Montes Archimedes Acquisition Corp - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 18, 2020

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Exhibit 99.1

 

MONTES ARCHIMEDES ACQUISITION CORP. 

BALANCE SHEET

 

   October 9, 2020   Pro Forma Adjustments   As Adjusted 
        (Unaudited)   (Unaudited) 
Assets:               
Current assets:               
Cash  $1,737,630   $10,718,230  (a)  $1,737,630 
         214,365  (b)     
         (214,365) (c)     
         (10,718,230) (g)     
Prepaid expenses   210,300    -    210,300 
Due from underwriters   520,000    13,934  (e)   533,934 
Total current assets   2,467,930    13,934    2,481,864 
Cash held in Trust Account   400,000,000    10,718,230  (g)   410,718,230 
Total Assets  $402,467,930   $10,732,164   $413,200,094 
                
Liabilities and Stockholders' Equity:               
Current liabilities:               
Accounts payable  $532,500   $-   $532,500 
Accrued expenses   76,540    -    76,540 
Franchise tax payable   51,557    -    51,557 
Total current liabilities   660,597    -    660,597 
Deferred underwriting commissions   14,000,000    375,138  (d)   14,375,138 
Total liabilities   14,660,597    375,138    15,035,735 
                
Commitments and Contingencies               
Class A common stock, $0.0001 par value; 38,280,733 and 39,316,435 shares subject to possible redemption at $10.00 per share, actual and as adjusted, respectively   382,807,330    10,357,020  (f)   393,164,350 
                
Stockholders' Equity:               
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    -    - 
Class A common stock, $0.0001 par value; 400,000,000 shares authorized; 1,719,267 and 1,755,388 shares issued and outstanding (excluding 38,280,733 and 39,316,435 shares subject to possible redemption), actual and as adjusted, respectively   172    107  (a)   175 
         (104) (f)     
Class B common stock, $0.0001 par value; 40,000,000 shares authorized; 11,500,000 shares issued and outstanding (1)   1,150    -    1,150 
Additional paid-in capital   5,073,736    10,718,123  (a)   5,073,739 
         214,365  (b)     
         (214,365) (c)     
         (375,138) (d)     
         13,934  (e)     
         (10,356,916) (f)     
Accumulated deficit   (75,055)   -    (75,055)
Total stockholders' equity   5,000,003    6    5,000,009 
Total Liabilities and Stockholders' Equity  $402,467,930   $10,732,164   $413,200,094 

 

(1) This number includes up to 1,500,000 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters.  On November 12, 2020, the underwriters partially exercised the over-allotment option to purchase as additional 1,071,823 Units; thus, only 1,285,637 Class B ordinary shares remain subject to forfeiture.

 

The accompanying notes are an integral part of these financial statements.

                       

 

 

 

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Montes Archimedes Acquisition Corp.  (the “Company”) as of October 9, 2020, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on November 12, 2020 as described below.

 

The Company consummated its initial public offering (the “IPO”) of 40,000,000 units (the “Units”) on October 9, 2020. Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a "Public Warrant"). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $400.0 million. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 6,000,000 additional Units to cover over-allotments, if any. The Underwriters exercised the over-allotment option in full and on November 12, 2020 purchased an additional 1,071,823 Units (the “Over-Allotment Units”), generating gross proceeds of approximately $10.7 million, and incurred additional offering costs of approximately $576,000 in underwriting fees (net of reimbursement of offering costs of approximately $14,000 from the underwriters and inclusive of approximately $2.6 million in deferred underwriting fees).

 

Simultaneously with the closing of the IPO on October 9, 2020, the Company completed a private placement (the “Private Placement”) of an aggregate of 10,000,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant to Patient Square Capital LLC (the “Sponsor”), generating proceeds of $10.0 million. Simultaneously with the closing of the Over-allotment on November 12, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 214,365 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $214,000. 

 

In addition, the Sponsor agreed to forfeit up to 1,500,000 Class B common stock, par value $0.0001 (the “Founder Shares”) to the extent that the over-allotment option is not exercised in full by the underwriters. The underwriters exercised their over-allotment option on November 12, 2020; thus, only 1,285,637 shares of Class B common stock remain subject to forfeiture.

 

 

 

 

Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option and the sale of the private placement warrants described above are as follows:

 

  Pro Forma Entries  Debit   Credit 
(a) Cash  $10,718,230      
  Class A common stock       $107 
  Additional paid-in capital       $10,718,123 
  To record sale of 1,071,823 Overallotment Units at $10.00 per Unit          
             
(b) Cash  $214,365      
  Additional paid-in capital       $214,365 
  To record sale of 214,365 Private Placement Warrants at $1.00 per warrant          
             
(c) Additional paid-in capital  $214,365      
  Cash       $214,365 
  To record payment of 2% of cash underwriting fee on overallotment option          
             
(d) Additional paid-in capital  $375,138      
  Deferred underwriting commissions       $375,138 
  To record additional deferred underwriting fee on overallotment option          
             
(e) Due from underwriters  $13,934      
  Additional paid-in capital       $13,934 
  To record receivable for reimbursement of 0.13% on overallotment option from underwriters          
             
(f) Class A common stock  $104      
  Additional paid-in capital  $10,356,916      
  Class A common stock subject to possible redemption       $10,357,020 
  To reclassify Class A common stock out of permanent equity into mezzanine redeemable stock          
             
(g) Trust account  $10,718,230      
  Cash       $10,718,230 
  To transfer $10.00 per Overallotment Units to Trust Account          

 

 

 

 

Montes Archimedes Acquisition Corp Reports