EX-99.1 2 a21-10585_1ex99d1.htm EX-99.1

Exhibit 99.1

 

L CATTERTON ASIA ACQUISITIONS CORP

BALANCE SHEET

March 15, 2021

 

 

 

 

 

Pro Forma

 

 

 

 

 

March 15, 2021

 

Adjustments

 

As Adjusted

 

 

 

 

 

(unaudited)

 

(unaudited)

 

Assets:

 

 

 

 

 

 

 

Cash

 

$

2,446,450

 

$

—

 

$

2,446,450

 

Prepaid expenses

 

837,108

 

—

 

837,108

 

Total current assets

 

3,283,558

 

—

 

3,283,558

 

Cash held in trust account

 

250,000,000

 

36,508,740

(a)

286,508,741

 

 

 

 

 

730,176

(b)

 

 

 

 

 

 

(730,175

)(c)

 

 

Total Assets

 

$

253,283,558

 

$

36,508,741

 

$

289,792,299

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Accrued offering costs and expenses

 

1,435,340

 

—

 

1,435,340

 

Due to related party

 

1,613

 

—

 

1,613

 

Promissory note-related party

 

79,992

 

—

 

79,992

 

Total Current Liabilities

 

1,516,945

 

—

 

1,516,945

 

Deferred underwriters’ discount

 

8,750,000

 

1,277,806

(e)

10,027,806

 

 

 

 10,266,945

 

1,277,806

 

11,544,751

 

 

 

 

 

 

 

 

 

Commitments

 

 

 

 

 

 

 

Class A ordinary shares subject to possible redemption, 23,801,661 and 27,324,755 shares at redemption value, respectively

 

238,016,610

 

35,230,937

(d)

273,247,547

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding

 

—

 

—

 

—

 

Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 1,198,339 and 1,326,119 shares issued and outstanding (excluding 23,801,661 and 27,324,755 shares subject to possible redemption, respectively)

 

120

 

365

(a)

133

 

 

 

 

 

(352

)(d)

 

 

Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,187,500 shares issued and outstanding

 

719

 

 

 

719

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

5,047,654

 

36,508,375

(a)

5,047,639

 

 

 

 

 

730,176

(b)

 

 

 

 

 

 

(730,175

)(c)

 

 

 

 

 

 

(35,230,585

)(d)

 

 

 

 

 

 

(1,277,806

)(e)

 

 

Accumulated deficit

 

(48,490

)

—

 

(48,490

)

Total Stockholders’ Equity

 

5,000,003

 

(2

)

5,000,001

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

 

$

253,283,558

 

$

36,508,741

 

$

289,792,299

 

 

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 L CATTERTON ASIA ACQUISITION CORP. (the “Company”) as of March 15, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on March 23, 2021 as described below.

 

The Company consummated its initial public offering (the “IPO”) of 25,000,000 units (the “Units”). Each Unit consists of one Class A ordinary share, $0.0001 par value per share and one-third of one redeemable warrant to purchase one Class A ordinary share. 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 $250,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 3,750,000 additional Units to cover over-allotments, if any. On March 24, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 3,650,874 Over-Allotment Units, generating an aggregate of gross proceeds of $36,508,740, and incurred $730,175 in cash 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 486,784 Private Warrants (the “Private Placement Warrants”) to LCA Acquisition Sponsor, LP, a Cayman Island limited partnership (the “Sponsor”), at a purchase price of $1.50 per Private Warrant, generating gross proceeds of $730,176.

 

Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $286,508,741 ($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 Warrants described above are as follows:

 

 

 

Pro Forma Entries

Debit

 

 

 

Credit

 

(a)

Cash held in trust account

 

 

$

36,508,740

 

 

 

 

 

 

    Class A ordinary shares

 

 

 

 

 

 

 

$

365

 

 

    Additional paid-in capital

 

 

 

 

 

 

 

$

36,508,375

 

 

        To record sale of 3,650,874 Overallotment Units at $10.00 per Unit

 

 

 

 

 

 

 

 

 

 

 

(b)

Cash held in trust account

 

 

$

730,176

 

 

 

 

 

 

    Additional paid-in capital

 

 

 

 

 

 

 

$

730,176

 

 

        To record sale of 486,784 Private Warrants at $1.50 per Private Warrant

 

 

 

 

 

 

 

 

 

 

 

(c)

Additional paid-in capital

 

$

730,175

 

 

 

 

 

 

    Cash held in trust account

 

 

 

 

 

 

 

$

730,175

 

 

        To record payment of cash underwriting fee 

 

 

 

 

 

 

 

 

 

 

 

(d)

Class A ordinary shares

 

 

$

352

 

 

 

 

 

 

Additional paid-in capital

 

$

35,230,585

 

 

 

 

 

 

    Class A ordinary shares subject to possible redemption

 

 

 

 

 

$

35,230,937

 

 

        To record Class A ordinary shares out of permanent equity into mezzanine redeemable shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

Additional paid-in capital

$

1,277,806

 

 

 

 

 

 

 

 

    Deferred underwriters’ discount

 

 

 

 

 

$

 

1,277,806

 

 

        To record additional Deferred underwriters’ fee arising from the sale of Overallotment Units