EX-99.1 2 d213616dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

BLACK SPADE ACQUISITION CO

PRO FORMA BALANCE SHEET

 

     Actual as of
July 20,
2021
    Pro Forma
Adjustments
          As Adjusted  
           (Unaudited)           (Unaudited)  

ASSETS

        

Current assets:

        

Cash

   $ 3,180,960     $ (70,000     (2   $ 2,730,960  
       (380,000     (3  

Prepaid expenses

     26,800       —           26,800  
  

 

 

   

 

 

     

 

 

 

Total current assets

     3,207,760       450,000         2,757,760  

Cash held in Trust Account

     150,000,000       19,000,000       (1     169,000,000  
  

 

 

   

 

 

     

 

 

 

Total Assets

   $ 153,207,760     $ 18,550,000    

 

 

 

  $ 171,757,760  
  

 

 

   

 

 

     

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

        

Current liabilities:

        

Accrued offering costs

   $ 6,811     $ —         $ 6,811  

Accrued offering costs

     460,988       —           460,988  

Note payable - Sponsor

     450,000       (70,000     (2     —    
       (380,000     (5  
  

 

 

   

 

 

     

 

 

 

Total current liabilities

     917,799       (450,000       467,799  

Deferred underwriting commissions

     5,250,000       665,000       (3     5,915,000  

Derivative warrant liabilities

     19,035,000       1,875,300       (5,7     20,910,300  
  

 

 

   

 

 

     

 

 

 

Total liabilities

     25,202,799       2,090,300         27,293,099  

COMMITMENTS AND CONTINGENCIES

        

Class A common stock subject to possible redemption; 12,300,496 and 13,911,921 shares (at $10.00 per share), actual and adjusted

     123,004,960       16,459,700       (8     139,464,660  

Stockholders’ Equity:

        

Preferred shares, $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, 2,699,504 and 2,988,079 shares issued and outstanding (excluding 12,300,496 and 13,911,921 shares subject to possible redemption), actual and adjusted

     270       190       (1     295  
       (165     (8  

Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 4,312,500 and 4,225,000 shares issued and outstanding, actual and adjusted (1)(2)

     431       (9     (4     422  

Additional paid-in capital

     8,147,737       18,999,810       (1     8,379,719  
       (1,045,000     (3  
       9       (4  
       76,198       (6  
       (1,339,500     (7  
       (16,459,535     (8  

Accumulated deficit

     (3,148,437     (155,800     (5     (3,380,435
       (76,198 )       (6  
  

 

 

   

 

 

     

 

 

 

Total Stockholders’ Equity

     5,000,001       —           5,000,001  
  

 

 

   

 

 

     

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 153,207,760     $ 18,550,000    

 

 

 

  $ 171,757,760  
  

 

 

   

 

 

     

 

 

 

 

(1)

Includes up to 562,500 shares subject to forfeiture as a result of the underwriters’ election to partially exercise their over-allotment option.

(2)

Includes up to 87,500 shares subject to forfeiture as a result of the underwriters’ election to partially exercise their over-allotment option.


BLACK SPADE ACQUISITION CO

Note to Pro Forma Financial Statement

(unaudited)

NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of Black Spade Acquisition Co (the “Company”) as of July 20, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on August 3, 2021 as described below.

In connection with the IPO, the underwriters were granted a 45-day option from the date of the prospectus (the “Over-Allotment Option”) to purchase up to 2,250,000 additional units to cover over-allotments (the “Option Units”), if any. On August 3, 2021, the underwriters purchased an additional 1,900,000 Option Units pursuant to the partial exercise of the Over-Allotment Option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $19,000,000.

Also in connection with the partial exercise of the Over-Allotment Option, the Sponsor purchased an additional 380,000 Private Placement Warrants at a purchase price of $1.00 per Private Placement Warrant (the “Additional Private Placement Warrants”), generating additional gross proceeds to the Company of $380,000. As a result of the underwriters’ election to partially exercise their overallotment option, 475,000 Founder Shares are no longer subject to forfeiture.

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

 

  

Pro forma entry

     
1.   

Cash held in Trust Account

     19,000,000     
  

Class A ordinary shares

        190  
  

Additional paid-in capital

        18,999,810  
  

To record sale of 1,900,000 Overallotment Units at $10.00 per Unit.

     
2   

Related party payable

     70,000     
  

Cash

        70,000  
  

To record payment for overfunding of overallotment commissions.

     
3.   

Additional paid-in capital

     380,000     
  

Cash

        380,000  
  

Additional paid-in capital

     665,000     
  

Deferred underwriting compensation

        665,000  
  

To record payment of cash & deferred underwriting fee on overallotment option.

     
4.   

Class B ordinary shares

     9     
  

Additional paid-in capital

        9  
  

To record forfeiture of 87,500 Class B ordinary shares.

     
5.   

Related party payable

     380,000     
  

Change in fair value of warrant liability

     155,800     
  

Derivative warrant liabilities

        535,800  
  

To record private warrant liability and proceeds from Private Placement Warrants.

     
6.   

Accumulated deficit

     76,198     
  

Additional paid-in capital

        76,198  
  

To record private warrant liability and proceeds from Private Placement Warrants.

     
7.   

Additional paid-in capital

     1,339,500     
  

Derivative warrant liabilities

        1,339,500  
  

To record fair value of public warrant liability upon close of overallotment exercise.

     
8.   

Class A ordinary shares

     16,459,535     
  

Additional paid-in capital

     165     
  

Class A ordinary shares subject to redemption

        16,459,700  
  

To restore total equity above $5,000,001.

     

 

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