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Khosla Ventures Acquisition Co. (KVSA) and Valo Health, LLC have mutually agreed to terminate their merger agreement due to unfavorable market conditions in the biotechnology sector. KVSA expressed confidence in Valo's strength and future potential as it progresses toward launching Phase 2 clinical trials. Valo remains committed to its growth strategy, leveraging human-centric data and AI to enhance drug discovery and development.
Valo Health and Khosla Ventures Acquisition Co. (KVSA) announced the expansion of their PIPE investment from $168.5M to over $200M, surpassing initial targets. This increase reflects strong investor confidence in Valo's mission to transform drug discovery through AI and human-centric data. Valo's CEO, David Berry, and CFO, Graeme Bell, have personally committed additional funds, demonstrating leadership confidence. The transaction is anticipated to close in Q4 2021, leading to Valo Health Holdings, Inc. trading under the ticker 'VH'.
Khosla Ventures Acquisition Co. (Nasdaq: KVSA) will transfer its Class A common stock listing from Nasdaq to the NYSE following its business combination with Valo Health, Inc. KVSA provided notice to Nasdaq of its intent to delist after market close on November 19, 2021. The new entity post-combination will be named Valo Health Holdings, Inc. and trade under the symbol 'VH'. This strategic move aims to comply with NYSE listing requirements and enhance the visibility of Valo Health, a technology company focused on transforming drug discovery through AI.
Khosla Ventures Acquisition Co. (Nasdaq:KVSA) will hold a Special Meeting of Stockholders on November 16, 2021, to vote on its business combination with Valo Health, LLC. Stockholders as of October 13, 2021, can participate. Upon approval, Valo will become a wholly owned subsidiary and KVSA will rebrand as Valo Health Holdings, Inc., trading under the symbol "VH" on the NYSE. Valo Health focuses on transforming drug discovery using AI-driven data. A proxy statement will be provided to stockholders with detailed information ahead of the meeting.
Valo Health has entered into a definitive merger agreement with Khosla Ventures Acquisition Co. (KVAC), creating a publicly traded company valued at approximately $2.8 billion. This strategic move aims to leverage Valo's Opal Computational Platform, enhancing drug discovery through AI and human-centric data. The deal is expected to provide $750 million in cash to support clinical programs and operational growth. The merger requires shareholder approval and is anticipated to close in Q3 2021.
