Exhibit 99.2
YELLOWSTONE ACQUISITION COMPANY
PRO FORMA BALANCE SHEET
Actual as of October 26, 2020 | Pro Forma Adjustments | As Adjusted as of October 26, 2020 | ||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Assets: | ||||||||||||||
Current Assets | ||||||||||||||
Cash | $ | 2,269,195 | $ | (219,780 | ) | (g) | $ | 2,049,415 | ||||||
Cash in Trust | 127,500,000 | 10,988,980 | (a) | 138,488,980 | ||||||||||
(219,779 | ) | (b) | (219,779 | ) | ||||||||||
219,779 | (d) | 219,779 | ||||||||||||
219,780 | (g) | 219,780 | ||||||||||||
Total Assets | $ | 129,769,195 | 10,988,980 | $ | 140,758,175 | |||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable and accrued expenses | $ | 142,382 | $ | - | 142,382 | |||||||||
Deferred underwriting fee payable | 4,375,000 | 384,615 | (c) | 4,759,615 | ||||||||||
Total Current Liabilities | 4,517,382 | 384,615 | 4,901,997 | |||||||||||
Total Liabilities | 4,517,382 | 384,615 | 4,901,997 | |||||||||||
Commitments and Contingencies: | ||||||||||||||
Class A common stock, $0.0001 par value; 12,025,181 and 13,085,617 shares subject to possible redemption at $10.00 per share | 120,251,810 | 10,604,360 | (e) | 130,856,170 | ||||||||||
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; 200,000,000 shares authorized; 474,819 and 513,281 issued and outstanding (excluding 12,025,181 and 13,085,617 shares subject to possible redemption) | 47 | 110 | (a) | 51 | ||||||||||
(106 | ) | (e) | ||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 3,593,750 and 3,399,724 shares issued and outstanding | 359 | (19 | ) | (f) | 340 | |||||||||
Additional paid-in capital | 5,002,982 | 10,988,870 | (a) | 5,003,002 | ||||||||||
(219,779 | ) | (b) | ||||||||||||
(384,615 | ) | (c) | ||||||||||||
219,779 | (d) | |||||||||||||
(10,604,254 | ) | (e) | ||||||||||||
19 | (f) | |||||||||||||
Accumulated deficit | (3,385 | ) | - | (3,385 | ) | |||||||||
Total Stockholders’ Equity | 5,000,003 | 5 | 5,000,008 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 129,769,195 | $ | 10,988,980 | $ | 140,758,175 |
YELLOWSTONE ACQUISITION COMPANY
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 Yellowstone Acquisition Company (the “Company”) as of October 26, 2020, adjusted for the closing of the underwriters’ over-allotment option and related transactions, which occurred on December 1, 2020, as described below.
On December 1, 2020, the Company consummated the closing of the sale of 1,098,898 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to exercise their over-allotment option, generating additional gross proceeds of $10,988,980 to the Company. Each Unit consists of one share of Yellowstone’s Class A common stock and one-half of one warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of an additional 219,779 warrants (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, to BOC Yellowstone LLC, generating gross proceeds of $219,779. Transaction costs amounted to $604,394, consisting of $219,779 in cash underwriting fees and $384,615 of additional underwriting fees, which additional underwriting fees have been deferred until such time, if ever, as Company consummates a Business Combination. As a result of the underwriters’ election to partially exercise their over-allotment option, the Company decreased the number of founder shares to 3,399,724 shares, resulting in a purchase price of $.00735 per share of Class B common stock. 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 | 10,988,980 | ||||||||
Class A common stock | 110 | |||||||||
Additional paid-in capital | 10,988,870 | |||||||||
To record sale of 1,098,898 Units on over-allotment option at $10.00 per Unit. | ||||||||||
b. | Additional paid-in capital | 219,779 | ||||||||
Cash held in Trust | 219,779 | |||||||||
To record payment of 2.0% of cash underwriting fee on over-allotment option. | ||||||||||
c. | Additional paid-in capital | 384,615 | ||||||||
Deferred underwriting fee payable | 384,615 | |||||||||
To record the liability for the 3.5% deferred underwriting fees on over-allotment option. | ||||||||||
d. | Cash held in Trust | 219,779 | ||||||||
Additional paid in capital | 219,779 | |||||||||
To record sale of 219,779 over-allotment Private Placement Warrants at $1.00 per warrant. | ||||||||||
e. | Class A common stock | 106 | ||||||||
Additional paid-in capital | 10,604,254 | |||||||||
Common Stock subject to redemption | 10,604,360 | |||||||||
To reclassify Class A Common Stock out of permanent equity into mezzanine redeemable shares. | ||||||||||
f. | Class B common stock | 19 | ||||||||
APIC | 19 | |||||||||
To reclassify Class B common stock to APIC as a result of over-allotment option. | ||||||||||
g. | Cash held in Trust | 219,780 | ||||||||
Cash | 219,780 | |||||||||
To record additional funding of the trust account. |