Cover Page
Cover Page - shares | 8 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Khosla Ventures Acquisition Co. III | |
Entity Central Index Key | 0001846068 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | KVSC | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | CA | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-40247 | |
Entity Tax Identification Number | 85-1777015 | |
Entity Address, Address Line One | 2128 Sand Hill Road | |
Entity Address, City or Town | Menlo Park | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 376-8500 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 57,756,827 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,000,000 | |
Common Class K [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,000,000 |
Condensed Balance Sheet
Condensed Balance Sheet | Sep. 30, 2021USD ($) |
ASSETS | |
Cash and cash equivalents | $ 486,094 |
Prepaid expenses | 843,642 |
Total current assets | 1,329,736 |
Marketable securities held in Trust Account | 563,319,440 |
Other assets | 402,172 |
Total assets | 565,051,348 |
Current liabilities: | |
Accounts payable | 58,254 |
Franchise tax payable | 150,000 |
Accrued expenses | 60,144 |
Advances from related party | 5,300 |
Total current liabilities | 273,698 |
Deferred underwriting fees payable | 19,715,578 |
Class K Founder Shares derivative liabilities | 11,300,000 |
Total liabilities | 31,289,276 |
Commitments and Contingencies (Note 5) | |
Stockholders' Deficit | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 |
Additional paid-in capital | 0 |
Accumulated deficit | (29,558,011) |
Total stockholders' deficit | (29,557,368) |
Total Liabilities, Common Stock subject to Possible Redemption and Stockholders' Deficit | 565,051,348 |
Common Class A [Member] | |
Current liabilities: | |
Class A common stock subject to possible redemption, 56,330,222 shares at $10.00 redemption value | 563,319,440 |
Stockholders' Deficit | |
Common Stock, Value | 143 |
Total stockholders' deficit | 143 |
Common Class B [Member] | |
Stockholders' Deficit | |
Common Stock, Value | 500 |
Total stockholders' deficit | $ 500 |
Condensed Balance Sheet (Parent
Condensed Balance Sheet (Parenthetical) | Sep. 30, 2021$ / sharesshares |
Common stock subject to possible redemption | 56,330,222 |
Temporary Equity, Redemption Price Per Share | $ / shares | $ 10 |
Preferred Stock Par Value Per Share | $ / shares | $ 0.0001 |
Preferred Stock Shares Authorized | 1,000,000 |
Preferred Stock Shares Issued | 0 |
Preferred Stock Shares Outstanding | 0 |
Common Class A [Member] | |
Common stock subject to possible redemption | 56,330,222 |
Common Stock Par Value Per Share | $ / shares | $ 0.0001 |
Common Stock Shares Authorized | 200,000,000 |
Common Stock Shares Issued | 1,426,605 |
Common Stock Shares Outstanding | 1,426,605 |
Common Class B [Member] | |
Common Stock Par Value Per Share | $ / shares | $ 0.0001 |
Common Stock Shares Authorized | 30,000,000 |
Common Stock Shares Issued | 5,000,000 |
Common Stock Shares Outstanding | 5,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 8 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Formation costs | $ 25,000 | |
General and administrative expenses | $ 352,100 | 668,108 |
Franchise tax expense | 50,000 | 150,000 |
Loss from operations | (402,100) | (843,108) |
Financing expenses on derivative classified instrument | (47,887,500) | |
Gain on marketable securities (net), dividends and interest, held in Trust Account | 8,654 | 17,214 |
Change in fair value of derivative liabilities | 9,900,000 | 36,600,000 |
Income (Loss) before income tax expense | 9,506,554 | (12,113,394) |
Net Income (Loss) | 9,506,554 | (12,113,394) |
Common Class A [Member] | ||
Net Income (Loss) | $ 215,715 | $ (319,516) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 1,426,605 | 1,098,457 |
Earnings Per Share, Basic and Diluted | $ 0.15 | $ (0.29) |
Common Class A [Member] | Non Redeemable Common Stock [Member] | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 1,426,605 | 1,098,457 |
Earnings Per Share, Basic and Diluted | $ 0.15 | $ (0.29) |
Common Class A [Member] | Common Stock Subject to Mandatory Redemption [Member] | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 56,330,222 | 43,351,392 |
Earnings Per Share, Basic and Diluted | $ 0.15 | $ (0.24) |
Common Class B [Member] | ||
Net Income (Loss) | $ 756,040 | $ (1,454,385) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,000,000 | 5,000,000 |
Earnings Per Share, Basic and Diluted | $ 0.15 | $ (0.29) |
Common Class B [Member] | Non Redeemable Common Stock [Member] | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,000,000 | 5,000,000 |
Earnings Per Share, Basic and Diluted | $ 0.15 | $ (0.29) |
Condensed Statements of Changes
Condensed Statements of Changes In Common Stock Subject To Possible Redemption And Stockholders' Deficit - USD ($) | Total | Private Placement | Class A Common Stock | Class A Common StockPrivate Placement | Class B Common Stock | Common Stock Subject To Possible RedemptionClass A Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalPrivate Placement | Accumulated Deficit |
Beginning balance at Jan. 28, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Beginning Balance (in shares) at Jan. 28, 2021 | 0 | 0 | 0 | ||||||
Issuance of common stock to Sponsor | 12,500 | $ 500 | 12,000 | ||||||
Issuance of common stock to Sponsor, shares | 5,000,000 | ||||||||
Sale of Public Shares, net of $31,705,310 issuance costs | 0 | $ 531,596,916 | |||||||
Sale of Public Shares, net of $31,705,310 issuance costs , shares | 56,330,222 | ||||||||
Sale of private placement | $ 14,266,050 | $ 143 | $ 14,265,907 | ||||||
Sale of private placement shares,Shares | 1,426,605 | ||||||||
Accretion of Class A Common Stock to redemption value | (31,705,310) | $ 31,705,310 | (14,277,907) | (17,427,403) | |||||
Net Income (Loss) | (17,233,302) | (17,233,302) | |||||||
Ending balance at Mar. 31, 2021 | (34,660,062) | $ 143 | $ 500 | $ 563,302,226 | (34,660,705) | ||||
Ending Balance (in shares) at Mar. 31, 2021 | 1,426,605 | 5,000,000 | 56,330,222 | ||||||
Beginning balance at Jan. 28, 2021 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||
Beginning Balance (in shares) at Jan. 28, 2021 | 0 | 0 | 0 | ||||||
Sale of private placement shares,Shares | 56,330,222 | ||||||||
Net Income (Loss) | (12,113,394) | $ (319,516) | $ (1,454,385) | $ (10,339,493) | |||||
Ending balance at Sep. 30, 2021 | (29,557,368) | $ 143 | $ 500 | $ 563,319,440 | (29,558,011) | ||||
Ending Balance (in shares) at Sep. 30, 2021 | 1,426,605 | 5,000,000 | 56,330,222 | ||||||
Beginning balance at Mar. 31, 2021 | (34,660,062) | $ 143 | $ 500 | $ 563,302,226 | (34,660,705) | ||||
Beginning Balance (in shares) at Mar. 31, 2021 | 1,426,605 | 5,000,000 | 56,330,222 | ||||||
Net Income (Loss) | (4,386,646) | (4,386,646) | |||||||
Ending balance at Jun. 30, 2021 | (39,046,708) | $ 143 | $ 500 | $ 563,302,226 | (39,047,351) | ||||
Ending Balance (in shares) at Jun. 30, 2021 | 1,426,605 | 5,000,000 | 56,330,222 | ||||||
Accretion of Class A Common Stock to redemption value | (17,214) | $ 17,214 | (17,214) | ||||||
Net Income (Loss) | 9,506,554 | $ 215,715 | $ 756,040 | 8,534,799 | 9,506,554 | ||||
Ending balance at Sep. 30, 2021 | $ (29,557,368) | $ 143 | $ 500 | $ 563,319,440 | $ (29,558,011) | ||||
Ending Balance (in shares) at Sep. 30, 2021 | 1,426,605 | 5,000,000 | 56,330,222 |
Condensed Statements of Chang_2
Condensed Statements of Changes In Common Stock Subject To Possible Redemption And Stockholders' Deficit (Parenthetical) | 2 Months Ended |
