Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - Adit EdTech Acquisition Corp. | d106473dex991.htm |
| 8-K - 8-K - Adit EdTech Acquisition Corp. | d106473d8k.htm |
Exhibit 99.2
ADIT EDTECH ACQUISITION CORP.
BALANCE SHEET
January 14, 2021
| January 14, 2021 |
Pro Forma Adjustments |
As Adjusted | ||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Assets: |
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| Current asset - cash |
$ | 1,317,461 | $ | — | $ | 1,317,461 | ||||||||||
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| Total current assets |
1,317,461 | — | 1,317,461 | |||||||||||||
| Cash held in trust account |
240,000,000 | 36,000,000 | (a | ) | 276,000,000 | |||||||||||
| 720,000 | (b | ) | ||||||||||||||
| (720,000 | ) | (c | ) | |||||||||||||
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| Total Assets |
$ | 241,317,461 | $ | 36,000,000 | $ | 277,317,461 | ||||||||||
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| Liabilities and Stockholders’ Equity |
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| Accrued offering costs and expenses |
$ | 10,300 | — | $ | 10,300 | |||||||||||
| Due to related party |
18,773 | — | 18,773 | |||||||||||||
| Promissory note - related party |
150,000 | — | 150,000 | |||||||||||||
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| Total current liabilities |
179,073 | — | 179,073 | |||||||||||||
| Deferred underwriting discount |
8,400,000 | 1,260,000 | (d | ) | 9,660,000 | |||||||||||
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| Total Liabilities |
8,579,073 | 1,260,000 | 9,839,073 | |||||||||||||
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| Commitments and Contingencies |
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| Common stock subject to possible redemption, 22,773,838 and 26,247,838 shares at redemption value, respectively |
227,738,380 | 34,740,000 | (e | ) | 262,478,380 | |||||||||||
| Stockholders’ Equity: |
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| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
— | — | — | |||||||||||||
| Common stock, $0.0001 par value; 100,000,000 shares authorized; 8,126,162 and 8,252,162 shares issued and outstanding (excluding 22,773,838 and 26,247,838 shares subject to possible redemption, respectively) |
813 | 360 | (a | ) | 826 | |||||||||||
| (347 | ) | (e | ) | |||||||||||||
| Additional paid-in capital |
4,999,721 | 35,999,640 | (a | ) | 4,999,708 | |||||||||||
| 720,000 | (b | ) | ||||||||||||||
| (720,000 | ) | (c | ) | |||||||||||||
| (1,260,000 | ) | (d | ) | |||||||||||||
| (34,739,653 | ) | (e | ) | |||||||||||||
| Accumulated deficit |
(526 | ) | — | (526 | ) | |||||||||||
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| Total Stockholders’ Equity |
5,000,008 | — | 5,000,008 | |||||||||||||
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| Total Liabilities and Stockholders’ Equity |
$ | 241,317,461 | $ | 36,000,000 | $ | 277,317,461 | ||||||||||
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The accompanying notes are an integral part of the financial statement.
NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Adit EdTech Acquisition Corp. (the “Company”) as of January 14, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on January 19, 2021 as described below.
The Company consummated its initial public offering (the “IPO”) of 24,000,000 units (the “Units”). Each Unit consists of one share of common stock, $0.0001 par value per share and one-half of one warrant to purchase one share of common stock. Each whole warrant entitles the holder to purchase one share of 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 $240,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 3,600,000 additional Units to cover over-allotments, if any. On January 19, 2021, the Underwriters exercised the over-allotment option in full to purchase 3,600,000 Units (the “Over-Allotment Units”), generating an aggregate of gross proceeds of $36,000,000, and incurred $720,000 in deferred underwriting fees.
Simultaneously with the closing of the exercise of the overallotment option, the Company completed the private sale (the “Private Placement”) of an aggregate of 720,000 private placement warrants (the “Private Placement Warrants”) to Adit EdTech Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds of $720,000.
Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $276,000,000 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.
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 held in trust account | $ | 36,000,000 | |||||||
| Common stock |
$ | 360 | ||||||||
| Additional paid-in capital |
$ | 35,999,640 | ||||||||
| To record sale of 3,600,000 Overallotment Units at $10.00 per Unit |
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| (b) |
Cash held in trust account | $ | 720,000 | |||||||
| Additional paid-in capital |
$ | 720,000 | ||||||||
| To record sale of 720,000 Private Placement Warrants at $1.00 per Private Placement Warrant |
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| (c) |
Additional paid-in capital | $ | 720,000 | |||||||
| Cash held in trust account |
$ | 720,000 | ||||||||
| To record payment of cash underwriting fee |
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| (d) |
Additional paid-in capital | $ | 1,260,000 | |||||||
| Deferred underwriting discount |
$ | 1,260,000 | ||||||||
| To record additional deferred underwriting fee on overallotment option |
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| (e) |
Common stock | $ | 347 | |||||||
| Additional paid-in capital |
$ | 34,739,653 | ||||||||
| Common stock subject to possible redemption |
$ | 34,740,000 | ||||||||
| To record common stock out of permanent equity into mezzanine redeemable stock |
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