EX-99.1 2 d165265dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WORLDWIDE WEBB ACQUISITION CORP.

PRO FORMA BALANCE SHEET

 

     Actuals as of October 22, 2021     Pro Forma Adjustment (Unaudited)     As Adjusted (Unaudited)  
                    

ASSETS

      

Current assets:

      

Cash and cash equivalents

   $ 1,962,109     $ —       $ 1,962,109  

Prepaid expenses

     367,454       —         367,454  
  

 

 

   

 

 

   

 

 

 

Total current assets

     2,329,563       —         2,329,563  

Cash held in trust account

     202,000,000       30,300,000  (1)(2)(4)      232,300,000  

Other assets

     381,367       —         381,367  
  

 

 

   

 

 

   

 

 

 

Total Assets

     204,710,930       30,300,000       235,010,930  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ DEFICIT

      

Current liabilities:

      

Accounts payable

   $ 767,584     $ (375 ) (5)    $ 767,209  

Promissory note - related party

     180,361       —         180,361  

Accrued expenses

     541,731       —         541,731  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     1,489,676       (375     1,489,301  

Deferred underwriting fees payable

     7,000,000       1,050,000  (3)      8,050,000  

Derivative warrant liability

     9,054,000       1,207,200  (6)      10,261,200  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     17,543,676       2,256,825       19,800,501  
  

 

 

   

 

 

   

 

 

 

Commitments and Contingencies (Note 5)

      

Class A ordinary shares subject to possible redemption, 20,000,000 and 23,000,000 shares at $10.10 per share, actual and as adjusted, respectively

     202,000,000       30,300,000  (1)(2)(3) (5-8)      232,300,000  

Shareholders’ Deficit:

       —      

Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding

     —         —         —    

Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 20,000,000 and 23,000,000 issued and outstanding (excluding 20,000,000 and 23,000,000 shares subject to possible redemption), actual and adjusted, respectively

     —         —         —    

Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding, actual and as adjusted, respectively (1)(2)

     575       —         575  

Additional paid-in capital

     —         —         —    

Accumulated deficit

     (14,833,321     (2,256,825 ) (7)(8)      (17,090,146
  

 

 

   

 

 

   

 

 

 

Total shareholders’ deficit

     (14,832,746     (2,256,825     (17,089,571
  

 

 

   

 

 

   

 

 

 

Total Liabilities and Shareholders’ Deficit

   $ 204,710,930     $ 30,300,000     $ 235,010,930  
  

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of this pro forma financial statement.

 

F-1


WORLDWIDE WEBB ACQUISITION CORP.

NOTE TO PRO FORMA FINANCIAL STATEMENT

(Unaudited)

Note 1 — CLOSING OF OVERALLTOMENT OPTION

The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of Worldwide Webb Acquisition Corp. (the “Company”) as of October 22, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on November 15, 2021.

On November 15, 2021, the Company consummated the sale of 3,000,000 over-allotment units pursuant to the underwriters’ exercise of their over-allotment option. Such over-allotment units were sold at $10.00 per unit, generating gross proceeds of $30,000,000. Substantially concurrently with the closing of the sale of the over-allotment units, the Company consummated the private sale of an additional 900,000 private placement warrants at a purchase price of $1.00 per private placement warrant to the Sponsor, generating gross proceeds of $900,000. Following the closing of the over-allotment option, a total of $232,300,000, including $8,050,000 of the underwriters’ deferred discount, was held in a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee. The underwriters’ over-allotment option was exercised in full, therefore no founders shares were forfeited.

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

 

    

Pro Forma Entry

   Debit      Credit  

(1)

   Cash held in trust account    $   30,000,000     
       Class A ordinary shares subject to possible redemption       $   30,000,000  
   To record the sale of Underwriters’ over-allotment shares: 3,000,000 at $10.00/unit; par value of $0.0001      

(2)

   Class A ordinary shares subject to possible redemption    $ 600,000     
       Cash held in trust account       $ 600,000  
   To record upfront underwriting commissions (2.0% of $30,000,000 in proceeds)      

(3)

   Class A ordinary shares subject to possible redemption    $ 1,050,000     
       Deferred underwriting fees payable       $ 1,050,000  
   To record Deferred Underwriting Commissions (3.5% of $30,000,000 in proceeds)      

(4)

   Cash held in trust account    $ 900,000     
       Additional paid-in capital       $ 900,000  
       To record the sale of Private Placement Warrants (900,000 at $1.00/warrant)      

(5)

   Accounts payable    $ 375     
   Accrued expenses    $ —       
       Class A ordinary shares subject to possible redemption       $ 375  
   To record the true up of offering costs accrual at IPO close      

(6)

   Class A ordinary shares subject to possible redemption    $ 754,500     
   Additional paid-in capital    $ 452,700     
       Derivative warrant liabilities         1,207,200  
   To record liabilities associated with the warrants sold during the overallotment period      

(7)

   Accumulated deficit    $ 41,517     
       Additional paid-in capital       $ 11  
       Class A ordinary shares subject to possible redemption       $ 41,506  
   To record the increase in the allocation of offering costs to derivative warrant liabilities      

(8)

   Additional paid-in capital    $ 447,311     
   Accumulated deficit    $ 2,215,308     
       Class A ordinary shares subject to possible redemption       $ 2,662,619  
   To record the accretion of offering cost and overfunding of Trust Account into additional paid-in capital and accumulated deficit      

 

F-2


The following tables present the pro forma effect of the overallotment option on the fair value of derivative warrant liabilities as of November 15, 2021:

 

Actuals as of October 22, 2021    Level 1      Level 2      Level 3      Total  
                             

Liabilities:

           

Public Warrants

   $ —        $ —        $ 5,030,000      $ 5,030,000  

Private Placement Warrants

     —          —          4,024,000        4,024,000  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ —        $ —        $ 9,054,000      $ 9,054,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
Pro Forma Adjustment (Unaudited)    Level 1      Level 2      Level 3      Total  
                             

Liabilities:

           

Public Warrants

   $ —        $ —        $ 754,500      $ 754,500  

Private Placement Warrants

     —          —          452,700        452,700  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ —        $ —        $ 1,207,200      $ 1,207,200  
  

 

 

    

 

 

    

 

 

    

 

 

 
As Adjusted (Unaudited)    Level 1      Level 2      Level 3      Total  
                             

Liabilities:

           

Public Warrants

   $ —        $ —        $ 5,784,500      $ 5,784,500  

Private Placement Warrants

     —          —          4,476,700        4,476,700  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ —        $ —        $ 10,261,200      $ 10,261,200  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

F-3