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 |