Mar. 31, 2021USD ($) | |
Public Shares | |
Stock issuance costs | $ 31,705,310 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows | 8 Months Ended |
Sep. 30, 2021USD ($) | |
Cash Flows from Operating Activities | |
Net Loss | $ (12,113,394) |
Adjustments to reconcile net loss to net cash used in operating activities | |
Financing expenses on derivative classified instrument | 47,887,500 |
Gain on marketable securities (net), dividends and interest, held in Trust Account | (17,214) |
Change in fair value of derivative liabilities | (36,600,000) |
Changes in operating assets and liabilities | |
Prepaid expenses and other assets | (1,245,814) |
Accounts payable and accrued expenses | 268,398 |
Net cash used in operating activities | (1,820,524) |
Cash Flows from Investing Activities: | |
Investment of cash into Trust Account | (563,302,226) |
Net cash used in Investing Activities: | (563,302,226) |
Cash Flows from Financing Activities | |
Proceeds from issuance of Class B and Class K common stock to Sponsor | 25,000 |
Advances from related party | 5,300 |
Proceeds from sale of Public Shares, net of transaction costs paid | 551,312,494 |
Proceeds from Private Placement shares | 14,266,050 |
Net cash provided by financing activities | 565,608,844 |
Net increase in cash | 486,094 |
Cash - beginning of period | 0 |
Cash - end of period | 486,094 |
Supplemental disclosure of noncash investing and financing activities: | |
Accretion of Class A Common Stock to redemption value | 31,722,524 |
Deferred underwriting fees payable | $ 19,715,578 |
Description of Organization, Bu
Description of Organization, Business Operations, Going Concern | 8 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization, Business Operations, Going Concern | Note 1 — Description of Organization, Business Operations, Going Concern Khosla Ventures Acquisition Co. III (the “Company”) is a blank check company incorporated in Delaware on January 29, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of September 30, 2021, the Company had not commenced any operations. All activity for the period from January 29, 2021 (inception) through September 30, 2021 relates to the Company’s formation and Initial Public Offering (the “Initial Public Offering” or “IPO”) described below. The Company has selected December 31 as its fiscal year end. On March 26, 2021, the Company consummated its Initial Public Offering of 50,000,000 shares of Class A common stock of the Company, par value $0.0001 per share (each, a “Public Share”), excluding additional Public Shares sold pursuant to the partial exercise of the underwriters’ option to purchase additional Public Shares to cover over-allotments. The Public Shares were sold at a price of $10.00 per Public Share, generating gross proceeds to the Company of $500,000,000. On March 26, 2021, the Company’s underwriters exercised in part their option to purchase additional Public Shares in connection with its Initial Public Offering. The underwriters exercised their option to purchase an additional 6,330,222 Public Shares from the Company at a price of $10.00 per share less the underwriting discount. In total, the Company sold 56,330,222 Public Shares in connection with its Initial Public Offering. The Underwriters designate March 30, 2021 as the settlement date for such additional Public Shares pursuant to the Underwriting Agreement. Simultaneously with the closing of the Initial Public Offering, we consummated the Private Placement of 1,300,000 Private Placement Shares at a price of $10.00 per Private Placement Share to the Sponsor, generating proceeds of $13,000,000. In connection with the underwriters’ partial exercise of their over-allotment option, we also consummated the sale of an additional 126,605 Private Placement Shares at $10.00 per Private Placement Share, generating additional proceeds of $1,266,050. Total gross proceeds from the sale of Private Placement Shares was $14,266,050. Following the closing of the Initial Public Offering on March 26, 2021 and the partial exercise of the underwriters’ overallotment option on March 30, 2021, an amount of $563,302,226 ($10.00 per Public Share) of the proceeds from the Initial Public Offering, including $19,715,578 of the underwriters’ deferred discount was placed in a U.S.-based Trust Account at Goldman Sachs, maintained by Continental Stock Transfer & Trust Company, LLC, acting as trustee. Except with respect to interest earned on the funds in the Trust Account that may be released to the Company to pay its franchise and income taxes and expenses relating to the administration of the Trust Account, the proceeds from the Initial Public Offering and the Private Placements held in the Trust Account will not be released until the earliest of (a) the completion of the Company’s initial Business Combination, (b) the redemption of any public shares properly tendered in connection with a stockholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of its obligation to redeem 100% of its public shares if the Company does not complete its initial Business Combination within 24 months from the closing of the Initial Public Offering or (ii) with respect to any other provisions relating to stockholders’ rights or pre-initial The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in Trust and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). Upon the closing of the Initial Public Offering, management has agreed that an amount equal to at least $10.00 per Public Share sold in the Initial Public Offering, including the proceeds from the sale of the Private Placement shares and the sale of forward purchase shares, will be held in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 The Company will provide the holders (the “Public Stockholders”) of the Company’s issued and outstanding Class A common stock, par value $0.0001 per share, sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholders meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters. These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” If the Company seeks stockholder approval, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in connection with a Business Combination in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders have agreed to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company. The holders of the Founder Shares (the “initial stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period or (B) with respect to any other provision relating to stockholders’ rights or pre-initial If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering (the “Combination Period”) and the Company’s stockholders have not amended the Certificate of Incorporation to extend such Combination Period, the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Capital Resources As of September 30, 2021, the Company had $486,094 in its operating bank account, $563,319,440 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and working capital of $1,056,038. As of September 30, 2021, $17,214 of the amount on deposit in the Trust Account represented interest income, which is available for payment of franchise taxes and expenses in connection with the liquidation of the Trust Account. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, suspending the pursuit of a Business Combination. