Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Lefteris Acquisition Corp. | brhc10017163_8k.htm |
Exhibit 99.1
LEFTERIS ACQUISITION CORP.
PRO FORMA BALANCE SHEET
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Actual
as of
October 23,
2020
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Pro Forma
Adjustments
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As Adjusted
as of
October 23,
2020
|
|||||||||||
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(unaudited)
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(unaudited)
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||||||||||||
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ASSETS
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|||||||||||||
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Current asset – Cash
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$
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2,104,848
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$
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—
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$
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2,104,848
|
|||||||
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Cash held in Trust Account
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200,000,000
|
7,098,940
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(a)
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207,098,940
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|||||||||
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(141,979
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)
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(b)
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|||||||||||
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141,979
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(d)
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||||||||||||
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Total Assets
|
$
|
202,104,848
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$
|
7,098,940
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$
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209,203,788
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|||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|||||||||||||
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Current liabilities:
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|||||||||||||
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Accrued expenses
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$
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75,082
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$
|
—
|
75,082
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||||||||
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Accrued offering costs
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327,413
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—
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327,413
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||||||||||
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Promissory note – related party
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170,337
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—
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170,337
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||||||||||
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Total Current Liabilities
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572,832
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—
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572,832
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||||||||||
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Deferred underwriting fee payable
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7,000,000
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$
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248,463
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(c)
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$
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7,248,463
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|||||||
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Total Liabilities
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7,572,832
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248,463
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7,821,295
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||||||||||
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Commitments and Contingencies
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|||||||||||||
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Class A common stock subject to possible redemption, 18,953,201 and 19,638,249 shares at $10.00 per share
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189,532,010
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6,850,480
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(f)
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196,382,490
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|||||||||
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Stockholders’ Equity
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|||||||||||||
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Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
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—
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—
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—
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||||||||||
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Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 1,046,799 and 1,071,645 shares issued and outstanding (excluding 18,953,201 and 19,638,249 shares, respectively,
subject to possible redemption)
|
105
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71
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(a)
|
107
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|||||||||
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(69
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)
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(f)
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|||||||||||
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Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 and 5,177,474 shares issued and outstanding
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575
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(57
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)
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(e)
|
518
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||||||||
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Additional paid-in capital
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5,074,488
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7,098,869
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(a)
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5,074,540
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|||||||||
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(141,979
|
)
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(b)
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|||||||||||
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(248,463
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)
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(c)
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|||||||||||
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141,979
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(d)
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||||||||||||
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57
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(e)
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||||||||||||
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(6,850,411
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)
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(f)
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|||||||||||
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Accumulated deficit
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(75,162
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)
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—
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(75,162
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)
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||||||||
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Total Stockholders’ Equity
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5,000,006
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(3
|
)
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5,000,003
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|||||||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$
|
202,104,848
|
$
|
7,098,940
|
$
|
209,203,788 |
|||||||
See accompanying note to the pro forma balance sheet.
LEFTERIS ACQUISITION CORP.
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Lefteris Acquisition Corp. (the “Company”) as of October 23, 2020, adjusted for the partial closing of the
underwriters’ over-allotment option and related transactions, which occurred on November 17, 2020, as described below.
On November 17, 2020, the Company consummated the closing of the sale of 709,894 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election
to partially exercise their over-allotment option, generating additional gross proceeds of $7,098,940 to the Company. Each Unit consists of one share Class A common stock (the “Common Stock”) and one-third of one redeemable warrant (“Public
Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of an
additional 94,653 warrants (the “Private Placement Warrants”), at a purchase price of $1.50 per Private Placement Warrant, to Lefteris Holdings LLC, generating gross proceeds of $141,979. Transaction costs amounted to $390,441, consisting of
$141,979 in cash underwriting fees and $248,463 of additional underwriting fees, which have been deferred until the completion of the Company’s Business Combination. As a result of the underwriters’ election to partially exercise their
over-allotment option and the forfeiture of the remaining over-allotment option, 177,474 Founder Shares are no longer subject to forfeiture and 572,526 Founder Shares were forfeited, resulting in an aggregate of 5,177,474 Founder Shares
outstanding. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:
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Pro forma entries:
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Debit
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Credit
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||||||||
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a.
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Cash held in Trust Account
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7,098,940
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||||||||
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Class A common stock
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71
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|||||||||
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Additional paid-in capital
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7,098,869
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|||||||||
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To record sale of 709,894 Units on over-allotment option at $10.00 per Unit.
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||||||||||
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b.
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Additional paid-in capital
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141,979
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||||||||
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Cash held in Trust Account
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141,979
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|||||||||
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To record payment of 2.0% of cash underwriting fee on over-allotment option.
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c.
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Additional paid-in capital
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248,463
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||||||||
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Deferred underwriting fee payable
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248,463
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|||||||||
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To record the liability for the 3.5% deferred underwriting fees on over-allotment option.
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d.
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Cash held in Trust Account
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141,979
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||||||||
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Additional paid in capital
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141,979
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|||||||||
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To record sale of 94,653 over-allotment Private Placement Warrants at $1.50 per warrant.
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||||||||||
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e.
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Class B common stock
|
57
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||||||||
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Additional paid in capital
|
57
|
|||||||||
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To record forfeiture of 572,526 Founder Shares.
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||||||||||
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f.
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Class A common stock
|
69
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||||||||
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Additional paid-in capital
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6,850,411
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|||||||||
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Common stock subject to redemption
|
6,850,480
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|||||||||
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To reclassify Class A common stock out of permanent equity into mezzanine redeemable shares.
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