Attached files
| file | filename |
|---|---|
| EX-99.2 - PRESS RELEASE, DATED DECEMBER 18, 2020 - 10X Capital Venture Acquisition Corp | ea131812ex99-2_10xcapital.htm |
| 8-K - CURRENT REPORT - 10X Capital Venture Acquisition Corp | ea131812-8k_10xcapital.htm |
Exhibit 99.1
10X CAPITAL VENTURE ACQUISITION CORP
PRO FORMA BALANCE SHEET
| Actual as of November 27, 2020 | Pro Forma Adjustments | As Adjusted as of November 27, 2020 | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current Assets | ||||||||||||
| Cash | $ | 1,304,880 | $ | — | $ | 1,304,880 | ||||||
| Due from Sponsor | 192,690 | — | 192,690 | |||||||||
| Prepaid expenses and other current assets | 28,550 | — | 28,550 | |||||||||
| Total Current Assets | 1,526,120 | — | 1,526,120 | |||||||||
| Cash held in Trust Account | 175,000,000 | 26,250,000 | (a) | 201,250,000 | ||||||||
| Total Assets | $ | 176,526,120 | $ | 26,250,000 | $ | 202,776,120 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Current Liabilities | ||||||||||||
| Accrued offering costs | $ | 15,000 | — | 15,000 | ||||||||
| Total Current Liabilities | 15,000 | — | 15,000 | |||||||||
| Deferred underwriting fee payable | 6,125,000 | 1,443,750 | (b) | 7,568,750 | ||||||||
| Total Liabilities | 6,140,000 | 1,443,750 | 7,583,750 | |||||||||
| Commitments and Contingencies | ||||||||||||
| Class A common stock, $0.0001 par value, subject to possible redemption, 16,538,611 and 19,019,236 shares at $10.00 per share | 165,386,110 | 24,806,250 | (c) | 190,192,360 | ||||||||
| 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; 280,000,000 shares authorized; 961,389 and 1,105,764 shares issued and outstanding (excluding 16,538,611 and 19,019,236 shares, respectively, subject to possible redemption) | 96 | 263 | (a) | 111 | ||||||||
| (248 | )(c) | |||||||||||
| Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 5,031,250 shares issued and outstanding | 503 | — | 503 | |||||||||
| Additional paid-in capital | 5,005,661 | 26,249,737 | (a) | 5,005,646 | ||||||||
| (1,443,750 | )(b) | |||||||||||
| (24,806,002 | )(c) | |||||||||||
| Accumulated deficit | (6,250 | ) | — | (6,250 | ) | |||||||
| Total Stockholders’ Equity | 5,000,010 | — | 5,000,010 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 176,526,120 | $ | 26,250,000 | $ | 202,776,120 | ||||||
See accompanying note to the pro forma balance sheet.
10X CAPITAL VENTURE 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 10X Capital Venture Acquisition Corp (the “Company”) as of November 27, 2020, adjusted for the partial closing of the underwriters’ over-allotment option and related transactions, which occurred on December 18, 2020, as described below.
On December 18, 2020, the Company consummated the closing of the sale of 2,625,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to fully exercise their over-allotment option, generating additional gross proceeds of $26,250,000 to the Company. Each Unit consists of one share of the Company’s Class A common stock (the “Common Stock”) and one-half 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. Transaction costs amounted to $1,443,750, consisting 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 fully exercise their over-allotment option, 656,250 Founder Shares are no longer subject to forfeiture. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:
| Pro forma entries: | Debit | Credit | ||||||||
| a. | Cash held in Trust Account | 26,250,000 | ||||||||
| Class A common stock | 263 | |||||||||
| Additional paid-in capital | 26,249,737 | |||||||||
| To record sale of 2,625,000 Units on over-allotment option at $10.00 per Unit. | ||||||||||
| b. | Additional paid-in capital | 1,443,750 | ||||||||
| Deferred underwriting fee payable | 1,443,750 | |||||||||
| To record the liability for the deferred underwriting fees on over-allotment option. | ||||||||||
| . | Class A common stock | 248 | ||||||||
| Additional paid-in capital | 24,806,002 | |||||||||
| Common Stock Subject to Redemption | 24,806,250 | |||||||||
| To reclassify Class A common stock out of permanent equity into mezzanine redeemable shares. | ||||||||||