Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Yunhong International | tm2011184-1_8k.htm |
Exhibit 99.1
YUNHONG INTERNATIONAL
PRO FORMA BALANCE SHEET
| As of February 18, | Pro Forma | ||||||||||||
| 2020 | Adjustments | As Adjusted | |||||||||||
| (unaudited) | (unaudited) | ||||||||||||
| ASSETS | |||||||||||||
| Current asset - cash | $ | 819,742 | $ | 180,000 | c | $ | 819,742 | ||||||
| (180,000 | ) | b | |||||||||||
| Total Current Assets | 819,742 | - | 819,742 | ||||||||||
| Cash Held in Trust Account | 60,000,000 | 9,000,000 | a | 69,000,000 | |||||||||
| Total Assets | $ | 60,819,742 | $ | 9,000,000 | $ | 69,819,742 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
| Current Liabilities | |||||||||||||
| Payable- Professional Fees | $ | 12,106 | $ | - | $ | 12,106 | |||||||
| Promissory note - related party | 198,553 | - | 198,553 | ||||||||||
| Total Current Liabilities | 210,659 | - | 210,659 | ||||||||||
| Deferred underwriting commissions | 2,100,000 | 315,000 | d | 2,415,000 | |||||||||
| Total Liabilities | 2,310,659 | 315,000 | 2,625,659 | ||||||||||
| Commitments and contingencies | |||||||||||||
| Class A ordinary shares, $0.001 par value; 5,350,908 and 6,219,408 shares subject to possible redemption, actual and as adjusted | 53,509,080 | 9,000,000 | a | 62,194,080 | |||||||||
| (315,000 | ) | e | |||||||||||
| Shareholders’ Equity | |||||||||||||
| Preferred shares, $0.001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | - | ||||||||||
| Class A ordinary shares, $0.001 par value; 47,000,000 shares authorized; 649,092 shares issued and outstanding and 680,592 as adjusted (excluding 5,350,908 and 6,219,408 shares, actual and as adjusted, subject to possible redemption) | 65 | 3 | e | 68 | |||||||||
| Class B ordinary shares, $0.001 par value, 2,000,000 shares authorized; 1,725,000 (4) shares issued and outstanding (as adjusted) | 173 | - | 173 | ||||||||||
| Additional paid-in capital | 5,004,977 | - | 5,004,974 | ||||||||||
| (180,000 | ) | b | |||||||||||
| 180,000 | c | ||||||||||||
| 314,997 | d | ||||||||||||
| (315,000 | ) | e | |||||||||||
| Accumulated deficit | (5,212 | ) | - | (5,212 | ) | ||||||||
| Total Shareholders’ Equity | 5,000,003 | - | 5,000,003 | ||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 60,819,742 | $ | 9,000,000 | $ | 69,819,742 | |||||||
YUNHONG INTERNATIONAL
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT AND FORFEITED SHARES
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of February 18, 2020, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on February 24, 2020 as described below.
On February 24, 2020, the Company consummated the closing of the sale of 900,000 additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (“Overallotment Units”), generating an additional gross proceeds of $9 million and incurred additional offering cost of $180,000 in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 18,000 Private Placement Units to the Sponsor, generating gross proceeds of $180,000. Additional underwriting fees of $315,000 were deferred until the completion of the Company’s initial business combination. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entry | ||||||||||
| a. | Cash held in Trust Account | 9,000,000 | ||||||||
| Common stock subject to possible redemption | 9,000,000 | |||||||||
| To record sale of 900,000 Overallotment Units at $10.00 per Unit | ||||||||||
| b. | Cash | 180,000 | ||||||||
| Additional paid-in capital | 180,000 | |||||||||
| To record sale of 18,000 Private Placement Units at $10.00 per unit | ||||||||||
| c. | Additional paid-in capital | 180,000 | ||||||||
| Cash | 180,000 | |||||||||
| To record payment of 2% of cash underwriting fee on overallotment option | ||||||||||
| d. | Additional paid-in capital | 315,000 | ||||||||
| Deferred underwriting fees | 315,000 | |||||||||
| To record the liability for deferred underwriting fees on overallotment option | ||||||||||
| e. | Common stock subject to possible redemption | 315,000 | ||||||||
| Class A ordinary shares | 3 | |||||||||
| Additional paid-in capital | 314,997 | |||||||||
| To restore total equity above $5,000,001 | ||||||||||