EX-99.1 2 ea149971ex99-1_inflection.htm PRO FORMA BALANCE SHEET AS OF SEPTEMBER 24, 2021

Exhibit 99.1

 

INFLECTION POINT ACQUISITION CORP

BALANCE SHEET

SEPTEMBER 24, 2021

 

   September 24,
2021		   Pro Forma
Adjustments		   As Adjusted 
       (unaudited)   (unaudited) 
Assets:            
Cash   $2,119,429   $-   $2,119,429 
Prepaid expenses   477,094    -    477,094 
Total current assets    2,596,523    -    2,596,523 
Other assets   446,602    -    446,602 
Cash held in trust account    300,000,000    29,750,000 (a)   329,750,000 
         595,000 (b)     
         (595,000) (c)     
Total Assets  $303,043,125   $29,750,000   $332,793,125 
                
Liabilities and Shareholders’ Equity                
Accrued offering costs and expenses   1,374,837    -    1,374,837 
Promissory note – related party   188,805    -    188,805 
Total Current Liabilities    1,563,642    -    1,563,642 
Deferred underwriters’ discount   10,500,000    1,041,250 (c)   11,541,250 
Total Liabilities    12,063,642    1,041,250    13,104,892 
                
Commitments                
Class A ordinary shares subject to possible redemption, 31,588,110 shares at redemption value of $10.00    286,130,110    29,750,000 (a)   315,880,110 
                
Shareholders’ Equity:                
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; 1,386,989 issued and outstanding    139         139 
                
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,243,750 shares issued and outstanding   863    (38) (e)   825 
Additional paid-in capital    4,871,950    595,000 (b)   3,830,738 
         (595,000) (c)     
         (1,041,250) (d)     
         38 (e)     
Accumulated deficit    (23,579)   -    (23,579)
Total Shareholders’ Equity    4,849,373    (1,041,250)   3,808,123 
Total Liabilities and Shareholders’ Equity  $303,043,125   $   $332,793,125 

 

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

 

 

 

 

NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Inflection Point Acquisition Corp. (the “Company”) as of September 24, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on October 29, 2021.

 

The Company consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”) on September 24, 2021. Each Unit consists of one Class A Ordinary Share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment.

 

The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments, if any. On October 29, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 2,975,000 Over-Allotment Units, generating an aggregate of gross proceeds of $29,750,000.

 

Simultaneously with the exercise of the Underwriters’ over-allotment option, the Sponsor of the Company purchased an additional 595,000 Private Placement Warrants, generating aggregate gross proceeds of $595,000.

 

Upon closing of the IPO and the sale of the Over-Allotment Units, a total of $329,750,000 ($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 described above are as follows:

 

Pro Forma Entries   Debit   Credit 
(a) Cash held in trust account  $29,750,000      
Class A ordinary shares subject to possible redemption       $29,750,000 
To record proceeds from sale of over-allotment units          
           
(b) Cash held in trust account  $595,000      
Additional paid-in capital       $595,000 
To record proceeds from sale of additional private placement warrants deposited into Trust account          
           
(c) Additional paid-in capital  $595,000      
Cash held in trust account       $595,000 
To record underwriters’ cash discount paid arising from the sale of the over-allotment units          
           
(d) Additional paid-in capital  $1,041,250      
Deferred underwriters’ fee payable       $1,041,250 
To record additional deferred underwriters’ fee arising from the sale of the over-allotment units          
           
(e) Class B Ordinary Shares  $38      
Additional paid-in capital       $38 
To record forfeiture of 381,250 founder shares for portion of over-allotment not exercised