BALANCE SHEET DATED AUGUST 4, 2020
Published on August 19, 2020
Exhibit 99.1
NEWHOLD INVESTMENT CORP
PRO FORMA BALANCE SHEET
(dollars rounded to thousands)
| As of August 4, 2020 |
Pro Forma Adjustments |
Pro Forma As Adjusted |
||||||||||
| (unaudited) | (unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash | $ | 2,235,000 | $ | 450,000 | b | $ | 2,235,000 | |||||
| (450,000 | ) b | |||||||||||
| Prepaid expenses | 102,000 | - | 102,000 | |||||||||
| Total current assets | 2,337,000 | - | 2,337,000 | |||||||||
| Cash held in Trust Account | 150,000,000 | 22,500,000 | a | 172,500,000 | ||||||||
| Total assets | $ | 152,337,000 | $ | 22,500,000 | $ | 174,837,000 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Current liabilities – | ||||||||||||
| Accounts payable (including approximately $325,000 for offering costs) | $ | 336,000 | - | $ | 336,000 | |||||||
| Accrued offering costs | 98,000 | - | 98,000 | |||||||||
| Accrued formation costs | 2,000 | - | 2,000 | |||||||||
| Note payable to Sponsor | 47,000 | - | 47,000 | |||||||||
| Total current liabilities | 483,000 | - | 483,000 | |||||||||
| Deferred underwriting compensation | 5,250,000 | 788,000 | c | 6,038,000 | ||||||||
| Total liabilities | 5,733,000 | 788,000 | 6,521,000 | |||||||||
| Common stock subject to possible redemption; 14,160,431 shares and 16,331,681 shares as adjusted (at redemption value of approximately $10.00 per share) | 141,604,000 | 22,500,000 | a | 163,316,000 | ||||||||
| (788,000 | ) d | |||||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding | - | - | - | |||||||||
| Class A common stock, $0.0001 par value, 45,000,000 authorized shares, 839,569 shares issued and outstanding and 918,319 as adjusted (excluding 14,160,431 shares, and 16,331,681 shares as adjusted, subject to possible redemption) | - | - | - | |||||||||
| Class B common stock, $0.0001 par value, 5,000,000 shares authorized, 4,312,500 issued and outstanding and as adjusted at August 4, 2020 | - | - | - | |||||||||
| Additional paid-in-capital | 5,002,000 | 450,000 | b | 5,002,000 | ||||||||
| (450,000 | ) b | |||||||||||
| (788,000 | ) c | |||||||||||
| 788,000 | d | |||||||||||
| Accumulated deficit | (2,000 | ) | - | (2,000 | ) | |||||||
| Total stockholders’ equity | 5,000,000 | - | 5,000,000 | |||||||||
| Total liabilities and stockholders’ equity | $ | 152,337,000 | 22,500,000 | 174,837,000 | ||||||||
See accompanying note to pro forma balance sheet
NEWHOLD INVESTMENT CORP
NOTE TO PRO FORMA BALANCE SHEET
(dollars rounded to thousands)
(unaudited)
NOTE 1 – CLOSING OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT AND FORFEITABLE SHARES
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of August 4, 2020, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on August 14, 2020 as described below.
On August 14, 2020 the Company closed on the underwriters’ overallotment option of 2,250,000 units (the full amount), increasing the total dollar offering amount by approximately $22,500,000 to approximately $172,500,000. Additionally, on August 14, 2015, the Company closed on the sale of 450,000 additional private placement warrants in the amount of approximately $450,000. Since the underwriters’ overallotment option was exercised in full, there is no forfeiture of any Founder Shares. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entries | Debit. | Credit, | ||||||||
| a. | Cash held in Trust Account | 22,500,000 | ||||||||
| Common stock subject to possible redemption | 22,500,000 | |||||||||
| To record sale of 2,250,000 Units at $10.00 | ||||||||||
| b. | Cash | 450,000 | ||||||||
| Additional paid in capital | 450,000 | |||||||||
| Additional paid in capital | 450,000 | |||||||||
| Cash | 450,000 | |||||||||
| To record the sale of 450,000 private placement warrants and payment of 2.0% cash underwriting fee on overallotment option | ||||||||||
| c. | Additional paid in capital | 788,000 | ||||||||
| Deferred underwriting compensation | 788,000 | |||||||||
| To record the liability for deferred underwriting compensation on overallotment option | ||||||||||
| d. | Common stock subject to possible redemption | 788,000 | ||||||||
| Additional paid in capital | 788,000 | |||||||||
| To restore total equity above $5,000,000 as required by charter | ||||||||||