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, Prior to the consummation of the IPO, the Company’s liquidity needs have been satisfied through receipt of a $25,000 capital contribution from the Sponsor in exchange for the issuance of the Founder Shares to the Sponsor, and a $300,000 promissory note payable to the Sponsor. Subsequent to the consummation of the Initial Public Offering, the Company received the net proceeds not held in the Trust Account of $3,000,000. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loan, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into shares of the post-transaction company at $10.00 per share at the option of the lender. As of September 30, 2021, the Company has no borrowings under the Working Capital Loans. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X The interim results for the period ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $486,094 in cash and no cash equivalents, outside of the funds held in the Trust Account, as of September 30, 2021. Marketable Securities Held in Trust Account The Company’s portfolio of investments held in the Trust Account are comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less, classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on marketable securities, dividends and interest held in the Trust Account in the accompanying statements of operations. The fair value for trading securities is determined using quoted market prices in active markets. Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock feature contains certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption are classified as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Accordingly, as of September 30, 2021, 56,330,222 shares of Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet. The Class A common stock subject to possible redemption are subject to the subsequent measurement guidance in ASC Topic 480-10-S99. paid-in paid-in paid-in Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of September 30, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Derivative Financial Instruments For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value upon issuance and remeasured at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative financial instruments is evaluated at the end of each reporting period. Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet. The carrying value of cash and cash equivalents approximated fair value. Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. Actual results could differ from those estimates. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Offering Costs Offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to temporary equity upon completion of the Initial Public Offering. Offering costs were $31,705,310 for the period from January 29, 2021 (inception) through September 30, 2021. Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of September 30, 2021, the deferred tax asset is de minimis. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Net Income (Loss) Per Share of Common Stock Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock outstanding during the period, excluding common stock shares subject to forfeiture. Class K Founder Shares will convert into Class A common stock after the initial Business Combination only to the extent certain triggering events occur prior to the 10th anniversary of the initial Business Combination, including three equal triggering events based on the Company’s stock trading at $20.00, $25.00 and $30.00 per share following the first anniversary of the closing of the initial Business Combination and also upon specified strategic transactions. The Company has not considered the effect of the Class K Founder Shares in the calculation of diluted income (loss) per share since the conversion of Class K Founder Shares into Class A common stock is contingent upon the occurrence of future events. Class B Founder Shares and Private Placement Shares are included in the calculation of non-redeemable The Company’s statements of operations includes a presentation of income (loss) per share for shares of common stock subject to possible redemption in a manner similar to the two-class 480-10-S99-3A, A reconciliation of net income (loss) per common stock is as follows: For the three months (Unaudited) Inception to date Net Income (Loss) $ 9,506,554 $ (12,113,394 ) Accretion of temporary equity to redemption value (17,214 ) (2,270,429 ) Net income (loss) including accretion of temporary equity to redemption value $ 9,489,340 $ (14,383,823 ) For the three months ended September 30, Inception to date September 30, 2021 (Unaudited) Class A-t Class A-p Class B Class A-t Class A-p Class B Basic and diluted net income (loss) per share Numerator Allocation of net income (loss) including accretion of temporary equity $ 8,517,585 $ 215,715 $ 756,040 $ (12,609,922 ) $ (319,516 ) $ (1,454,385 ) Accretion of temporary equity to redemption value 17,214 — — 2,270,429 — — Allocation of net income (loss) $ 8,534,799 $ 215,715 $ 756,040 $ (10,339,493 ) $ (319,516 ) $ (1,454,385 ) Denominator Weighted average shares outstanding, basic and diluted 56,330,222 1,426,605 5,000,000 43,351,392 1,098,457 5,000,000 Basic and diluted net income (loss) per share $ 0.15 $ 0.15 $ 0.15 $ (0.24 ) $ (0.29 ) $ (0.29 ) The June 30, 2021 Form 10-Q statement of operations and Note 2, Summary of Significant Accounting Policies, Net Loss per Share Common Stock, included an immaterial misstatement related to the numerator in the earnings (loss) per share calculation for the three months ended June 30, 2021 and for the period from January 29, 2021 (inception) through June 30, 2021 for all three classes of common stock. The numerator incorrectly included accretion of temporary equity to redemption value of $5,069,727 instead of $0 for the three months ended June 30, 2021 and $7,322,935 instead of $2,253,215 for the period from January 29, 2021 (inception) through June 30, 2021. Basic and diluted net loss per share for the Class A common stock subject to possible redemption for the three months ended June 30, 2021 should have been ($0.07) per share compared to ($0.06) per share disclosed; basic and diluted net loss per share for the Class A non-redeemable common stock should have been ($0.07) per share compared to ($0.15) per share disclosed; and basic and diluted net loss per share for the Class B common stock should have been ($0.07) per share compared to ($0.15) per share disclosed. Basic and diluted net loss per share for the Class A common stock subject to possible redemption for the period from January 29, 2021 (inception) through June 30, 2021 should have been ($0.51) per share compared to ($0.49) per share disclosed; basic and diluted net loss per share for the Class A non-redeemable common stock should have been ($0.57) per share compared to ($0.69) per share disclosed; and basic and diluted net loss per share for the Class B common stock should have been ($0.57) per share compared to ($0.69) per share disclosed. Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying financial statements. |
Initial Public Offering
