Exhibit 99.1
BURGUNDY TECHNOLOGY ACQUISITION CORPORATION.
BALANCE SHEET
August 31, 2020 | Pro Forma Adjustments | As Adjusted | ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 2,002,000 | $ | 45,000,000 | (a | ) | $ | 2,002,000 | ||||||||
1,125,000 | (b | ) | ||||||||||||||
(900,000 | ) | (c | ) | |||||||||||||
(45,225,000 | ) | (f | ) | |||||||||||||
Prepaid expenses | 180,000 | — | 180,000 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total current assets | 2,182,000 | — | 2,182,000 | |||||||||||||
Cash held in Trust Account | 301,500,000 | 45,225,000 | (f | ) | 346,725,000 | |||||||||||
|
|
|
|
|
| |||||||||||
Total assets | $ | 303,682,000 | $ | 45,225,000 | $ | 348,907,000 | ||||||||||
|
|
|
|
|
| |||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 22,613 | — | $ | 22,613 | |||||||||||
Accrued expenses | 634,270 | — | 634,270 | |||||||||||||
Note payable - related party | 188,213 | — | 188,213 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total current liabilities | 845,096 | — | 845,096 | |||||||||||||
Deferred underwriting commissions | 10,500,000 | 1,575,000 | (d | ) | 12,075,000 | |||||||||||
|
|
|
|
|
| |||||||||||
Total liabilities | 11,345,096 | 1,575,000 | 12,920,096 | |||||||||||||
Commitments and Contingencies | ||||||||||||||||
Class A ordinary shares, $0.0001 par value; 28,590,736 and 32,934,020 shares subject to possible redemption at $10.05 per share, actual and as adjusted, respectively | 287,336,897 | 43,650,004 | (e | ) | 330,986,901 | |||||||||||
Shareholders’ Equity: | ||||||||||||||||
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,359,264 and 2,628,480 shares issued and outstanding (excluding 32,934,020 shares subject to possible redemption), actual and as adjusted, respectively | 236 | 450 | (a | ) | 263 | |||||||||||
11 | (b | ) | ||||||||||||||
(434 | ) | (e | ) | |||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding, actual and as adjusted (1) | 863 | — | 863 | |||||||||||||
Additional paid-in capital | 5,083,446 | 44,999,550 | (a | ) | 5,083,415 | |||||||||||
1,124,989 | (b | ) | ||||||||||||||
(900,000 | ) | (c | ) | |||||||||||||
(1,575,000 | ) | (d | ) | |||||||||||||
(43,649,570 | ) | (e | ) | |||||||||||||
Accumulated deficit | (84,538 | ) | — | (84,538 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Total shareholders’ equity | 5,000,007 | (4 | ) | 5,000,002 | ||||||||||||
|
|
|
|
|
| |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 303,682,000 | $ | 45,225,000 | $ | 348,907,000 | ||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
NOTE 1- CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Burgundy Technology Acquisition Corporation. (the “Company”) as of August 31, 2020, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on September 18, 2020 as described below.
The Company consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”). Each Unit consists of one ordinary share, par value $0.0001 per share (“Ordinary Shares”), and one-half of one warrant (“Warrant”), each whole Warrant exercisable to purchase one Ordinary Share at an exercise price of $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300.0 million. 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, if any. The Underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 Units (the “Over-Allotment Units”), generating gross proceeds of $45.0 million, and incurred additional offering costs of approximately $2.5 million in underwriting fees (inclusive of approximately $1.6 million in deferred underwriting fees).
Simultaneously with the closing of the IPO, the Company completed a private placement (the “Private Placement”) of an aggregate of 950,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit to Burgundy Technology Sponsor Limited (the “Sponsor”), generating total gross proceeds of $9.5 million, pursuant to the Private Placement Units Purchase Agreement, dated August 26, 2020 (the “Private Placement Purchase Agreement”), by and between the Company and the Sponsor. The Private Placement Purchase Agreement provided for a second closing (the “Second Closing”) of the Private Placement simultaneously with the closing of the Over-Allotment Units. Accordingly, on September 18, 2020, the Second Closing of the Private Placement was consummated, resulting in the purchase of an aggregate of an additional 112,500 Private Placement Units by the Sponsor, generating gross proceeds to the Company of approximately $1.1 million.
In addition, the Sponsor agreed to forfeit up to 1,125,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”) to the extent that the over-allotment option is not exercised in full by the underwriters. The underwriters exercised their over-allotment option on September 18, 2020. As a result, these shares were no longer subject to forfeiture.
Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option and the sale of the private placement warrants described above are as follows:
Pro Forma Entries | Debit | Credit | ||||||||
(a) | Cash | $ | 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 | $ | 1,125,000 | |||||||
Class A ordinary shares | $ | 11 | ||||||||
Additional paid-in capital | $ | 1,124,989 | ||||||||
To record sale of 112,500 Private Placement Units at $10.00 per units | ||||||||||
(c) | Additional paid-in capital | $ | 900,000 | |||||||
Cash | $ | 900,000 | ||||||||
To record payment of 2% of cash underwriting fee on overallotment option | ||||||||||
(d) | Additional paid-in capital | $ | 1,575,000 | |||||||
Deferred underwriting commissions | $ | 1,575,000 | ||||||||
To record additional deferred underwriting fee on overallotment option | ||||||||||
(e) | Class A ordinary shares | $ | 434 | |||||||
Additional paid-in capital | $ | 43,649,570 | ||||||||
Class A ordinary shares subject to possible redemption | $ | 43,650,004 | ||||||||
To reclassify Class A ordinary shares out of permanent equity into mezzanine redeemable stock | ||||||||||
(f) | Cash | $ | 45,225,000 | |||||||
Trust account | $ | 45,225,000 | ||||||||
To transfer $10.05 per Overallotment Units to Trust Account |