Recently, Yacht Club Games sent out a tweet confirming the release date of the new Specter Knight campaign. It will be set to launch in Spring 2017, and for free for all owners of Shovel Knight.
— Yacht Club Games (@YachtClubGames) September 12, 2016
In addition, the developers are working on including either the new Body Swap or Battle mode. The latter is a single-screen multiplayer game. Specter of Torment will be similar to how it was handled with Plague of Shadows with Plague Knight. The King Knight campaign is currently still being worked on.