Initial Public Offering | 8 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Initial Public Offering | Note 3 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 50,000,000 Public Shares at a purchase price of $10.00 per Public Shares, excluding Public Shares sold pursuant to the partial exercise of the underwriters’ option to purchase additional Public Shares to cover over-allotments. The underwriters exercised their option to purchase an additional 6,330,222 shares of Class A common stock from the Company at a price of $10.00 per share less the underwriting discount. In total, the Company sold 56,330,222 shares of Class A common stock in connection with its Initial Public Offering. Accordingly, between the close date of the Initial Public Offering and March 31, 2021, an additional $63,302,226 was placed in the Trust Account, comprised of proceeds from the sale of additional Class A common stock pursuant to the exercise of the underwriters’ over- allotment option, which settled on March 30, 2021. Simultaneously with the closing of the Initial Public Offering, we consummated the Private Placement of 1,300,000 Private Placement Shares at a price of $10.00 per Private Placement Share to the Sponsor, generating proceeds of $13,000,000. In connection with the underwriters’ partial exercise of their over-allotment option, we also consummated the sale of an additional 126,605 Private Placement Shares at $10.00 per Private Placement Share, generating additional proceeds of $1,266,050. Total gross proceeds from the sale of Private Placement Shares was $14,266,050. |
Related Party Transactions
Related Party Transactions | 8 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 — Related Party Transactions Advances from Related Party On February 8, 2021, the Company issued an unsecured promissory note to the Sponsor pursuant to which the Company could borrow up to $300,000 in the aggregate. The note was non-interest Founder Shares On January 29, 2021, the Sponsor acquired 10,000,000 founder shares (the “Founder Shares”) for an aggregate purchase price of $25,000, consisting of 5,000,000 Class B Founder Shares (also known as “Class B common stock”) and 5,000,000 Class K Founder Shares (also known as “Class K common stock”). Prior to the initial investment in the company of $25,000 by the Sponsor, the Company had no assets, tangible or intangible. The per share purchase price of the Founder Shares was determined by dividing the amount of cash contributed to the Company by the aggregate number of Founder Shares issued. On March 10, 2021, the Sponsor entered into a security assignment agreement with three of the Company’s independent directors and assigned 120,000 shares of Class B common stock at an aggregate price of $300. Class B Founder Shares The Class B Founder Shares will automatically convert into Class A common stock on the first business day following the completion of our initial Business Combination, at a ratio such that the number of Class A common stock issuable upon conversion of all Class B Founder Shares will equal, in the aggregate on an as-converted Class K Founder Shares The Class K Founder Shares will convert into shares of Class A common stock after the initial Business Combination only to the extent certain triggering events occur prior to the 10th anniversary of the initial Business Combination, including three equal triggering events based on our stock trading at $20.00, $25.00 and $30.00 per share following the first anniversary of the closing of our initial Business Combination and also upon specified strategic transactions, in each case, as described in this prospectus. The Class K Founder Shares will be convertible into shares of Class A common stock at a ratio such that the number of shares of Class A common stock issuable upon conversion of all founder shares (including both Class B Founder Shares and Class K Founder Shares) will equal, in the aggregate on an as-converted The Company accounts for the Class K Founder Shares as equity linked instruments. Certain adjustments to the settlement amount of the Class K Founder Shares are based on a variable that is not an input to the fair value of a “fixed-for-fixed” 815-40. Working Capital Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2021 date, the Company had no borrowings under the Working Capital Loans. Private Placement Shares Simultaneously with the closing of the Initial Public Offering, the Sponsor has purchased 1,300,000 Class A common stock at a price of $10.00 per stock in a private placement for an aggregate purchase price of $13,000,000. In connection with the underwriters’ partial exercise of their over- allotment option that closed on March 30, 2021, the Company also consummated the sale of an additional 126,605 Private Placement Shares at $10.00 per Private Placement Share, generating total proceeds of $1,266,050. The total proceeds from the sale of Private Placement Shares is $14,266,050. The Private Placement Shares are identical to the shares of Class A common stock sold in this offering, subject to certain limited exceptions. The Private Placement Shares holders do not have the option to redeem their Class A shares and as a result, the proceeds received in connection with the Initial Public Offering are excluded from temporary equity. The par value of these shares and related additional paid in capital are classified as permanent equity in the Company’s financial statements. The initial stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Shares until 30 days after the completion of the initial Business Combination. Forward Purchase Agreement The Company has entered into a forward-purchase agreement pursuant to which the Sponsor agreed to purchase an aggregate of up to 1,000,000 shares of our Class A common stock (the “forward-purchase shares”) for $10.00 per share, or an aggregate maximum amount of $10,000,000, in a private placement that would close simultaneously with the closing of the initial Business Combination. The proceeds from the sale of these forward- purchase shares, together with the amounts available to the Company from the Trust Account (after giving effect to any redemptions of public shares) and any other equity or debt financing obtained by the Company in connection with the Business Combination, will be used to satisfy the cash requirements of the Business Combination, including funding the purchase price and paying expenses and retaining specified amounts to be used by the post-business combination company for working capital or other purposes. To the extent that the amounts available from the Trust Account and other financing are sufficient for such cash requirements, the Khosla Entities may purchase less than 1,000,000 forward-purchase shares. The forward- purchase shares would be identical to the public shares being sold in this offering, except the forward-purchase shares would be subject to transfer restrictions and certain registration rights, as described herein. The Company performed an assessment in accordance with ASC Topic 480 and ASC Topic 815 to determine whether the forward-purchase shares constitute a liability and a derivative such that it will be fair valued separately from the Company’s common stock. The Company concludes that the forward-purchase shares should be equity-classified and its embedded features should not be bifurcated. |
Commitments & Contingencies
