Exhibit 99.1
BLACK SPADE ACQUISITION CO
PRO FORMA BALANCE SHEET
Actual as of July 20, 2021 | Pro Forma Adjustments | As Adjusted | ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 3,180,960 | $ | (70,000 | ) | (2 | ) | $ | 2,730,960 | |||||||
(380,000 | ) | (3 | ) | |||||||||||||
Prepaid expenses | 26,800 | — | 26,800 | |||||||||||||
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Total current assets | 3,207,760 | 450,000 | 2,757,760 | |||||||||||||
Cash held in Trust Account | 150,000,000 | 19,000,000 | (1 | ) | 169,000,000 | |||||||||||
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Total Assets | $ | 153,207,760 | $ | 18,550,000 |
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| $ | 171,757,760 | |||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued offering costs | $ | 6,811 | $ | — | $ | 6,811 | ||||||||||
Accrued offering costs | 460,988 | — | 460,988 | |||||||||||||
Note payable - Sponsor | 450,000 | (70,000 | ) | (2 | ) | — | ||||||||||
(380,000 | ) | (5 | ) | |||||||||||||
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Total current liabilities | 917,799 | (450,000 | ) | 467,799 | ||||||||||||
Deferred underwriting commissions | 5,250,000 | 665,000 | (3 | ) | 5,915,000 | |||||||||||
Derivative warrant liabilities | 19,035,000 | 1,875,300 | (5,7 | ) | 20,910,300 | |||||||||||
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Total liabilities | 25,202,799 | 2,090,300 | 27,293,099 | |||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
Class A common stock subject to possible redemption; 12,300,496 and 13,911,921 shares (at $10.00 per share), actual and adjusted | 123,004,960 | 16,459,700 | (8 | ) | 139,464,660 | |||||||||||
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, 2,699,504 and 2,988,079 shares issued and outstanding (excluding 12,300,496 and 13,911,921 shares subject to possible redemption), actual and adjusted | 270 | 190 | (1 | ) | 295 | |||||||||||
(165 | ) | (8 | ) | |||||||||||||
Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 4,312,500 and 4,225,000 shares issued and outstanding, actual and adjusted (1)(2) | 431 | (9 | ) | (4 | ) | 422 | ||||||||||
Additional paid-in capital | 8,147,737 | 18,999,810 | (1 | ) | 8,379,719 | |||||||||||
(1,045,000 | ) | (3 | ) | |||||||||||||
9 | (4 | ) | ||||||||||||||
76,198 | (6 | ) | ||||||||||||||
(1,339,500 | ) | (7 | ) | |||||||||||||
(16,459,535 | ) | (8 | ) | |||||||||||||
Accumulated deficit | (3,148,437 | ) | (155,800 | ) | (5 | ) | (3,380,435 | ) | ||||||||
(76,198 | ) | (6 | ) | |||||||||||||
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Total Stockholders’ Equity | 5,000,001 | — | 5,000,001 | |||||||||||||
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Total Liabilities and Shareholders’ Equity | $ | 153,207,760 | $ | 18,550,000 |
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| $ | 171,757,760 | |||||||
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(1) | Includes up to 562,500 shares subject to forfeiture as a result of the underwriters’ election to partially exercise their over-allotment option. |
(2) | Includes up to 87,500 shares subject to forfeiture as a result of the underwriters’ election to partially exercise their over-allotment option. |
BLACK SPADE ACQUISITION CO
Note to Pro Forma Financial Statement
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of Black Spade Acquisition Co (the “Company”) as of July 20, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on August 3, 2021 as described below.
In connection with the IPO, the underwriters were granted a 45-day option from the date of the prospectus (the “Over-Allotment Option”) to purchase up to 2,250,000 additional units to cover over-allotments (the “Option Units”), if any. On August 3, 2021, the underwriters purchased an additional 1,900,000 Option Units pursuant to the partial exercise of the Over-Allotment Option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $19,000,000.
Also in connection with the partial exercise of the Over-Allotment Option, the Sponsor purchased an additional 380,000 Private Placement Warrants at a purchase price of $1.00 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds to the Company of $380,000. As a result of the underwriters’ election to partially exercise their overallotment option, 475,000 Founder Shares are no longer subject to forfeiture.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
Pro forma entry | ||||||||||
1. | Cash held in Trust Account | 19,000,000 | ||||||||
Class A ordinary shares | 190 | |||||||||
Additional paid-in capital | 18,999,810 | |||||||||
To record sale of 1,900,000 Overallotment Units at $10.00 per Unit. | ||||||||||
2 | Related party payable | 70,000 | ||||||||
Cash | 70,000 | |||||||||
To record payment for overfunding of overallotment commissions. | ||||||||||
3. | Additional paid-in capital | 380,000 | ||||||||
Cash | 380,000 | |||||||||
Additional paid-in capital | 665,000 | |||||||||
Deferred underwriting compensation | 665,000 | |||||||||
To record payment of cash & deferred underwriting fee on overallotment option. | ||||||||||
4. | Class B ordinary shares | 9 | ||||||||
Additional paid-in capital | 9 | |||||||||
To record forfeiture of 87,500 Class B ordinary shares. | ||||||||||
5. | Related party payable | 380,000 | ||||||||
Change in fair value of warrant liability | 155,800 | |||||||||
Derivative warrant liabilities | 535,800 | |||||||||
To record private warrant liability and proceeds from Private Placement Warrants. | ||||||||||
6. | Accumulated deficit | 76,198 | ||||||||
Additional paid-in capital | 76,198 | |||||||||
To record private warrant liability and proceeds from Private Placement Warrants. | ||||||||||
7. | Additional paid-in capital | 1,339,500 | ||||||||
Derivative warrant liabilities | 1,339,500 | |||||||||
To record fair value of public warrant liability upon close of overallotment exercise. | ||||||||||
8. | Class A ordinary shares | 16,459,535 | ||||||||
Additional paid-in capital | 165 | |||||||||
Class A ordinary shares subject to redemption | 16,459,700 | |||||||||
To restore total equity above $5,000,001. |
F-2