The Funded: Khosla Ventures is shuttering another one of its SPACs – The Business Journals
Khosla Ventures is shutting down a second of its four blank-check companies.
Under the terms of its March 2021 initial public offering, Khosla Ventures Acquisition Co. III had two years to strike a merger deal or, barring that, return the cash it raised to shareholders. Having failed to find a partner, the Menlo Park-based special purpose acquisition company (Nasdaq: KVSC) plans to return that money to investors by April 7, it said in a regulatory filing Monday.
“In accordance with the company’s certificate of incorporation the company shall … cease all operations except for the purpose of winding up … and … as promptly as reasonably possible … dissolve and liquidate,” Khosla III said in its regulatory filing.
At the end of last year, Khosla III held $572 million in marketable securities that it had purchased with the cash it raised in its IPO and from subsequent investments, according to its annual report.
The SPAC had planned to merge with and take public a high-growth…
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