Commitments & Contingencies | 8 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | Note 5 — Commitments & Contingencies Registration Rights The holders of the Founder Shares and Private Placement Shares are entitled to registration rights pursuant to the registration agreement signed prior to the consummation of the Initial Public Offering. The holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statements to become effective until termination of the applicable lock-up Underwriting Agreement The Company granted the underwriters an option to cover over-allotments and for market stabilization purposes. The over-allotment option entitled the underwriters to purchase on a pro rata basis up to 7,500,000 additional Public Shares at the Initial Public Offering price, less the underwriting discounts and commissions. On March 26, 2021, the Company’s underwriters exercised in part their option to purchase additional Public Shares in connection with its Initial Public Offering. The underwriters exercised their option to purchase an additional 6,330,222 Public Shares from the Company at a price of $10.00 per share less the underwriting discount. The exercise of the overallotment option settled on March 30, 2021. The underwriters are entitled to a deferred underwriters fee of $19,715,578. The deferred underwriters fee will be forfeited by the underwriters solely in the event that the Company fails to complete a Business Combination, subject to the terms of the underwriting agreement. |
Stockholders' Deficit
Stockholders' Deficit | 8 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Deficit | Note 6 — Stockholders’ Deficit Preferred Stock — The Company is authorized to issue 1,000,000 preferred stock, par value $0.0001 per share. As of September 30, 2021, there were no shares of preferred stock issued or outstanding. Class A Common Stock — The Company is authorized to issue 200,000,000 Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At September 30, 2021, there were 1,426,605 shares of Class A common stock issued and outstanding, excluding 56,330,222 shares of Class A common stock subject to possible redemption. Class B Common Stock — The Company is authorized to issue 30,000,000 Class B common stock with a par value of $0.0001 per share. At September 30, 2021, 5,000,000 Class B common stock were issued and outstanding. Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of the stockholders except as required by law. |
Fair Value Measurements
Fair Value Measurements | 8 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 — Fair Value Measurements The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2021 including the fair value hierarchy of the valuation input that the Company utilized to determine such fair value. Description Level September 30, 2021 Assets: Marketable securities held in Trust Account 1 $ 563,319,440 Liabilities: Derivative liability - Class K Founder Shares 3 $ 11,300,000 Class K Founder Shares Derivative Liabilities Class K Founder Shares is accounted for as a derivative liability on the accompanying September 30, 2021 balance sheet. The derivative liability was measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of derivative liability in the statements of operations. In order to capture the market conditions associated with the Class K Founder Shares derivative liabilities, the Company applied an approach that incorporated a Monte Carlo simulation, which involved random iterations of future stock-price paths over the contractual life of the Class K Founder Shares. Based on assumptions regarding potential changes in control of the Company, and the probability distribution of outcomes, the payoff to the holder was determined based on the achievement of the various market thresholds within each simulated path. The present value of the payoff in each simulated trial is calculated, and the fair value of the liability is determined by taking the average of all present values. The key inputs into the Monte-Carlo simulation model for Class K Founder Shares derivative liabilities were as follows: Input January 29, September 30, Risk-free interest rate 1.19 % 1.56 % Term to business combination 1.4 years 0.8 years Expected volatility 21.50 % 12.50 % Stock price $ 10.00 $ 9.80 Dividend yield 0.00 % 0.00 % The following table presents a summary of the changes in the fair value of the Class K Founder Shares derivative liabilities, a Level 3 liability, measured on a recurring basis, as of September 30, 2021: Class K Founder Shares Derivative Liabilities Initial measurement on January 29, 2021 $ 47,900,000 Change in fair value of Class K Founder Shares Derivative Liabilities (30,750,000 ) Fair Value, March 31, 2021 $ 17,150,000 Change in fair value of Class K Founder Shares Derivative Liabilities 4,050,000 Fair Value, June 30, 2021 $ 21,200,000 Change in fair value of Class K Founder Shares Derivative Liabilities (9,900,000 ) Fair Value, September 30, 2021 $ 11,300,000 There were no transfers to and from Levels 1, 2, and 3 from the period beginning January 29, 2021 (inception) through September 30, 2021. |
Subsequent Event
Subsequent Event | 8 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X The interim results for the period ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. Actual results could differ from those estimates. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $486,094 in cash and no cash equivalents, outside of the funds held in the Trust Account, as of September 30, 2021. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account The Company’s portfolio of investments held in the Trust Account are comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less, classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on marketable securities, dividends and interest held in the Trust Account in the accompanying statements of operations. The fair value for trading securities is determined using quoted market prices in active markets. |
Common Stock Subject to Possible Redemption | Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock feature contains certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption are classified as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. Accordingly, as of September 30, 2021, 56,330,222 shares of Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet. The Class A common stock subject to possible redemption are subject to the subsequent measurement guidance in ASC Topic 480-10-S99. paid-in paid-in paid-in |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of September 30, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Derivative Financial Instruments | Derivative Financial Instruments For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value upon issuance and remeasured at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative financial instruments is evaluated at the end of each reporting period. |
Fair Value Measurements | Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the balance sheet. The carrying value of cash and cash equivalents approximated fair value. Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Offering Costs | Offering Costs Offering costs consist of legal, accounting, and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering and were charged to temporary equity upon completion of the Initial Public Offering. Offering costs were $31,705,310 for the period from January 29, 2021 (inception) through September 30, 2021. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of September 30, 2021, the deferred tax asset is de minimis. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. |
