EX-99.1 2 f8k110917_ex99-1sentinel.htm PRO FORMA BALANCE SHEET AS OF NOVEMBER 7, 2017.

Exhibit 99.1

 

Sentinel Energy Services Inc.

 

PRO FORMA BALANCE SHEET

 

   As of          
   November 7, 2017   Pro Forma Adjustments     As Adjusted 
ASSETS:      (unaudited)     (unaudited) 
Current assets:                 
Current assets - Cash  $1,854,264   $-     $1,854,264 
                  
Cash held in Trust Account   300,000,000    45,000,000  a   345,000,000 
         900,000  b     
         (900,000) c     
                  
Total assets  $301,854,264   $45,000,000     $346,854,264 
                  
LIABILITIES AND SHAREHOLDERS’ EQUITY                 
Current liabilities                 
Current liabilities - Accrued formation and offering costs  $573,818   $-     $573,818 
Advances from related party   133,619    -      133,619 
Total Current Liabilities   707,437    -      707,437 
                  
Deferred underwriting compensation   10,500,000    1,575,000  d   12,075,000 
Total liabilities   11,207,437    1,575,000      12,782,437 
                  
Commitments and contingencies                 
                  
Class A ordinary shares subject to possible redemption; 28,564,682 and 32,907,182 shares, actual and adjusted   285,646,820    43,425,000  e   329,071,820 
                  
Shareholders’ equity:                 
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    -      - 
Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized, 1,435,318 shares issued and outstanding and 1,592,818 as adjusted (excluding 28,564,682 and 32,907,182 shares, actual and adjusted, subject to possible redemption)   144    450  a   159 
         (435) e     
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 8,625,000 shares issued and outstanding   863           863 
Additional paid-in capital   5,016,926    44,999,550  a   5,016,911 
         900,000  b     
         (900,000) c     
         (1,575,000) d     
         (43,424,565) e     
Accumulated deficit   (17,926)          (17,926)
Total shareholders’ equity   5,000,007    -      5,000,007 
Total liabilities and shareholders’ equity  $301,854,264   $45,000,000     $346,854,264 

 

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SENTINEL ENERGY SERVICES INC.

NOTE TO PRO FORMA BALANCE SHEET

(unaudited)

 

NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Sentinel Energy Services Inc. (the "Company") as of November 7, 2017, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on November 9, 2017 as described below.

 

On November 9, 2017, the Company consummated the closing of the sale of 4,500,000 additional shares of the Company’s Class A ordinary shares, $0.0001 par value at a price of $10 per unit (the “Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $45 million and incurred additional offering costs of $2.48 million in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 600,000 Private Placement Warrants to Sentinel Management Holdings, LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $900,000. Of the additional $2.48 million in underwriting fees, $1.58 million is deferred until the completion of the Company’s initial business combination.

 

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

  

  Pro forma entry        
a. Cash held in Trust Account   45,000,000     
  Class A Ordinary shares        450 
  Additional paid-in capital        44,999,550 
  To record sale of 4,500,000 Overallotment Units at $10.00 per Unit.          
             
b. Cash held in Trust Account   900,000      
  Additional paid-in capital        900,000 
  To record sale of 600,000 Warrants at $1.50 per warrant.          
             
c. Additional paid-in capital   900,000      
  Cash held in Trust Account        900,000 
  To record payment of 2% of cash underwriting fee on overallotment option.          
             
d. Additional paid-in capital   1,575,000      
  Deferred underwriting compensation        1,575,000 
  To record the liability for deferred underwriting compensation on overallotment option.          
             
e. Class A Ordinary shares   435      
  Additional paid-in capital   43,424,565      
  Class A Ordinary shares subject to conversion        43,425,000 
  To restore total equity above $5,000,001.          

  

 

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