#!/bin/bash
s='c=one, o=roll, root ca          valid until: date
c=one, o=roll, root ca          Located: location'
sed -E 's/,.*[^[:space:]]([[:space:]]{2,}(valid|Located))/\1/' <<< "$s"
sed -E 's/,.*\S(\s{2,}(valid|Located))/\1/' <<< "$s"