Exhibit 99.1
THUNDER BRIDGE ACQUISITION, LTD.
PRO FORMA BALANCE SHEET
June 21, | Pro Forma | ||||||||||||
2018 | Adjustments | As Adjusted | |||||||||||
(unaudited) | (unaudited) | ||||||||||||
ASSETS | |||||||||||||
Current assets | |||||||||||||
Cash | $ | 1,171,169 | $ | 1,171,169 | |||||||||
Prepaid expenses | 33,200 | 33,200 | |||||||||||
Total current assets | 1,204,369 | 1,204,369 | |||||||||||
Cash held in Trust Account | 227,250,000 | 330,000 | (a) | ||||||||||
33,000,000 | (b) | 260,580,000 | |||||||||||
Total assets | $ | 228,454,369 | $ | 33,330,000 | $ | 261,784,369 | |||||||
LIABILITIES AND SHAREHOLDER’S EQUITY | |||||||||||||
Current Liabilities | |||||||||||||
Accounts payable | $ | 30,217 | $ | 30,217 | |||||||||
Total current liabilities | 30,217 | 30,217 | |||||||||||
Deferred underwriting fee payable | 7,875,000 | 1,815,000 | (c) | 9,690,000 | |||||||||
Total Liabilities | 7,905,217 | 1,815,000 | 9,720,217 | ||||||||||
Ordinary shares subject to possible redemption, 21,341,500 and 24,461,797 at redemption value | 215,549,150 | 31,515,000 | (e) | 247,064,150 | |||||||||
Shareholder’s Equity | |||||||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none outstanding | - | - | |||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 1,158,500 and 1,338,203 shares issued and outstanding (excluding 21,341,500 and 24,461,797 shares subject to possible redemption) | 116 | 330 | (b) | 134 | |||||||||
(312 | ) | (e) | |||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 and 6,450,000 shares issued and outstanding | 647 | (2 | ) | (d) | 645 | ||||||||
Additional paid in capital | 5,004,584 | 330,000 | (a) | 5,004,568 | |||||||||
32,999,670 | (b) | ||||||||||||
(1,815,000 | ) | (c) | |||||||||||
2 | (d) | ||||||||||||
(31,514,688 | ) | (e) | |||||||||||
Accumulated deficit | (5,345 | ) | (5,345 | ) | |||||||||
Total Shareholder’s Equity | 5,000,002 | - | 5,000,002 | ||||||||||
$ | 228,454,369 | $ | 33,330,000 | $ | 261,784,369 |
THUNDER BRIDGE ACQUISITION, LTD.
NOTE TO PRO FORMA BALANCE SHEET
(Unaudited)
NOTE 1 - CLOSING OF PARTIAL EXERCISE OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT AND FORFEITED SHARES
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of June 21, 2018, adjusted for the closing of the underwriters’ partial exercise of its overallotment option and related transactions which occurred on June 28, 2018 as described below.
On June 28, 2018, the Company consummated the closing of the sale of 3,300,000 additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating an additional gross proceeds of $33,000,000 and incurring additional offering costs of $1,815,000 in underwriting fees which were deferred until the completion of the Company’s initial business combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 330,000 Private Placement Warrants to the Sponsor, generating gross proceeds of $330,000. Pro forma adjustments to reflect the Private Placement and the exercise of the underwriters’ overallotment option are as follows:
Pro Forma Entries | Debit | Credit | ||||||||
(a) | Cash held in Trust Account | $ | 330,000 | |||||||
Additional paid in capital | $ | 330,000 | ||||||||
To record sale of 330,000 private placement warrants at $1 per warrant | ||||||||||
(b) | Cash held in Trust Account | $ | 33,000,000 | |||||||
Class A ordinary shares | $ | 330 | ||||||||
Additional paid in capital | $ | 32,999,670 | ||||||||
To record sale of 3.3 million overallotment Units @ $10 per Unit | ||||||||||
(c) | Additional paid in capital | $ | 1,815,000 | |||||||
Deferred underwriting fee payable | $ | 1,815,000 | ||||||||
To record liability for deferred underwriters fee at 5.5% | ||||||||||
(d) | Class B ordinary shares | $ | 2 | |||||||
Additional paid in capital | $ | 2 | ||||||||
To record forfeiture of 18,750 Class B ordinary shares | ||||||||||
(e) | Class A ordinary shares | $ | 312 | |||||||
Additional paid in capital | $ | 31,514,688 | ||||||||
Ordinary shares subject to possible redemption | $ | 31,515,000 | ||||||||
To reflect 3,120,297 Class A ordinary shares subject to redemption |