Net Income (Loss) Per Share of Common Stock | Net Income (Loss) Per Share of Common Stock Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock outstanding during the period, excluding common stock shares subject to forfeiture. Class K Founder Shares will convert into Class A common stock after the initial Business Combination only to the extent certain triggering events occur prior to the 10th anniversary of the initial Business Combination, including three equal triggering events based on the Company’s stock trading at $20.00, $25.00 and $30.00 per share following the first anniversary of the closing of the initial Business Combination and also upon specified strategic transactions. The Company has not considered the effect of the Class K Founder Shares in the calculation of diluted income (loss) per share since the conversion of Class K Founder Shares into Class A common stock is contingent upon the occurrence of future events. Class B Founder Shares and Private Placement Shares are included in the calculation of non-redeemable The Company’s statements of operations includes a presentation of income (loss) per share for shares of common stock subject to possible redemption in a manner similar to the two-class 480-10-S99-3A, A reconciliation of net income (loss) per common stock is as follows: For the three months (Unaudited) Inception to date Net Income (Loss) $ 9,506,554 $ (12,113,394 ) Accretion of temporary equity to redemption value (17,214 ) (2,270,429 ) Net income (loss) including accretion of temporary equity to redemption value $ 9,489,340 $ (14,383,823 ) For the three months ended September 30, Inception to date September 30, 2021 (Unaudited) Class A-t Class A-p Class B Class A-t Class A-p Class B Basic and diluted net income (loss) per share Numerator Allocation of net income (loss) including accretion of temporary equity $ 8,517,585 $ 215,715 $ 756,040 $ (12,609,922 ) $ (319,516 ) $ (1,454,385 ) Accretion of temporary equity to redemption value 17,214 — — 2,270,429 — — Allocation of net income (loss) $ 8,534,799 $ 215,715 $ 756,040 $ (10,339,493 ) $ (319,516 ) $ (1,454,385 ) Denominator Weighted average shares outstanding, basic and diluted 56,330,222 1,426,605 5,000,000 43,351,392 1,098,457 5,000,000 Basic and diluted net income (loss) per share $ 0.15 $ 0.15 $ 0.15 $ (0.24 ) $ (0.29 ) $ (0.29 ) The June 30, 2021 Form 10-Q statement of operations and Note 2, Summary of Significant Accounting Policies, Net Loss per Share Common Stock, included an immaterial misstatement related to the numerator in the earnings (loss) per share calculation for the three months ended June 30, 2021 and for the period from January 29, 2021 (inception) through June 30, 2021 for all three classes of common stock. The numerator incorrectly included accretion of temporary equity to redemption value of $5,069,727 instead of $0 for the three months ended June 30, 2021 and $7,322,935 instead of $2,253,215 for the period from January 29, 2021 (inception) through June 30, 2021. Basic and diluted net loss per share for the Class A common stock subject to possible redemption for the three months ended June 30, 2021 should have been ($0.07) per share compared to ($0.06) per share disclosed; basic and diluted net loss per share for the Class A non-redeemable common stock should have been ($0.07) per share compared to ($0.15) per share disclosed; and basic and diluted net loss per share for the Class B common stock should have been ($0.07) per share compared to ($0.15) per share disclosed. Basic and diluted net loss per share for the Class A common stock subject to possible redemption for the period from January 29, 2021 (inception) through June 30, 2021 should have been ($0.51) per share compared to ($0.49) per share disclosed; basic and diluted net loss per share for the Class A non-redeemable common stock should have been ($0.57) per share compared to ($0.69) per share disclosed; and basic and diluted net loss per share for the Class B common stock should have been ($0.57) per share compared to ($0.69) per share disclosed. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 8 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Net Loss Per Common Stock | A reconciliation of net income (loss) per common stock is as follows: For the three months (Unaudited) Inception to date Net Income (Loss) $ 9,506,554 $ (12,113,394 ) Accretion of temporary equity to redemption value (17,214 ) (2,270,429 ) Net income (loss) including accretion of temporary equity to redemption value $ 9,489,340 $ (14,383,823 ) For the three months ended September 30, Inception to date September 30, 2021 (Unaudited) Class A-t Class A-p Class B Class A-t Class A-p Class B Basic and diluted net income (loss) per share Numerator Allocation of net income (loss) including accretion of temporary equity $ 8,517,585 $ 215,715 $ 756,040 $ (12,609,922 ) $ (319,516 ) $ (1,454,385 ) Accretion of temporary equity to redemption value 17,214 — — 2,270,429 — — Allocation of net income (loss) $ 8,534,799 $ 215,715 $ 756,040 $ (10,339,493 ) $ (319,516 ) $ (1,454,385 ) Denominator Weighted average shares outstanding, basic and diluted 56,330,222 1,426,605 5,000,000 43,351,392 1,098,457 5,000,000 Basic and diluted net income (loss) per share $ 0.15 $ 0.15 $ 0.15 $ (0.24 ) $ (0.29 ) $ (0.29 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 8 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets That are Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2021 including the fair value hierarchy of the valuation input that the Company utilized to determine such fair value. Description Level September 30, 2021 Assets: Marketable securities held in Trust Account 1 $ 563,319,440 Liabilities: Derivative liability - Class K Founder Shares 3 $ 11,300,000 |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The key inputs into the Monte-Carlo simulation model for Class K Founder Shares derivative liabilities were as follows: Input January 29, September 30, Risk-free interest rate 1.19 % 1.56 % Term to business combination 1.4 years 0.8 years Expected volatility 21.50 % 12.50 % Stock price $ 10.00 $ 9.80 Dividend yield 0.00 % 0.00 % |
Summary of Changes in the Fair Value Of the Class K Founder Shares Liability | The following table presents a summary of the changes in the fair value of the Class K Founder Shares derivative liabilities, a Level 3 liability, measured on a recurring basis, as of September 30, 2021: Class K Founder Shares Derivative Liabilities Initial measurement on January 29, 2021 $ 47,900,000 Change in fair value of Class K Founder Shares Derivative Liabilities (30,750,000 ) Fair Value, March 31, 2021 $ 17,150,000 Change in fair value of Class K Founder Shares Derivative Liabilities 4,050,000 Fair Value, June 30, 2021 $ 21,200,000 Change in fair value of Class K Founder Shares Derivative Liabilities (9,900,000 ) Fair Value, September 30, 2021 $ 11,300,000 |
Description of Organization, _2
Description of Organization, Business Operations, Going Concern - Additional Information (Detail) - USD ($) | Mar. 26, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Jan. 29, 2021 | Jan. 28, 2021 |
Entity Incorporation, Date of Incorporation | Jan. 29, 2021 | ||||
Proceeds from Issuance Initial Public Offering | $ 500,000,000 | ||||
Proceeds from Issuance of Private Placement | $ 14,266,050 | ||||
Gross proceeds from share issued | $ 551,312,494 | ||||
Threshold Percentage of Stock Price Trigger obligation to redeem | 100.00% | ||||
Number of business days after the expiry date within which the public shares shall be redeemed | 24 months | ||||
Percentage Of The Net Assets Of The Target Company Excluding The Amount Of Any Deferred Underwriting Commissions | 80.00% | ||||
Equity method investment ownership percentage | 50.00% | ||||
Per share amount to be maintained in the trust account | $ 10 | ||||
Maturity Of Investment Held In Trust Account | 180 days | ||||
Number of business days to complete business combination | 24 months | ||||
Interest Expense, Trust Account | $ 100,000 | ||||
Liquidation Basis of Accounting, Liquidation Plan | of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. | ||||
