Neighborhood social networking site Nextdoor's (KIND) - Get Nextdoor Holdings, Inc. Class A Report shares rocketed by over 30% Monday on its first day of trading after completing a SPAC merger with Khosla Ventures Acquisition on Friday.
Nextdoor opened at $11.12 and shot up 40% in its first hour of trading before the stock was temporarily halted, Bloomberg reported Monday. The stock continued trading over 30% higher after trading resumed.
Shares of Nextdoor Monday closed up 17% at $13.01.
"We are thrilled to have completed our combination with KSVB and to be listing on the NYSE under the ticker 'KIND'," Nextdoor CEO Sarah Friar said in a Friday statement. "Through the KVSB trust proceeds and the fully committed private placement, we raised $674 million that will help us to fund long-term growth at scale."
The San Francisco-based social networking site connects users to nearby neighbors, businesses and public services with a goal of creating a highly engaged, hyperlocal network, according to a Friday company statement.
Nextdoor serves about 63 million users in 11 countries and 280,000 neighborhoods globally, according to company statements.
Nextdoor's biggest competition could come from Facebook (FB) - Get Meta Platforms Inc. Class A Report, which in May began testing its Facebook Neighborhoods app in Canada with plans to soon roll it out in the U.S.