Exhibit 99.1
LIFESCI ACQUISITION CORP.
PRO FORMA BALANCE SHEET
Actual as of | Pro Forma Adjustments | As Adjusted | |||||||||||
(unaudited) | (unaudited) | ||||||||||||
ASSETS | |||||||||||||
Current Assets | |||||||||||||
Cash | $ | 861,965 | $ | (112,753 | ) | (b) | $ | 749,212 | |||||
Prepaid expenses | 99,200 | — | 99,200 | ||||||||||
Total Current Assets | 961,165 | (112,753 | ) | 848,412 | |||||||||
Cash held in Trust Account | 60,000,000 | 5,637,670 | (a) | 65,637,670 | |||||||||
Total Assets | $ | 60,961,165 | $ | 5,524,917 | $ | 66,486,082 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current Liabilities – Accrued expenses | $ | 450 | — | 450 | |||||||||
Total Current Liabilities | 450 | — | 450 | ||||||||||
Promissory note – related party | 1,000,000 | — | 1,000,000 | ||||||||||
Deferred underwriting fee payable | 2,100,000 | 197,319 | (c) | 2,297,319 | |||||||||
Total Liabilities | 3,100,450 | 197,319 | 3,297,769 | ||||||||||
Commitments | |||||||||||||
Common stock subject to possible redemption, 5,286,071 and 5,818,831 shares at $10.00 per share redemption value | 52,860,710 | 5,327,600 | (e) | 58,188,310 | |||||||||
Stockholders’ Equity: | |||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | — | — | — | ||||||||||
Common stock, $0.0001 par value; 30,000,000 shares authorized; 2,438,929 and 2,385,878 shares issued and outstanding (excluding 5,286,071 and 5,818,831 shares, respectively, subject to possible redemption) | 244 | 56 | (a) | 239 | |||||||||
(8 | ) | (d) | |||||||||||
(53 | ) | (e) | |||||||||||
Additional paid-in capital | 5,001,834 | 5,637,614 | (a) | 5,001,837 | |||||||||
(112,753 | ) | (b) | |||||||||||
(197,319 | ) | (c) | |||||||||||
8 | (d) | ||||||||||||
(5,327,547 | ) | (e) | |||||||||||
Accumulated deficit | (2,073 | ) | — | (2,073 | ) | ||||||||
Total Stockholders’ Equity | 5,000,005 | (2 | ) | 5,000,003 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 60,961,165 | $ | 5,524,917 | $ | 66,486,082 |
See accompanying note to the pro forma balance sheet.
LIFESCI 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 LifeSci Acquisition Corp. (the “Company”) as of March 10, 2020, adjusted for the closing of the underwriters’ over-allotment option in full and related transactions which occurred on March 20, 2020, as described below.
On March 20, 2020, the Company consummated the closing of the sale of 563,767 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 $5,637,670 to the Company. Each Unit consists of one share of the Company’s common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share. Transaction costs amounted to $310,072, consisting of $112,753 in cash underwriting fees and $197,319 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, 84,058 Founder Shares were forfeited and 140,942 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 | 5,637,670 | |||||||
Common stock | 56 | ||||||||
Additional paid-in capital | 5,637,614 | ||||||||
To record sale of 563,767 Units on over-allotment option at $10.00 per Unit. | |||||||||
b. | Additional paid-in capital | 112,753 | |||||||
Cash | 112,753 | ||||||||
To record payment of 2.0% of cash underwriting fee on over-allotment option. | |||||||||
c. | Additional paid-in capital | 197,319 | |||||||
Deferred underwriting fees | 197,319 | ||||||||
To record the liability for the 3.5% deferred underwriting fees on over-allotment option. | |||||||||
d. | Common stock | 8 | |||||||
Additional paid n capital | 8 | ||||||||
To record the forfeiture of 84,058 Founder Shares. | |||||||||
e. | Common stock | 53 | |||||||
Additional paid-in capital | 5,327,547 | ||||||||
Common Stock Subject to Redemption | 5,327,600 | ||||||||
To reclassify common stock out of permanent equity into mezzanine redeemable shares. |