Valo Health and Khosla Ventures Acquisition Co. Announce Additional PIPE Commitments

- Additional PIPE commitments since SPAC announcement total $33.5M

- Anticipated PIPE proceeds total over $200M exceeding initial targets

- New commitments made by CEO & Founder, David Berry and CFO, Graeme Bell

BOSTON and MEN­LO PARK, Calif., Nov. 9, 2021 /​PRNewswire/​— Valo Health, LLC (“Valo”), the tech­nol­o­gy com­pa­ny using human-cen­tric data and arti­fi­cial intel­li­gence (AI) pow­ered com­pu­ta­tion to trans­form the drug dis­cov­ery and devel­op­ment process, and Khosla Ven­tures Acqui­si­tion Co. (Nas­daq: KVSA) (“KVSA”), a spe­cial pur­pose acqui­si­tion com­pa­ny spon­sored by an affil­i­ate of Khosla Ven­tures, LLC (“Khosla Ven­tures”), today announced that the pri­vate place­ment of com­mon stock (“PIPE”) invest­ment in con­nec­tion with their pre­vi­ous­ly announced busi­ness com­bi­na­tion had expand­ed from $168.5M to over $200M exceed­ing ini­tial targets.

Since the orig­i­nal announce­ment of the busi­ness com­bi­na­tion on June 9th, 2021, addi­tion­al com­mit­ments of $33.5M were made by mul­ti­ple insti­tu­tion­al investors in July and recent com­mit­ments were made by Val­o’s CEO & Founder David Berry, and CFO Graeme Bell (which, in the case of Val­o’s CEO & Founder and CFO, will be sub­ject to a 180-day lock-up fol­low­ing the clos­ing, sub­ject to ear­ly release in cer­tain circumstances).

The expand­ed PIPE invest­ment fur­ther demon­strates a vote of con­fi­dence in our mis­sion and approach to trans­form­ing the drug dis­cov­ery and devel­op­ment process,” said Valo CEO & founder David Berry, Ph.D.

Since we announced the busi­ness com­bi­na­tion ear­li­er this year, we have seen addi­tion­al demand from investors and David’s per­son­al invest­ment is a tes­ti­mo­ny to the con­fi­dence in the busi­ness,” said Samir Kaul, Found­ing Part­ner and Man­ag­ing Direc­tor at Khosla Ven­tures. I look for­ward to join­ing the board after clos­ing and deep­en­ing the already close rela­tion­ship Khosla Ven­tures has with Flag­ship Pio­neer­ing, Valo, and its exec­u­tive lead­er­ship team.”

The trans­ac­tion is expect­ed to close in the fourth quar­ter of 2021. The com­bined com­pa­ny is expect­ed to oper­ate under the name Valo Health Hold­ings, Inc. and trade on the New York Stock Exchange under the VH” tick­er sym­bol (sub­ject to New York Stock Exchange’s approval of KVSA and Val­o’s list­ing application).

About Valo Health
Valo Health, LLC (“Valo”) is a tech­nol­o­gy com­pa­ny built to trans­form the drug dis­cov­ery and devel­op­ment process using human-cen­tric data and arti­fi­cial intel­li­­gence-dri­ven com­pu­ta­tion. As a dig­i­tal­ly native com­pa­ny, Valo aims to ful­ly inte­grate human-cen­tric data across the entire drug devel­op­ment life cycle into a sin­gle uni­fied archi­tec­ture, there­by accel­er­at­ing the dis­cov­ery and devel­op­ment of life-chang­ing drugs while simul­ta­ne­ous­ly reduc­ing costs, time, and fail­ure rates. The com­pa­ny’s Opal Com­pu­ta­tion­al Plat­form is an inte­grat­ed set of capa­bil­i­ties designed to trans­form data into valu­able insights that may accel­er­ate dis­cov­er­ies and enable Valo to advance a robust pipeline of pro­grams across car­dio­vas­cu­lar meta­bol­ic renal, oncol­o­gy, and neu­rode­gen­er­a­tive dis­ease. Found­ed by Flag­ship Pio­neer­ing and head­quar­tered in Boston, MA, Valo also has offices in Lex­ing­ton, MA, San Fran­cis­co, CA, Prince­ton, NJ, and Bran­ford, CT. To learn more, vis­it www​.val​o​health​.com.

About KVSA
KVSA is a spe­cial pur­pose acqui­si­tion com­pa­ny spon­sored by affil­i­ates of Khosla Ven­tures. Khosla Ven­tures man­ages a series of ven­ture cap­i­tal funds that make ear­ly-stage ven­ture cap­i­tal invest­ments and pro­vide strate­gic advice to entre­pre­neurs build­ing com­pa­nies with last­ing sig­nif­i­cance. The firm was found­ed in 2004 by Vin­od Khosla, co-founder of Sun Microsys­tems. Khosla Ven­tures has over $15 bil­lion dol­lars of assets under man­age­ment and focus­es on a broad range of sec­tors includ­ing arti­fi­cial intel­li­gence, agriculture/​food, con­sumer, enter­prise, finan­cial ser­vices, health, space, sus­tain­able ener­gy, robot­ics, VR/AR and 3D print­ing. Col­lec­tive­ly, Khosla Ven­tures port­fo­lio of invest­ments has cre­at­ed near­ly half a tril­lion dol­lars in mar­ket value.

