The Week In SPAC News - Sunday, July 11

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In SPAC news this week, Ford- and Volkswagen-backed self-driving startup Argo is planning to go public either via a traditional IPO or via a SPAC merger, while payments recovery company MSP is said to be in talks with a Lionheart SPAC. Nextdoor also announced on Tuesday that it has entered into a definitive agreement with Khosla Ventures Acquisition Co. II, via which Nextdoor intends to become a publicly listed company.

NEXTDOOR GOING PUBLIC VIA SPAC MERGER

 Nextdoor (KIND) and Khosla Ventures Acquisition Co. II (KVSB), a special purpose acquisition company sponsored by an affiliate of Khosla Ventures, announced that they have entered into a definitive agreement under which Nextdoor would become a publicly listed company. Upon closing of the proposed transaction, the combined company will be listed under the ticker symbol "KIND." "Nextdoor has been at the forefront of cultivating 'hyperlocal' communities and neighborhoods since its inception, allowing neighbors to create meaningful connections - both online and offline," said Sarah Friar, Chief Executive Officer of Nextdoor. "Our business strengthens as we scale, benefiting from strong network effects, and we believe the proposed transaction with KVSB accelerates the growth potential of our platform. We remain focused on optimizing our strategy and investing in products to drive continued neighbor and organization acquisition and engagement."

CIRCE TO GO PUBLIC

Circle (CRCL) announced that it has entered into a definitive business combination agreement with Concord Acquisition (CND), a publicly traded special purpose acquisition company. Under the terms of the agreement, a new Irish holding company will acquire both Concord and Circle and become a publicly-traded company, expected to trade on the NYSE under the symbol "CRCL." The transaction values Circle at an enterprise value of $4.5B. The business combination is supported by $415M of capital commitments at $10.00 per share. Including the contribution of up to $276M of cash held in Concord Acquisition Corp's trust account, the transaction is expected to deliver up to $691M of gross proceeds to the combined company.

Upon consummation of the transaction, existing Circle shareholders will maintain approximately 86% ownership interest in the combined company. The transaction, which has been unanimously approved by the board of directors of both Concord Acquisition Corp and Circle, and is expected to close in the fourth quarter of 2021. Jeremy Allaire, Circle's co-founder and CEO, commented: "Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet. We've made huge strides towards realizing this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward, with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system.

ANOTHER CRYPTO COMPANY COMING PUBLIC VIA SPAC

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