Exhibit 99.2
ISLEWORTH HEALTHCARE ACQUISITION CORP.
PROFORMA BALANCE SHEET
Unaudited
March 1, 2021
March 1, 2021 | Pro Forma Adjustments | As Adjusted | ||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Current asset—cash | $ | 1,021,900 | $ | (250,000 | ) | (c | ) | $ | 771.900 | |||||||
Prepaid expense and other current assets | 653,884 | 653.884 | ||||||||||||||
Due from Sponsor | — | 185,257 | (c | ) | 185.257 | |||||||||||
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Total current assets | 1,675,784 | (64,743 | ) | 1.611.041 | ||||||||||||
Cash held in trust account | 180,000,000 | 27,000,000 | (a | ) | 207,000,000 | |||||||||||
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Total Assets | $ | 181,675,784 | $ | 26,935,257 | $ | 208,611,041 | ||||||||||
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Liabilities and Stockholders’ Equity | ||||||||||||||||
Accrued offering costs and expenses | $ | 29,514 | — | $ | 29,514 | |||||||||||
Promissory note – related party | 64,743 | (64,743 | ) | (c | ) | — | ||||||||||
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Total Liabilities | 94,257 | (64,743 | ) | 29,514 | ||||||||||||
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Commitments and Contingencies | ||||||||||||||||
Common stock subject to possible redemption, 17,658,153 and 20,358,153 shares at redemption value, respectively | 176,581,526 | 27,000,000 | (d | ) | 203,581,526 | |||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,810,593 and 5,833,097 shares issued and outstanding (excluding 17,658,153 and 20,358,153 shares subject to possible redemption, respectively) | 581 | 270 | (a | ) | 583 | |||||||||||
(270 | ) | (d | ) | |||||||||||||
2 | (e | ) | ||||||||||||||
Additional paid-in capital | 5,005,400 | 26,999,730 | (a | ) | 5,005,398 | |||||||||||
540,000 | (b | ) | ||||||||||||||
(540,000 | ) | (b | ) | |||||||||||||
(26,999,730) | (d | ) | ||||||||||||||
(2 | ) | (e | ) | |||||||||||||
Accumulated deficit | (5,980 | ) | — | (5,980 | ) | |||||||||||
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Total Stockholders’ Equity | 5,000,001 | — | 5,000,001 | |||||||||||||
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Total Liabilities and Stockholders’ Equity | $ | 181,675,784 | $ | 26,935,257 | $ | 208,611,041 | ||||||||||
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The accompany notes are an integral part of the financial statement.
NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Isleworth Healthcare Acquisition Corp. (the “Company”) as of March 1, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on March 2, 2021 as described below.
The Company consummated its initial public offering (the “IPO”) of 18,000,000 units (the “Units”). Each Unit consists of one share of common stock of the Company, par value $0.0001 per share and one-half of one redeemable warrant of the Company (the “Warrants”). Each Warrant entitles the holder thereof to purchase one share of common stock for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $180,000,000.
In connection with the IPO, the underwriters were granted a 30-day option from the date of the prospectus to purchase up to 2,700,000 additional units to cover over-allotment, if any. On March 2, 2021, the underwriters fully exercised the over-allotment option. The units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds of $27,000,000 to the Company.
Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $207,000,000 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.
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 held in trust account | $ | 27,000,000 | |||||||
Common stock | $ | 270 | ||||||||
Additional paid-in capital | $ | 26,999,730 | ||||||||
To record sale of 2,700,000 Over—allotment Units at $10.00 per Unit net of underwriter’s fees | ||||||||||
(b) | Additional paid-in capital | $ | 540,000 | |||||||
Additional paid-in capital | $ | 540,000 | ||||||||
To record sale of 540,000 Private Placement Warrants at $1.00 per Private Placement Warrant and underwriters’ fee | ||||||||||
(c) | Promissory note | $ | 64,743 | |||||||
Due from Sponsor | 185,257 | |||||||||
Cash | $ | 250,000 | ||||||||
To record payment to sponsor |
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(d) | Common stock | $ | 270 | |||||||
Additional paid-in capital | $ | 26,999,730 | ||||||||
Common stock subject to possible redemption | $ | 27,000,000 | ||||||||
To record common stock out of permanent equity into mezzanine redeemable stock |
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(e) | Additional paid-in capital | $ | 2 | |||||||
Common stock | $ | 2 | ||||||||
To record issuance of representative shares at par. |
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