Investor Con­tact:
Graeme Bell, CFO gbell@​valohealth.​com

Peter Buck­land, CFO

For­ward-Look­ing State­ments
This com­mu­ni­ca­tion con­tains cer­tain for­ward-look­ing state­ments with­in the mean­ing of the fed­er­al secu­ri­ties laws with respect to the pro­posed trans­ac­tion between Valo and KVSA. These for­ward-look­ing state­ments gen­er­al­ly are iden­ti­fied by the words believe,” project,” expect,” antic­i­pate,” esti­mate,” intend,” strat­e­gy,” future,” oppor­tu­ni­ty,” plan,” may,” should,” will,” would,” will be,” will con­tin­ue,” will like­ly result,” and sim­i­lar expres­sions. For­ward-look­ing state­ments are pre­dic­tions, pro­jec­tions and oth­er state­ments about future events that are based on cur­rent expec­ta­tions and assump­tions and, as a result, are sub­ject to risks and uncer­tain­ties. Many fac­tors could cause actu­al future events to dif­fer mate­ri­al­ly from the for­ward-look­ing state­ments in this com­mu­ni­ca­tion. You should care­ful­ly con­sid­er the risks and uncer­tain­ties described in the Risk Fac­tors” sec­tion of KVSA’s Annu­al Reports on Form 10‑K, Quar­ter­ly Reports on Form 10‑Q, the reg­is­tra­tion state­ment on Form S‑4, and oth­er doc­u­ments filed by KVSA from time to time with the SEC. These fil­ings iden­ti­fy and address oth­er impor­tant risks and uncer­tain­ties that could cause actu­al events and results to dif­fer mate­ri­al­ly from those con­tained in the for­ward-look­ing state­ments. For­ward-look­ing state­ments speak only as of the date they are made. Read­ers are cau­tioned not to put undue reliance on for­ward-look­ing state­ments, and Valo and KVSA assume no oblig­a­tion and do not intend to update or revise these for­ward-look­ing state­ments, whether as a result of new infor­ma­tion, future events, or oth­er­wise. Nei­ther Valo nor KVSA gives any assur­ance that either Valo or KVSA will achieve its expectations.

Addi­tion­al Infor­ma­tion and Where to Find It / Non-Solic­i­ta­tion
In con­nec­tion with the pro­posed trans­ac­tion, KVSA has filed, and the SEC has declared effec­tive, a Reg­is­tra­tion State­ment on Form S‑4 con­tain­ing a proxy statement/​prospectus. The proxy statement/​prospectus was sent to the stock­hold­ers of KVSA on or about Octo­ber 22, 2021. KVSA and Valo also will file oth­er doc­u­ments regard­ing the pro­posed trans­ac­tion with the SEC. Before mak­ing any vot­ing deci­sion, investors and secu­ri­ty hold­ers of KVSA are urged to read the proxy statement/​prospectus and all oth­er rel­e­vant doc­u­ments filed or that will be filed with the SEC in con­nec­tion with the pro­posed trans­ac­tion as they become avail­able because they will con­tain impor­tant infor­ma­tion about the pro­posed trans­ac­tion. Investors and secu­ri­ty hold­ers will be able to obtain free copies of the proxy statement/​prospectus and all oth­er rel­e­vant doc­u­ments filed or that will be filed with the SEC by KVSA and Valo through the web­site main­tained by the SEC at www​.sec​.gov.

Par­tic­i­pants in Solic­i­ta­tion
KVSA and Valo and their respec­tive direc­tors and exec­u­tive offi­cers may be deemed to be par­tic­i­pants in the solic­i­ta­tion of prox­ies from KVSA’s stock­hold­ers in con­nec­tion with the pro­posed trans­ac­tion. Infor­ma­tion about KVSA’s direc­tors and exec­u­tive offi­cers and their own­er­ship of KVSA’s secu­ri­ties is set forth in KVSA’s fil­ings with the SEC. To the extent that hold­ings of KVSA’s secu­ri­ties have changed since the amounts print­ed in KVSA’s Reg­is­tra­tion State­ment on Form S‑1, such changes have been or will be reflect­ed on State­ments of Change in Own­er­ship on Form 4 filed with the SEC. A list of the names of such direc­tors and exec­u­tive offi­cers and infor­ma­tion regard­ing their inter­ests in the busi­ness com­bi­na­tion are con­tained in the proxy statement/​prospectus. You may obtain free copies of these doc­u­ments as described in the pre­ced­ing paragraph.

No Offer or Solic­i­ta­tion
These com­mu­ni­ca­tions do not con­sti­tute an offer to sell or the solic­i­ta­tion of an offer to buy any secu­ri­ties, or a solic­i­ta­tion of any vote or approval, nor shall there be any sale of secu­ri­ties in any juris­dic­tion in which such offer, solic­i­ta­tion or sale would be unlaw­ful pri­or to reg­is­tra­tion or qual­i­fi­ca­tion under the secu­ri­ties laws of any such juris­dic­tion. No offer­ing of secu­ri­ties shall be made except by means of a prospec­tus meet­ing the require­ments of Sec­tion 10 of the Secu­ri­ties Act, or an exemp­tion therefrom.