Operating bank account | $ 486,094 | $ 0 | $ 0 | ||
Securiites held in trust account | 1,056,038 | ||||
Stock Issued During Period, Value, Issued for Services | $ 0 | ||||
Interest income | $ 17,214 | ||||
Held in the Trust Account [Member] | |||||
Shares Issued, Price Per Share | $ 10 | ||||
Securiites held in trust account | $ 563,319,440 | ||||
KVSB Sponsor [Member] | |||||
Debt Instrument, Face Amount | 300,000 | ||||
KVSB Sponsor [Member] | KVSB Working Capital Loan [Member] | |||||
Working Capital Loans Convertible Into Shares | $ 1,500,000 | ||||
Debt conversion covertible conversion price | $ 10 | ||||
Due to Related Parties | $ 0 | ||||
Public Stockholders [Member] | |||||
Net tangible assets | $ 5,000,001 | ||||
Percentage of public shareholding eligible for redemption without prior consent | 15.00% | ||||
Percentage of public shareholding eligible for redemption on non occurrence of business combination | 100.00% | ||||
IPO | |||||
Stock Issued During Period, Shares, New Issues | 563,302,226 | ||||
Shares Issued, Price Per Share | $ 10 | ||||
Proceeds from Issuance Initial Public Offering | $ 3,000,000 | ||||
Sale of stock issue price per share | $ 10 | ||||
Private Placement | |||||
Shares Issued, Price Per Share | $ 10 | ||||
Proceeds from Issuance of Private Placement | $ 14,266,050 | ||||
Gross proceeds from share issued | $ 19,715,578 | ||||
Sale of Stock, Number of Shares Issued in Transaction | 126,605 | ||||
Sale of Stock, Consideration Received on Transaction | $ 1,266,050 | ||||
Class A Common Stock | |||||
Stock Issued During Period, Shares, New Issues | 56,330,222 | 56,330,222 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||||
Class A Common Stock | IPO | |||||
Stock Issued During Period, Shares, New Issues | 50,000,000 | 50,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||
Shares Issued, Price Per Share | $ 10 | ||||
Class A Common Stock | Over-Allotment Option | |||||
Stock Issued During Period, Shares, New Issues | 6,330,222 | 6,330,222 | |||
Shares Issued, Price Per Share | $ 10 | $ 10 | |||
Class A Common Stock | Private Placement | |||||
Stock Issued During Period, Shares, New Issues | 1,300,000 | 1,426,605 | |||
Shares Issued, Price Per Share | $ 10 | ||||
Proceeds from Issuance of Private Placement | $ 13,000,000 | ||||
Sale of stock issue price per share | $ 10 | ||||
Sale of Stock, Number of Shares Issued in Transaction | 1,300,000 | ||||
KVSB Founder Shares [Member] | |||||
Stock Issued During Period, Value, Issued for Services | $ 25,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 8 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Jan. 29, 2021 | Jan. 28, 2021 | |
Cash | $ 486,094 | $ 486,094 | ||||
Cash equivalents | 486,094 | 486,094 | $ 0 | $ 0 | ||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | ||||
Common stock subject to possible redemption | 56,330,222 | 56,330,222 | ||||
Shares measured to their redemption amount due to initial carrying amount of the common stock is less price per share | 10 | 10 | ||||
Temporary Equity, Redemption Price Per Share | $ 10 | $ 10 | ||||
Accretion of Class A Common Stock to redemption value | $ 31,722,524 | |||||
Stock issuance costs | 31,705,310 | |||||
Unrecognised tax benefits | $ 0 | 0 | ||||
Accretion of temporary equity to redemption value | $ 17,214 | 2,270,429 | ||||
Previously Reported [Member] | ||||||
Accretion of temporary equity to redemption value | $ 5,069,727 | $ 7,322,935 | ||||
As Adjusted [Member] | ||||||
Accretion of temporary equity to redemption value | $ 0 | $ 2,253,215 | ||||
Additional Paid-in Capital | ||||||
Accretion of Class A Common Stock to redemption value | 14,277,907 | |||||
Accumulated Deficit | ||||||
Accretion of Class A Common Stock to redemption value | $ 17,444,617 | |||||
Common Class A [Member] | ||||||
Net loss per common stock | $ 0.15 | $ (0.29) | ||||
Common stock subject to possible redemption | 56,330,222 | 56,330,222 | ||||
Common Class A [Member] | Previously Reported [Member] | ||||||
Net loss per common stock | $ (0.15) | $ (0.69) | ||||
Common Class A [Member] | As Adjusted [Member] | ||||||
Net loss per common stock | (0.07) | (0.57) | ||||
Common Class A [Member] | Common Stock Subject To Possible Redemption [Member] | ||||||
Net loss per common stock | $ 0.15 | $ (0.24) | ||||
Accretion of temporary equity to redemption value | $ 17,214 | $ 2,270,429 | ||||
Common Class A [Member] | Common Stock Subject To Possible Redemption [Member] | Previously Reported [Member] | ||||||
Net loss per common stock | (0.06) | (0.49) | ||||
Common Class A [Member] | Common Stock Subject To Possible Redemption [Member] | As Adjusted [Member] | ||||||
Net loss per common stock | $ (0.07) | $ (0.51) | ||||
Triggering Events Stock Trading Price One [Member] | Common Class A [Member] | ||||||
Conversion of share, price per share | $ 20 | |||||
Triggering Events Stock Trading Price Two [Member] | Common Class A [Member] | ||||||
Conversion of share, price per share | 25 | |||||
Triggering Events Stock Trading Price Three [Member] | Common Class A [Member] | ||||||
Conversion of share, price per share | $ 30 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Net Loss Per Common Stock (Detail) - USD ($) | 2 Months Ended | 3 Months Ended | 8 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss) | $ (17,233,302) | $ 9,506,554 | $ (4,386,646) | $ (12,113,394) |
Accretion of temporary equity to redemption value | (17,214) | (2,270,429) | ||
Net income (loss) including accretion of temporary equity to redemption value | 9,489,340 | (14,383,823) | ||
Basic and diluted net income (loss) per share Numerator | ||||
Allocation of net income (loss) including accretion of temporary equity | 9,489,340 | (14,383,823) | ||
Accretion of temporary equity to redemption value | 17,214 | 2,270,429 | ||
Allocation of net income (loss) | $ (17,233,302) | 9,506,554 | $ (4,386,646) | (12,113,394) |
Class A Common Stock | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss) | 215,715 | (319,516) | ||
Net income (loss) including accretion of temporary equity to redemption value | 215,715 | (319,516) | ||
Basic and diluted net income (loss) per share Numerator | ||||
Allocation of net income (loss) including accretion of temporary equity | 215,715 | (319,516) | ||
Allocation of net income (loss) | $ 215,715 | $ (319,516) | ||
Denominator | ||||
Weighted average shares outstanding, basic and diluted | 1,426,605 | 1,098,457 | ||
Basic and diluted net income (loss) per share | $ 0.15 | $ (0.29) | ||
Class B Common Stock | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss) | $ 756,040 | $ (1,454,385) | ||
Net income (loss) including accretion of temporary equity to redemption value | 756,040 | (1,454,385) | ||
Basic and diluted net income (loss) per share Numerator | ||||
Allocation of net income (loss) including accretion of temporary equity | 756,040 | (1,454,385) | ||
Allocation of net income (loss) | $ 756,040 | $ (1,454,385) | ||
Denominator | ||||
Weighted average shares outstanding, basic and diluted | 5,000,000 | 5,000,000 | ||
Basic and diluted net income (loss) per share | $ 0.15 | $ (0.29) | ||
Common stock subject to possible redemption | Class A Common Stock | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss) | $ 8,534,799 | $ (10,339,493) | ||
Accretion of temporary equity to redemption value | (17,214) | (2,270,429) | ||
Net income (loss) including accretion of temporary equity to redemption value | 8,517,585 | (12,609,922) | ||
Basic and diluted net income (loss) per share Numerator | ||||
