EX-99.1 2 ea136109ex99-1_progress.htm PRO FORMA BALANCE SHEET

Exhibit 99.1

 

PROGRESS ACQUISITION CORP.

BALANCE SHEET

February 11, 2021

 

    February 11, 2021     Pro Forma
Adjustments		     As Adjusted  
          (unaudited)     (unaudited)  
Assets:                  
Current asset - cash   $ 1,168,966     $ -     $ 1,168,966  
Prepaid expenses     521,830       -       521,830  
Total current assets     1,690,796       -       1,690,796  
Cash held in trust account     150,000,000       22,500,000 (a)     172,500,000  
              200,000 (b)        
              (200,000 )(c)        
                         
Total Assets   $ 151,690,796     $ 22,500,000     $ 174,190,796  
                         
Liabilities and Stockholders’ Equity                        
Accrued offering costs and expenses     555,925       -       555,925  
Due to related party     1,429       -       1,429  
Promissory note – related party     141,700       -       141,700  
Total current liabilities     699,054       -       699,054  
Deferred underwriting discount     -       250,000 (d)     250,000  
Total Liabilities     699,054       250,000       949,054  
                         
Commitments and Contingencies                        
Class A common stock subject to possible redemption, 14,599,174 and 16,824,174 shares at redemption value, respectively     145,991,740       22,250,000 (e)     168,241,740  
                         
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; 100,000,000 shares authorized; 550,826 and 575,826 shares issued and outstanding (excluding 14,599,174 and 16,824,174 shares subject to possible redemption, respectively)     55       225 (a)     58  
              (222 )(e)        
                         
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 4,312,500 and 4,312,500 shares issued and outstanding, respectively     431       -       431  
Additional paid-in capital     5,005,605       22,499,775 (a)     5,005,602  
              200,000 (b)        
              (200,000 )(c)        
              (250,000 )(d)        
              (22,249,778 )(e)        
                         
Accumulated deficit     (6,089 )     -       (6,089 )
Total Stockholders’ Equity     5,000,002       -       5,000,002  
                         
Total Liabilities and Stockholders’ Equity   $ 151,690,796     $ 22,500,000     $ 174,190,796  

 

The accompany notes are an integral part of the financial statement.

 

 

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

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Progress Acquisition Corp. (the “Company”) as of February 11, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on February 22, 2021 as described below.

 

The Company consummated its initial public offering (the “IPO”) of 15,000,000 units (the “Units”). Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share, and one-half of one redeemable warrant of the Company, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $150,000,000. The Company had granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 2,250,000 additional Units solely to cover over-allotments, if any. On February 22, 2021, the Underwriters exercised the over-allotment option in full and purchased an additional 2,250,000 Units (the “Over-Allotment Units”), generating gross proceeds of $22,500,000, and incurred $200,000 in cash underwriting fees and $250,000 in deferred underwriting fees.

 

Simultaneously with the closing of the exercise of the overallotment option, the Company completed the private sale (the “Private Placement”) of an aggregate of 200,000 private placement warrants (the “Private Placement Warrant”) to Progress Capital I LLC, a Delaware limited liability company (the “Sponsor”), at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds of $200,000.

 

Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $172,500,000 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.

 

Pro forma adjustments to reflect the exercise of the Underwriters’ over-allotment option and the sale of the Private Placement Warrants described above are as follows:

 

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   Pro Forma Entries  Debit   Credit 
(a)  Cash held in trust account  $22,500,000    
   Class A common stock       $225 
   Additional paid-in capital       $22,499,775 
   To record sale of 2,250,000 Overallotment Units at $10.00 per Unit          
              
(b)  Cash held in trust account  $200,000      
   Additional paid-in capital       $200,000 
   To record sale of 200,000 Private Placement Warrants at $1.00 per Private Placement Warrant          
              
(c)  Additional paid-in capital  $200,000      
   Cash held in trust account       $200,000 
   To record payment of cash underwriting fee           
              
(d)  Additional paid-in capital  $250,000      
   Deferred underwriting discount       $250,000 
   To record additional deferred underwriting fee on overallotment option           
              
(e)  Class A common stock  $222      
   Additional paid-in capital  $22,249,778      
   Class A common stock subject to possible redemption       $22,250,000 
   To record Class A common stock out of permanent equity into mezzanine redeemable stock          

 

 

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