Khosla Ventures Acquisition III in an 8-K filing today said it has missed the deadline for completing a deal and so will redeem shares and shut down by April 7.
Stockholders can expect a per-share redemption price of approximately $10.12.
The SPAC raised $500 million in an IPO two years ago. Founder Vinod Khosla is an entrepreneur, investor and technologist. In 2004, he founded VC firm Khosla Ventures.
His first Khosla SPAC terminated a deal with Valo Health in November 2021. Last month the SPAC disclosed it has signed a non-biding letter of intent with an unnamed potential target. The SPAC was facing a March 8 deadline to close a deal, but with an LOI can automatically extend the termination date by three months.
Khosla Ventures Acquisition II stockholders in November 2021 voted in favor of merger with neighborhood networking platform Nextdoor. Read more.
Source: Khosla Ventures Acquisition III to Redeem Stock and Liquidate