Khosla Ventures Acquisition Co.: Nasdaq/NYSE listing notice — Khosla Ventures Acquisition receives Nasdaq non-compliance notice for compensation committee composition

Khosla Ventures Acquisition Co.

On May 9, 2023, Nasdaq notified KVSA that it violates Listing Rule 5605 because director resignation left Compensation Committee with one member.
Cure period expires on earlier of next annual stockholders' meeting or March 7, 2024; if meeting before Sept 5, 2023, then by Sept 5, 2023.
Company must submit evidence of compliance by the cure deadline; states it expects to comply within the cure period.
Non-compliance follows prior disclosed resignation of director Derek Anthony West from board and Compensation Committee.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Khosla Ventures Acquisition Co. received a nasdaq deficiency notice notice regarding board independence (rules 5605, 5605(d)(4)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: board independence
Rules: 5605, 5605(d)(4)

Exact text from the filing

May 9, 2023, Khosla Ventures Acquisition Co. (the “Company”) received a letter (the “Nasdaq Letter”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, as a result of the resignation of Derek Anthony West, as previously disclosed, from the Company’s board of directors and its Compensation Committee, the Company is not in compliance with Nasdaq Listing Rule 5605, which requires that the Company’s Compensation Committee be comprised of at least two directors, all of whom are independent directors as defined by Nasdaq rules. The Nasdaq Lett

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Source: SEC EDGAR

accession 0001193125-23-146927

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