Maquia Capital Acquisition (MAQC)

Filed: 18 May 21, 5:25pm

Exhibit 99.1


Maquia Capital Acquisition Corporation




  Actual as of
May 7, 2021
  Pro Forma
   As Adjusted 
     (Unaudited)   (Unaudited) 
Current assets:             
Cash $13,000  $-   $13,000 
Due from Sponsor  1,223,471   -    1,223,471 
Total current assets  1,236,471   -    1,236,471 
Cash held in Trust Account  162,400,000   13,097,190 (a)  175,693,648 
       327,430 (c)    
Total Assets $163,636,471  $13,293,648   $176,930,119 
Liabilities and STOCKholders' Equity             
Current liabilities:             
Accrued offering costs $719  $-   $719 
Accrued offering costs  35,000   -    35,000 
Note payable - Sponsor  177,100   -    177,100 
Total current liabilities  212,819       212,819 
Deferred underwriting commissions  4,800,000   392,916  (g)  5,192,916 
Derivative warranty liabilities  10,878,415   882,261 (f)  11,760,676 
Total liabilities  15,891,234   1,275,177     17,166,411 
Commitments and Contingencies             
Class A common stock subject to possible redemption; 14,063,570 and 15,247,656  shares (at $10.15 per share), actual and adjusted  142,745,236   12,018,471 (i)  154,763,707 
Stockholders' Equity:             
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding  -   -    - 
Class A common stock, $0.0001 par value, 100,000,000 shares authorized, 2,487,430 and 2,645,806 shares issued and outstanding (excluding 14,063,570 and 15,247,656  shares subject to possible redemption), actual and adjusted  249   131 (a)  265  
       (115)  (i)    
Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 4,760,000 and 4,500,528 shares issued and outstanding, actual and adjusted  476   (27)(d)  450 
       1 (e)    
Additional paid-in capital  5,454,892   13,097,059 (a)  5,493,624 
       327,430 (c)    
       27 (d)    
       38,722 (h)    
Accumulated deficit  (455,616)  (38,722) (h)  (494,338) 
Total Stockholders' Equity  5,000,001       5,000,001  
Total Liabilities and Shareholders' Equity $163,636,471  $ 13,293,648   $176,930,119 






Maquia Capital Acquisition Corporation

Note to Pro Forma Financial Statement





The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of Maquia Capital Acquisition Corporation (the “Company”) as of May 7, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on May 10, 2021 as described below.


On May 10, 2021, the Company consummated the closing of the sale of 1,309,719 additional units of the Company’s Class A common stock, $0.0001 par value at a price of $10 per unit (the “Units”) upon receiving notice of the underwriters’ election to partially exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $13,097,190 and incurred additional offering costs of $130,972 in underwriting fees. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-half of one warrant (each, a “Warrant” and, collectively, the “Warrants”). Each whole Warrant entitles the holder to purchase one Class A common stock at a price of $11.50 per share. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 32,743 Private Placement Warrants to Maquia Investments North America, LLC., a Delaware limited partnership (the “Sponsor”), generating gross proceeds of $327,430. As a result of the underwriters' election to partially exercise their overallotment option, 372,430 Founder Shares are no longer subject to forfeiture. The remaining 272,570 Founders shares were forfeited. On May 12, 2021, the Company issued 13,098 shares of Class B common stock to the underwriter for services rendered and recorded $52 which is recorded as a stock issuance cost.


Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:



   Pro forma entry        
a.  Cash held in Trust Account  13,097,190     
   Class A common stock      131 
   Additional paid-in capital      13,097,059 
   To record sale of 1,309,719 Overallotment Units at $10.00 per Unit.        
b.  Additional paid-in capital  130,972     
   Cash held in Trust Account      130,972 
   To record payment of cash underwriting fee on overallotment option.        
c.  Cash held in Trust Account  327,430     
   Additional paid-in capital      327,430 
   To record additional proceeds from sale of 32,743 private units.        
d.  Class B common stock  27     
   Additional paid-in capital      27 
   To record forfeiture of 272,570 Class B common stock.        
e.  Additional paid-in capital  52     
   Class B common stock      1 
   Additional paid-in capital      51 
   To record 13,098 shares of Class B common stock to underwriter.        
f.  Additional paid-in capital  882,261     
   Warrant liability      882,261 
    To adjust warrant liability upon partial exercise of over-allotment        
g.  Additional paid-in capital  392,916     
   Deferred underwriting commissions      392,916 
   To record payment of 3% deferred underwriting fees on overallotment option.        
h.  Accumulated deficit  38,722     
   Additional paid-in capital      38,722  
   To record additional costs allocated to the warrant liability related to the exercise of the overallotment option.        
i.  Class A common stock  12,018,356     
   Additional paid-in capital  115     
   Class A common stock subject to conversion      12,018,471 
   To restore total equity above $5,000,001.