Exhibit 99.1
GLADSTONE ACQUISITION CORP
BALANCE SHEET
AUGUST 9, 2021
| August 9, 2021 | Pro Forma Adjustments | As Adjusted | ||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Cash | $ | 2,023,122 | $ | — | $ | 2,023,122 | ||||||||||
Prepaid expenses | 424,615 | — | 424,615 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total Current Assets | 2,447,737 | — | 2,447,737 | |||||||||||||
|
|
|
|
|
| |||||||||||
Prepaid expenses, non-current portion | 196,721 | — | 196,721 | |||||||||||||
Cash held in trust account | 102,000,000 | 4,924,800 | (a | ) | 107,023,296 | |||||||||||
| 98,496 | (c | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||
Total Assets | $ | 104,644,458 | $ | 5,023,296 | $ | 109,667,754 | ||||||||||
|
|
|
|
|
| |||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Accrued offering costs and expenses | 731,900 | — | 731,900 | |||||||||||||
Promissory note – related party | 240,000 | — | 240,000 | |||||||||||||
Due to related party | 333 | — | 333 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total Current Liabilities | 972,233 | — | 972,233 | |||||||||||||
Deferred underwriters’ discount | 3,500,000 | 172,368 | (b | ) | 3,672,368 | |||||||||||
|
|
|
|
|
| |||||||||||
Total Liabilities | 4,472,233 | 172,368 | 4,644,601 | |||||||||||||
Commitments | ||||||||||||||||
Common stock subject to redemption, 9,330,610 and 9,806,191 shares, respectively, at redemption value of $10.20 | 95,172,224 | 4,850,928 | (d | ) | 100,023,152 | |||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preference stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||||||
Class A Common stock, $0.0001 par value; 200,000,000 shares authorized; 869,390 and 886,289 shares issued and outstanding (excluding 9,330,610 and 9,806,191 shares subject to possible redemption, respectively) | 87 | 49 | (a | ) | 88 | |||||||||||
| (48 | ) | (d | ) | |||||||||||||
Class B Common stock, $0.0001 par value; 20,000,000 shares authorized; 2,875,000 shares issues and outstanding | 288 | — | 288 | |||||||||||||
Additional paid-in capital | 5,057,411 | 4,924,751 | (a | ) | 5,057,410 | |||||||||||
| (172,368 | ) | (b | ) | |||||||||||||
| 98,496 | (c | ) | ||||||||||||||
| (4,850,880 | ) | (d | ) | |||||||||||||
Accumulated deficit | (57,785 | ) | — | (57,785 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Total Stockholders’ Equity | 5,000,001 | — | 5,000,001 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 104,644,458 | $ | 5,023,296 | $ | 109,667,754 | ||||||||||
|
|
|
|
|
| |||||||||||
The accompany notes are an integral part of the financial statement.
NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Gladstone Acquisition Corp. (the “Company”) as of August 9, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on August 18, 2021.
The Company consummated its initial public offering (the “IPO”) of 10,000,000 units (the “Units”) on August 9, 2021. Each Unit consists of one share of Common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Common stock at a price of $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 $100,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments, if any. On August 18, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 492,480 Over-Allotment Units, generating an aggregate of gross proceeds of $4,924,800.
Simultaneously with the exercise of the Underwriters’ over-allotment option, the Sponsor of the Company purchased an additional 98,496 Private Placement Warrants, generating aggregate gross proceeds of $98,496.
Upon closing of the IPO and the sale of the Over-Allotment Units, a total of $107,023,296 ($10.20 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 described above are as follows:
| Pro Forma Entries | Debit | Credit | ||||||||
(a) | Cash held in trust account | $ | 4,924,800 | |||||||
Common stock | $ | 49 | ||||||||
Additional paid-in capital | $ | 4,924,751 | ||||||||
To record proceeds from sale of over-allotment units | ||||||||||
(b) | Additional paid-in capital | $ | 172,368 | |||||||
Deferred underwriters’ fee payable | $ | 172,368 | ||||||||
To record additional deferred underwriters’ fee arising from the sale of the over-allotment units |
| |||||||||
(c) | Cash held in trust account | $ | 98,496 | |||||||
Additional paid-in capital | $ | 98,496 | ||||||||
To record proceeds from sale of additional private placement warrants | ||||||||||
(d) | Additional paid-in capital | $ | 4,850,880 | |||||||
Common stock | $ | 48 | ||||||||
Common stock subject to redemption | $ | 4,850,928 | ||||||||
To record additional shares subject to redemption arising from the over-allotment exercise |
| |||||||||
