Shares of Nextdoor Holdings Inc. rocketed Monday in their first day of trading since the company closed its merger with a special-purpose acquisition company.
The stock increased 17% in Monday’s session. Nextdoor KIND, +17.00% recently merged with Khosla Ventures Acquisition Co. II in a transaction that saw $ 674 million in gross proceeds, including $ 270 million from a fully committed private investment in public equity (PIPE).
The company runs a platform that lets neighbors connect with one another about local matters. Nextdoor has a presence in 280,000 neighborhoods.
Nextdoor is due to report third-quarter results after Wednesday’s closing bell. The company previously disclosed that it expects to report $ 52.7 million in revenue for the quarter, up 66% from a year earlier. The company’s average revenue per weekly active user was up 38% to $ 1.61 in the quarter. Nextdoor had 33 million weekly active users in the quarter, up 20% from a year prior.