Exhibit 99.1
Sentinel Energy Services Inc.
PRO FORMA BALANCE SHEET
| As of | |||||||||||||
| November 7, 2017 | Pro Forma Adjustments | As Adjusted | |||||||||||
| ASSETS: | (unaudited) | (unaudited) | |||||||||||
| Current assets: | |||||||||||||
| Current assets - Cash | $ | 1,854,264 | $ | - | $ | 1,854,264 | |||||||
| Cash held in Trust Account | 300,000,000 | 45,000,000 | a | 345,000,000 | |||||||||
| 900,000 | b | ||||||||||||
| (900,000 | ) | c | |||||||||||
| Total assets | $ | 301,854,264 | $ | 45,000,000 | $ | 346,854,264 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
| Current liabilities | |||||||||||||
| Current liabilities - Accrued formation and offering costs | $ | 573,818 | $ | - | $ | 573,818 | |||||||
| Advances from related party | 133,619 | - | 133,619 | ||||||||||
| Total Current Liabilities | 707,437 | - | 707,437 | ||||||||||
| Deferred underwriting compensation | 10,500,000 | 1,575,000 | d | 12,075,000 | |||||||||
| Total liabilities | 11,207,437 | 1,575,000 | 12,782,437 | ||||||||||
| Commitments and contingencies | |||||||||||||
| Class A ordinary shares subject to possible redemption; 28,564,682 and 32,907,182 shares, actual and adjusted | 285,646,820 | 43,425,000 | e | 329,071,820 | |||||||||
| Shareholders’ equity: | |||||||||||||
| Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | - | ||||||||||
| Class A ordinary shares, $0.0001 par value, 200,000,000 shares authorized, 1,435,318 shares issued and outstanding and 1,592,818 as adjusted (excluding 28,564,682 and 32,907,182 shares, actual and adjusted, subject to possible redemption) | 144 | 450 | a | 159 | |||||||||
| (435 | ) | e | |||||||||||
| Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 8,625,000 shares issued and outstanding | 863 | 863 | |||||||||||
| Additional paid-in capital | 5,016,926 | 44,999,550 | a | 5,016,911 | |||||||||
| 900,000 | b | ||||||||||||
| (900,000 | ) | c | |||||||||||
| (1,575,000 | ) | d | |||||||||||
| (43,424,565 | ) | e | |||||||||||
| Accumulated deficit | (17,926 | ) | (17,926 | ) | |||||||||
| Total shareholders’ equity | 5,000,007 | - | 5,000,007 | ||||||||||
| Total liabilities and shareholders’ equity | $ | 301,854,264 | $ | 45,000,000 | $ | 346,854,264 | |||||||
| F-1 |
SENTINEL ENERGY SERVICES INC.
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Sentinel Energy Services Inc. (the "Company") as of November 7, 2017, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on November 9, 2017 as described below.
On November 9, 2017, the Company consummated the closing of the sale of 4,500,000 additional shares of the Company’s Class A ordinary shares, $0.0001 par value at a price of $10 per unit (the “Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $45 million and incurred additional offering costs of $2.48 million in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 600,000 Private Placement Warrants toSentinel Management Holdings, LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $900,000. Of the additional $2.48 million in underwriting fees, $1.58 million is deferred until the completion of the Company’s initial business combination.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entry | |||||||||
| a. | Cash held in Trust Account | 45,000,000 | |||||||
| Class A Ordinary shares | 450 | ||||||||
| Additional paid-in capital | 44,999,550 | ||||||||
| To record sale of 4,500,000 Overallotment Units at $10.00 per Unit. | |||||||||
| b. | Cash held in Trust Account | 900,000 | |||||||
| Additional paid-in capital | 900,000 | ||||||||
| To record sale of 600,000 Warrants at $1.50 per warrant. | |||||||||
| c. | Additional paid-in capital | 900,000 | |||||||
| Cash held in Trust Account | 900,000 | ||||||||
| To record payment of 2% of cash underwriting fee on overallotment option. | |||||||||
| d. | Additional paid-in capital | 1,575,000 | |||||||
| Deferred underwriting compensation | 1,575,000 | ||||||||
| To record the liability for deferred underwriting compensation on overallotment option. | |||||||||
| e. | Class A Ordinary shares | 435 | |||||||
| Additional paid-in capital | 43,424,565 | ||||||||
| Class A Ordinary shares subject to conversion | 43,425,000 | ||||||||
| To restore total equity above $5,000,001. | |||||||||
F-2
