Board members at the struggling local networking site Nextdoor have been debating the company’s future, including whether to bring in a new CEO or to find a buyer, a person familiar with the matter said. Investment firm Qatalyst has approached companies about their interest, said two people familiar with the matter.
The company, which went public in late 2021, has struggled with anemic growth in the past year and a steady cash burn from losses at its business, an ad-based social networking site for people based on their neighborhoods. Its stock has fallen below $2, giving Nextdoor a market capitalization of $662 million, while it carried about $540 million in cash and securities on its balance sheet as at Sept. 30, meaning it is being valued at less than $150 million.
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