Allocation of net income (loss) including accretion of temporary equity | 8,517,585 | (12,609,922) | ||
Accretion of temporary equity to redemption value | 17,214 | 2,270,429 | ||
Allocation of net income (loss) | $ 8,534,799 | $ (10,339,493) | ||
Denominator | ||||
Weighted average shares outstanding, basic and diluted | 56,330,222 | 43,351,392 | ||
Basic and diluted net income (loss) per share | $ 0.15 | $ (0.24) |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - USD ($) | Mar. 26, 2021 | Mar. 31, 2021 | Sep. 30, 2021 |
Proceeds from Issuance of Private Placement | $ 14,266,050 | ||
IPO | |||
Sale of private placement shares,Shares | 563,302,226 | ||
Shares Issued, Price Per Share | $ 10 | ||
Private Placement | |||
Shares Issued, Price Per Share | $ 10 | ||
Proceeds from Issuance of Private Placement | $ 14,266,050 | ||
Sale of Stock, Number of Shares Issued in Transaction | 126,605 | ||
Sale of Stock, Consideration Received on Transaction | $ 1,266,050 | ||
Class A Common Stock | |||
Sale of private placement shares,Shares | 56,330,222 | 56,330,222 | |
Class A Common Stock | IPO | |||
Sale of private placement shares,Shares | 50,000,000 | 50,000,000 | |
Shares Issued, Price Per Share | $ 10 | ||
Class A Common Stock | Over-Allotment Option | |||
Sale of private placement shares,Shares | 6,330,222 | 6,330,222 | |
Shares Issued, Price Per Share | $ 10 | $ 10 | |
Additional amount placed in the trust account | $ 63,302,226 | ||
Class A Common Stock | Private Placement | |||
Sale of private placement shares,Shares | 1,300,000 | 1,426,605 | |
Shares Issued, Price Per Share | $ 10 | ||
Proceeds from Issuance of Private Placement | $ 13,000,000 | ||
Sale of Stock, Number of Shares Issued in Transaction | 1,300,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Mar. 30, 2021 | Mar. 26, 2021 | Mar. 10, 2021 | Jan. 29, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Feb. 08, 2021 |
Due to Related Parties, Current | $ 5,300 | ||||||
Stock shares issued during the period for services value | $ 0 | ||||||
Private Placement [Member] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 126,605 | ||||||
Sponser [Member] | |||||||
Maximum Borrowing Capacity | $ 300,000 | ||||||
Founder shares [Member] | |||||||
Stock shares issued during the period for services shares | 10,000,000 | ||||||
Stock shares issued during the period for services value | $ 25,000 | ||||||
Common Class A [Member] | |||||||
Stock issued during period, shares, and new issues | 56,330,222 | 56,330,222 | |||||
Common Class A [Member] | Private Placement [Member] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,300,000 | ||||||
Sale of Stock, Price Per Share | $ 10 | ||||||
Sale of Stock, Consideration Received Per Transaction | $ 13,000,000 | ||||||
Stock issued during period, shares, and new issues | 1,300,000 | 1,426,605 | |||||
Minimum threshold days Shares not to transferred from completion of business combination | 30 days | ||||||
Common Class A [Member] | Forward purchase agreement [Member] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,000,000 | ||||||
Sale of Stock, Price Per Share | $ 10 | ||||||
Sale of Stock, Consideration Received Per Transaction | $ 10,000,000 | ||||||
Common Class A [Member] | Sponser [Member] | Private Placement [Member] | |||||||
Sale of Stock, Price Per Share | $ 10 | ||||||
Additional number of shares issued | 126,605 | ||||||
Additional proceeds from issuance of private placement | $ 1,266,050 | ||||||
Stock issued during period, shares, and new issues | 14,266,050 | ||||||
Common Class B [Member] | |||||||
Stock shares issued during the period for services shares | 120,000 | ||||||
Stock shares issued during the period for services value | $ 300 | ||||||
Class B Founder Shares [Member] | |||||||
Stock shares issued during the period for services shares | 5,000,000 | ||||||
Stock shares issued during the period for services value | $ 5,000,000 | ||||||
Percent of stock convertible | 15.00% | ||||||
Class K Founder Shares [Member] | |||||||
Percent of stock convertible | 30.00% | ||||||
Triggering events stock trading price one | 20.00% | ||||||
Triggering events stock trading price two | 25.00% | ||||||
Triggering events stock trading price three | 30.00% |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Detail) - USD ($) | Mar. 26, 2021 | Sep. 30, 2021 |
Loss Contingencies [Line Items] | ||
Deferred underwriting fees payable | $ 19,715,578 | |
Over-Allotment Option [Member] | ||
Loss Contingencies [Line Items] | ||
Additional number of shares purchased | 7,500,000 | |
Over-Allotment Option [Member] | Common Class A [Member] | ||
Loss Contingencies [Line Items] | ||
Shares Issued, Price Per Share | $ 10 | $ 10 |
IPO [Member] | ||
Loss Contingencies [Line Items] | ||
Shares Issued, Price Per Share | 10 | |
IPO [Member] | Common Class A [Member] | ||
Loss Contingencies [Line Items] | ||
Shares Issued, Price Per Share | $ 10 | |
Additional number of shares issued | 6,330,222 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Detail) | 8 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Preferred Stock Par Value Per Share | $ / shares | $ 0.0001 |
Preferred Stock Shares Authorized | 1,000,000 |
Preferred Stock Shares Issued | 0 |
Preferred Stock Shares Outstanding | 0 |
Common stock subject to possible redemption | 56,330,222 |
Common Class A [Member] | |
Common Stock Par Value Per Share | $ / shares | $ 0.0001 |
Common Stock Shares Authorized | 200,000,000 |
Common Stock Shares Issued | 1,426,605 |
Common Stock Shares Outstanding | 1,426,605 |
Common stock subject to possible redemption | 56,330,222 |
Common Stock voting rights | one vote |
Common Class B [Member] | |
Common Stock Par Value Per Share | $ / shares | $ 0.0001 |
Common Stock Shares Authorized | 30,000,000 |
Common Stock Shares Issued | 5,000,000 |
Common Stock Shares Outstanding | 5,000,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets That are Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] | Sep. 30, 2021USD ($) |
Marketable Securities Held In Trust Account [Member] | Fair Value, Inputs, Level 1 [Member] | |
Assets: | |
Marketable securities held in Trust Account | $ 563,319,440 |
Class K Founder Shares Derivative Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |
Liabilities: | |
Derivative liability – Class K Founder Shares | $ 11,300,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) - Class K Founder Shares Derivative Liability [Member] | Sep. 30, 2021yearsshares | Jan. 29, 2021yearsshares |
Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.0156 | 0.0119 |
Term to business combination | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | years | 0.8 | 1.4 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.1250 | 0.2150 |
Stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | shares | 9.80 | 10 |
Dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0 | 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Changes in the Fair Value Of the Class K Founder Shares Liability (Detail) - Class K Founder Shares Derivative Liability [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) | 2 Months Ended | 3 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance, shares | $ 47,900,000 | $ 21,200,000 | $ 17,150,000 |
Change in fair value of Class K Founder Shares liability | (30,750,000) | (9,900,000) | 4,050,000 |
Ending balance, shares | $ 17,150,000 | $ 11,300,000 | $ 21,200,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 8 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value transfers to and from levels 1,2 and 3 | $ 0 |