22, 2021 inception |
March 31, 2021 |
||||||
Risk-free interest rate |
% | % | ||||||
Term to business combination |
years | years | ||||||
Expected volatility |
% | % | ||||||
Stock Price |
$ | $ | ||||||
Dividend yield |
% | % |
Class K Founder Shares Derivative Liability |
||||
Fair value, January 22, 2021 |
$ | |
||
Change in fair value of Class K Founder Shares liability |
( |
) | ||
|
|
|||
Fair value, March 31, 2021 |
$ |
|||
|
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings. |
Item 1A. |
Risk Factors. |
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 |
No. |
Description of Exhibit | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 | |
32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 | |
101.INS* | Inline XBRL Instance Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data file (formatted as inline XBRL) |
* | Filed herewith. |
** | Furnished. |
KHOSLA VENTURES ACQUISITION CO. | ||||||
Date: September 13, 2021 | By: | /s/ Peter Buckland | ||||
Name: | Peter Buckland | |||||
Title: | Chief Financial Officer |