As SPACs continue to take over 2021, it looks like social media platform Nextdoor is next up to come public. Ahead of the Nextdoor SPAC merger, Khosla Ventures (NASDAQ:KVSB) is heating up. KVSB stock is seeing a nearly 6% boost following the big announcement.

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So what are the details around this merger?

Here is what you need to know about Nextdoor and its plan to hit the Nasdaq.

KVSB Stock Gains on SPAC Merger News

• Nextdoor is a hyper-local social media platform that connects neighborhoods. It is taking off, thanks in part to Covid-19 keeping people in their homes and creating a larger interest in neighborhood goings-on.
• The platform allows users in 275,000 markets worldwide to interact online with their neighbors. Through Nextdoor, you can post immediately about a lost pet, a crime, or events and other fun additions to the local space.

• According to Yahoo Finance, the Nextdoor user base is quite large in the U.S. Approximately 1 in 3 households in the U.S. use Nextdoor.
• The acquisition will take place between Nextdoor and blank-check company Khosla Ventures, per the company’s press release from this morning.
• The merger will see proceeds of $686 million for Nextdoor. Among this influx of money are PIPE investments by the likes of Bill Stromberg’s T Rowe Price and Cathie Wood’s ARK Invest.
• The new cash will allow the company to ramp up its international expansion, namely with hiring abroad.
• Ultimately, the SPAC merger will boost Nextdoor’s value to a whopping $4.3 billion.
• The merger will see Nextdoor hit the Nasdaq; it will see its listing under the ticker KIND.
• Nextdoor CEO Sarah Friar talked about the merger with Axios. She says the company’s top priorities going forward are in growing the Nextdoor user base, personalizing the app’s newsfeed and creating more tools for local businesses.
• KVSB stock is gaining a bit on the news. The stock is up about 6%, with 15 million shares trading hands against the daily average of 80,000.