EX-99.1 2 ex99_1.htm EXHIBIT 99.1

Exhibit 99.1
 
SC HEALTH CORPORATION
PRO FORMA BALANCE SHEET

   
Actual as of
July 16,
   
Pro Forma
      As Adjusted  
   
2019
   
Adjustments
     
as of July 16, 2019
 
         
(unaudited)
     
(unaudited)
 
ASSETS
                   
Current asset – Cash
 
$
2,031,957
   
$
     
$
2,031,957
 
Cash held in Trust Account
   
150,000,000
     
22,500,000
 
(a)
   
172,500,000
 
             
450,000
 
(b)
       
             
(450,000
) (c)        
                           
Total Assets
 
$
152,031,957
   
$
22,500,000
     
$
174,531,957
 
                           
LIABILITIES AND SHAREHOLDERS’ EQUITY
                         
Current liabilities:
                         
Accrued expenses
 
$
2,500
   
$
     
$
2,500
 
Accrued offering costs
   
489,625
     
       
489,625
 
Promissory note – related party
   
254,595
     
       
254,595
 
Total Current Liabilities
   
746,720
     
       
746,720
 
                           
Deferred underwriting fee payable
   
5,250,000
     
787,500
 
(d)
   
6,037,500
 
Total Liabilities
   
5,996,720
     
787,500
       
6,784,220
 
                           
Commitments and Contingencies
                         
                           
Ordinary shares subject to possible redemption, 14,103,523 and 16,274,773 shares as of July 16, 2019 and as adjusted as of July 16, 2019, respectively, at redemption value
   
141,035,230
     
21,712,500
 
(e)
   
162,747,730
 
                           
Shareholders’ Equity:
                         
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
   
     
       
 
Class A ordinary shares, $0.0001 par value; 180,000,000 shares authorized; 896,477 and 975,227 shares as of July 16, 2019 and as adjusted as of July 16, 2019, respectively, issued and outstanding (excluding 14,103,523 and 16,274,773 shares, respectively, subject to possible redemption)
   
90
     
225
 
(a)
   
98
 
             
(217
) (e)
       
                           
Class B ordinary shares, $0.00008 par value; 25,000,000 shares authorized; 5,562,500 shares issued and outstanding
   
445
     
       
445
 
Additional paid-in capital
   
5,002,328
     
22,499,775
 
(a)
   
5,002,320
 
             
450,000
 
(b)
       
             
(450,000
) (c)
       
             
(787,500
) (d)        
             
(21,712,283
) (e)        
                           
Accumulated deficit
   
(2,856
)
   
       
(2,856
)
Total Shareholders’ Equity
   
5,000,007
     
       
5,000,007
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
152,031,957
   
$
22,500,000
     
$
174,531,957
 

See accompanying note to the pro forma balance sheet.


SC HEALTH CORPORATION
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of SC Health Corporation (the “Company”) as of July 16, 2019, adjusted for the closing of the underwriters’ over-allotment option in full and related transactions which occurred on August 2, 2019, as described below.

On August 2, 2019, the Company consummated the closing of the sale of 2,250,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to fully exercise their over-allotment option, generating additional gross proceeds of $22,500,000 to the Company. Each Unit consists of one share of the Company’s Class A ordinary shares and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of the Company’s Class A ordinary shares at a price of $11.50 per share. Simultaneously with the exercise of the over-allotment, the Company consummated the private placement of an additional 450,000 warrants (the “Private Placement Warrants”) to SC Health Holdings Limited (the “Sponsor”), generating aggregate gross proceeds of $450,000 to the Company. Transaction costs amounted to $1,237,500, consisting of $450,000 in cash underwriting fees and $787,500 of additional underwriting fees, which have been deferred until the completion of the Company’s Business Combination. As a result of the underwriters’ election to fully exercise their over-allotment option, 562,500 Founder Shares are no longer subject to forfeiture. 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 Account
   
22,500,000
       
 
Class A ordinary shares
           
225
 
 
Additional paid-in capital
           
22,499,775
 
 
To record sale of 2,250,000 Units on over-allotment option at $10.00 per Unit.
               
                   
b.
Cash held in Trust Account
   
450,000
         
 
Additional paid-in capital
           
450,000
 
 
To record sale of 450,000 Private Placement Warrants at $1.00 per Private Placement Warrant.
               
                   
c.
Additional paid-in capital
   
450,000
         
 
Cash held in Trust Account
           
450,000
 
 
To record payment of 2.0% of cash underwriting fee on over-allotment option.
               
                   
d.
Additional paid-in capital
   
787,500
         
 
Deferred underwriting fees
           
787,500
 
 
To record the liability for deferred underwriting fees on over-allotment option.
               
                   
e.
Class A ordinary shares
   
217
         
 
Additional paid-in capital
   
21,712,283
         
 
Common Stock Subject to Redemption
           
21,712,500
 
 
To reclassify ordinary shares out of permanent equity into mezzanine redeemable shares.