Nextdoor (NYSE:KIND) stock is getting a boost on Tuesday after the company made its public debut yesterday through a special purpose acquisition company (SPAC) merger.
Let’s dive into the details traders need to know about Nextdoor down below!
- First off, Nextdoor is a social media platform with a twist.
- Instead of interacting with just anyone online, it focuses on those living near each other.
- The idea here is that it allows neighbors to cultivate relationships in the real world through social media.
- The company also points out that it seeks to foster kindness between users.
- Leading the company is Sarah Friar, the former CFO of Square (NYSE:SQ).
- Prakash Janakiraman, a former engineering team lead for Alphabet’s (NASDAQ:GOOGL,GOOG) Google Maps, is the co-founder and Chief Architect of Nextdoor.
- The company went public via a SPAC merger with Khosla Ventures Acquisition Co. II.
- Gross proceeds from the SPAC merger come in at $674 million.
- That’s thanks to a $270 million private investment in public equity (PIPE) and $404 million of cash held in trust.
- KIND stock quickly surged after its debut yesterday with shares closing out the day higher.
- That momentum is continuing into today as investors keep an eye on the social media company.
- With that comes decent trading volume as some 6 million shares have traded as of this writing.
- Investors will want to keep tracking KIND stock to see if it can maintain the higher levels of trading its been seeing since its debut.
KIND stock is up 6.9% as of Tuesday morning.
There’s more stock market news to dive into below!
InvestorPlace offers the latest stock coverage with our deep dives into the market. That includes insight on why shares of General Electric (NYSE:GE), EVgo (NASDAQ:EVGO), and Luminar Technologies (NASDAQ:LAZR) are on the move today. You can find all that info at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.