SAN FRANCISCO - Nextdoor Holdings, Inc. (NYSE:KIND), a company specializing in services related to computer programming and data processing, has made significant amendments to its corporate governance structure, according to a recent 8-K filing with the Securities and Exchange Commission (SEC). On Monday, the company's shareholders approved changes to its Amended and Restated Certificate of Incorporation, including a provision for officer exculpation in line with recent amendments to the Delaware General Corporation Law (DGCL).
These changes were ratified during Nextdoor Holdings' 2024 Annual Meeting of Stockholders, which took place virtually. The meeting saw the election of Chris Varelas as a Class III director, set to serve until the 2027 Annual Meeting. Additionally, Marissa Mayer and Niraj Shah were elected as Class III directors, also to serve through the 2027 Annual Meeting.
Shareholders also ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Moreover, the compensation of the company's named executive officers received approval on a non-binding advisory basis.
The amendment to the company's charter to limit officers' liability was a key proposal approved at the meeting. This move aligns with the DGCL, allowing for the exoneration of officers from certain types of legal claims, which could potentially reduce litigation risks for the company's leadership.
The detailed voting results from the Annual Meeting indicate strong shareholder support for the board's proposals, with significant majorities voting in favor of each item on the agenda. The filing did not disclose any changes to the company's fiscal year.
Nextdoor Holdings, which was formerly known as Khosla Ventures Acquisition Co. II, has its headquarters at 420 Taylor Street, San Francisco, California, and operates under the central index key 0001846069.
In other recent news, Nextdoor, the neighborhood-centric social networking platform, displayed a strong start to 2024 with its Q1 results. The firm reported solid revenue growth, with Q1 revenue reaching $53 million, a 7% increase year-over-year. There was also an uptick in weekly active users, which rose to 43.4 million, marking a 2% increase from the previous year.
Nextdoor's leadership, under CEO Nirav Tolia, emphasized their focus on product innovation and growth, particularly within the U.S. market. The firm's advertising platform also made strides, with all self-serve customers now utilizing the Nextdoor Ads Manager.
In terms of financial outlook, Nextdoor projects full-year 2024 revenue to land between $229 million and $235 million. The company anticipates positive free cash flow by Q4 2024, a year earlier than previous estimates. The firm also welcomed new board members, including Marissa Mayer, Niraj Shah, and Robert Homan, as part of recent developments.
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