""SPAC Stock"" – Google News
Nextdoor and KVSB SPAC announced their merger agreement on July 6th. The KVSB share rose 16 percent the same day after the announcement.
As part of the merger with KVSB, Nextdoor will receive nearly $ 686 million in gross cash proceeds to fund growth initiatives. The amount includes approximately $ 416 million in cash held in trust by KVSB and $ 270 million in PIPE at $ 10 per share. PIPE investors include T. Rowe Price Associates, Baron Capital Group, Dragoneer, Soroban Capital, Cathie Woods ARK Invest, and ION Asset Management. Bruder and the existing Nextdoor investors Tiger Global and Hedosophia are also participating in the PIPE.