EX-99.1 2 tm2136032d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Motive Capital Corp II

 

    Page
Unaudited Pro Forma Balance Sheet   F-2
     
Notes to Unaudited Pro Forma Balance Sheet   F-3

 

F-1

 

 

MOTIVE CAPITAL CORP II
PRO FORMA BALANCE SHEET
        
   Actuals as of December 09, 2021   Pro Forma Adjustment (Unaudited)    As Adjusted (Unaudited) 
ASSETS             
Current assets:             
Cash and cash equivalents $3,786,333  $-   $3,786,333 
Prepaid expenses  794,848   -    794,848 
Total current assets  4,581,184   -    4,581,184 
Cash held in trust account  306,000,000   42,201,929(1)(2)(4)   348,201,929 
Other assets  696,262   -    696,262 
Total Assets  311,277,443   42,201,929    353,479,372 
              
LIABILITIES AND SHAREHOLDERS' DEFICIT             
Current liabilities:             
Accounts payable $1,519,410  $-   $1,519,410 
Promissory note - related party  119,408   -    119,408 
Overallotment liability  227,559   (227,559)(7)   - 
Accrued expenses  482,500   -    482,500 
Total current liabilities  2,348,877   (227,559)   2,121,318 
Deferred underwriting fees payable  10,500,000   1,448,105 (3)   11,948,105 
Total liabilities  12,848,877   1,220,546    14,069,423 
              
Commitments and Contingencies             
              
Class A ordinary shares subject to possible redemption, 30,000,000 and 34,137,444 shares at $10.20 per share, actual and as adjusted  306,000,000   42,201,929 (1)(2)(3)(6)   348,201,929 
              
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; none issued and outstanding (excluding 30,000,000 and 34,137,444 shares subject to possible redemption, actual and as adjusted)  -   -    - 
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000  and 8,534,361 shares issued and outstanding, actual and as adjusted  863   (10)(5)   853 
Additional paid-in capital  -   -    - 
Accumulated deficit  (7,572,297)  (1,220,536)(6)(7)   (8,792,833)
Total shareholders' deficit  (7,571,434)  (1,220,546)   (8,791,980)
Total Liabilities and Shareholders' Deficit $311,277,443  $42,201,929   $353,479,372 

 

 

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

 

F-2

 

 

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

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Motive Capital Corp. II (the “Company”) as of December 9, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on December 16, 2021 as described below.

 

On December 9, 2021, the Company consummated an initial public offering (the “IPO”) of 30,000,000 units (the “Units”). Each Unit consists of one share of Class A ordinary shares, and one-third of one redeemable warrant (each, a "Public Warrant"). Each whole Public Warrant entitles the holder to purchase one share of Class A ordinary shares 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 (the “Option”), if any. On December 9, 2021, simultaneously with the consummation of the IPO, the Company completed the private sale (“the Private Placement”) of 10,666,667 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant, to the Company’s sponsor, Motive Capital Funds Sponsor II, LLC (the “Sponsor”) generating gross proceeds to the Company of $16,000,000.

 

On December 16, 2021, the Company consummated the closing of the Option, pursuant to which the Underwriters purchased an additional 4,137,444 Units (the “Over-Allotment Units”), generating gross proceeds of $41,374,440 and incurring additional offering costs of approximately $3,103,083, of which approximately $1,448,105 was for deferred underwriting fees.

 

On December 16, 2021, in connection with the sale of Over-Allotment Units, the Company completed the sale of an additional 1,103,318 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating proceeds of $1,654,978. On December 16, 2021, in connection with the sale of Over-Allotment Units, the Sponsor surrendered 90,639 Class B ordinary shares, par value $0.001 per share.

 

As a result of the closing of the Option, an additional $42,201,929, net of $827,489 underwriter fees paid at closing, including $1,448,105 of the underwriters' deferred discount, was funded into the U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee. 

 

Transaction accounting adjustments to reflect the exercise of the underwriters’ over-allotment option and the sale of the private placement warrants described above are as follows:

 

F-3

 

 

  Pro Forma Entry  Debit   Credit 
(1) Cash held in trust account  $41,374,440      
  Class A ordinary shares subject to possible redemption       $41,374,440 
  To record the sale of Underwriters’ over-allotment shares: 4,137,444 at $10.00/unit; par value of $0.0001          
             
(2) Class A ordinary shares subject to possible redemption  $827,489      
  Cash held in trust account       $827,489 
  To record upfront underwriting commissions (2.0% of $41,374,440 in proceeds)          
             
(3) Class A ordinary shares subject to possible redemption  $1,448,105      
  Deferred underwriting fees payable       $1,448,105 
  To record Deferred Underwriting Commissions (3.5% of $41,374,440 in proceeds)          
             
(4) Cash held in trust account  $1,654,978      
  Additional paid-in capital       $1,654,978 
  To record the sale of Private Placement Warrants (1,103,319 at $1.50/warrant)          
             
(5) Class B ordinary shares  $10      
  Additional paid-in capital       $10 
  To record the forfeiture of Class B ordinary shares due to partial exercise of the Option          
             
(6) Additional paid-in capital  $1,654,988      
  Accumulated deficit  $1,448,095      
  Class A ordinary shares subject to possible redemption       $3,103,083 
  To record the accretion of offering cost and overfunding of Trust Account into additional paid-in capital and accumulated deficit          
             
(7) Overallotment liability   227,559      
  Accumulated deficit        227,559 
  To record the extinguishment of the overallotment liability          

 

 

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