Exhibit 99.1
FG New America Acquisition Corp.
Balance Sheet
| October 2, | Pro Forma | |||||||||||
| 2020 | Adjustments | As Adjusted | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash | $ | 1,209,735 | $ | - | $ | 1,209,735 | ||||||
| Prepaid expenses | 323,237 | - | 323,237 | |||||||||
| Total current assets | 1,532,972 | - | 1,532,972 | |||||||||
| Cash held in trust account | 230,625,000 | 12,750,000 | (a) | 243,375,000 | ||||||||
| TOTAL ASSETS | $ | 232,157,972 | $ | 12,750,000 | $ | 244,907,972 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Accrued offering costs | $ | 112,000 | $ | - | $ | 112,000 | ||||||
| Total current liabilities | 112,000 | - | 112,000 | |||||||||
| TOTAL LIABILITIES | $ | 112,000 | $ | - | $ | 112,000 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||
| Class A common stock, $0.0001 par value, subject to possible redemption, 22,012,194 and 23,287,194 shares at redemption value, actual and as adjusted, respectively | $ | 225,624,990 | $ | 12,750,000 | (b) | $ | 238,374,990 | |||||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | $ | - | $ | - | $ | - | ||||||
| Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 1,062,806 and 1,069,181 shares issued and outstanding (excluding 22,012,194 and 23,287,194 shares subject to possible redemption), actual and as adjusted, respectively | 106 | 127 | (a) | 107 | ||||||||
| (127 | )(b) | |||||||||||
| 1 | (d) | |||||||||||
| Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 and 5,943,750 shares issued and outstanding, actual and as adjusted, respectively | 647 | (53 | )(c) | 594 | ||||||||
| Additional paid-in capital | 6,421,229 | 12,749,873 | (a) | 6,421,281 | ||||||||
| (12,749,873 | )(b) | |||||||||||
| 53 | (c) | |||||||||||
| (1 | )(d) | |||||||||||
| Accumulated deficit | (1,000 | ) | (1,000 | ) | ||||||||
| Total Stockholders' Equity | 6,420,982 | - | 6,420,982 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 232,157,972 | $ | 12,750,000 | $ | 244,907,972 | ||||||
The accompanying notes are an integral part of these financial statements.
NOTE 1. CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of FG New America Acquisition Corp. (the “Company”) as of October 2, 2020, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on October 14, 2020 as described below.
The Company consummated its initial public offering (the “IPO”) of 22,500,000 units (the “Units”) on October 2, 2020. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50 per share.
In connection with the IPO, the underwriters were granted an option to purchase up to an additional 3,375,000 Units to cover over-allotments, if any. On October 14, 2020, the underwriters partially exercised the over-allotment option and purchased an additional 1,275,000 Units, generating gross proceeds of $12,750,000. In connection with the partial exercise of the over-allotment option by the underwriters, FG New America Investors LLC forfeited 525,000 shares of Class B common stock and the Company issued an additional 6,375 Units to the underwriters.
Pro forma adjustments to reflect the partial exercise of the underwriters’ over-allotment option described above are as follows:
| Pro Forma Entries | Debit | Credit | ||||||||
| (a) | Cash held in trust account | $ | 12,750,000 | |||||||
| Class A common stock | $ | 127 | ||||||||
| Additional paid-in capital | $ | 12,749,873 | ||||||||
| To record sale of 1,275,000 over-allotment Units at $10.00 per Unit | ||||||||||
| (b) | Class A common stock | $ | 127 | |||||||
| Additional paid-in capital | $ | 12,749,873 | ||||||||
| Class A common stock subject to possible redemption | $ | 12,750,000 | ||||||||
| To reclassify Class A common stock out of permanent equity | ||||||||||
| (c) | Class B common stock | $ | 53 | |||||||
| Additional paid-in capital | $ | 53 | ||||||||
| To record forfeiture of 525,000 Class B common stock upon partial exercise of underwriters over-allotment option | ||||||||||
| (d) | Additional paid-in capital | $ | 1 | |||||||
| Class A common stock | $ | 1 | ||||||||
| To record issuance of additional 6,375 Units to underwriters upon partial exercise of over-allotment option | ||||||||||
