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