Exhibit 99.1
Maquia Capital Acquisition Corporation
PRO FORMA BALANCE SHEET
Actual as of May 7, 2021 | Pro Forma Adjustments | As Adjusted | |||||||||||
(Unaudited) | (Unaudited) | ||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash | $ | 13,000 | $ | - | $ | 13,000 | |||||||
Due from Sponsor | 1,223,471 | - | 1,223,471 | ||||||||||
Total current assets | 1,236,471 | - | 1,236,471 | ||||||||||
Cash held in Trust Account | 162,400,000 | 13,097,190 | (a) | 175,693,648 | |||||||||
(130,972 | ) | (b) | |||||||||||
327,430 | (c) | ||||||||||||
Total Assets | $ | 163,636,471 | $ | 13,293,648 | $ | 176,930,119 | |||||||
Liabilities and STOCKholders' Equity | |||||||||||||
Current liabilities: | |||||||||||||
Accrued offering costs | $ | 719 | $ | - | $ | 719 | |||||||
Accrued offering costs | 35,000 | - | 35,000 | ||||||||||
Note payable - Sponsor | 177,100 | - | 177,100 | ||||||||||
Total current liabilities | 212,819 | - | 212,819 | ||||||||||
Deferred underwriting commissions | 4,800,000 | 392,916 | (g) | 5,192,916 | |||||||||
Derivative warranty liabilities | 10,878,415 | 882,261 | (f) | 11,760,676 | |||||||||
Total liabilities | 15,891,234 | 1,275,177 | 17,166,411 | ||||||||||
Commitments and Contingencies | |||||||||||||
Class A common stock subject to possible redemption; 14,063,570 and 15,247,656 shares (at $10.15 per share), actual and adjusted | 142,745,236 | 12,018,471 | (i) | 154,763,707 | |||||||||
Stockholders' Equity: | |||||||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | - | ||||||||||
Class A common stock, $0.0001 par value, 100,000,000 shares authorized, 2,487,430 and 2,645,806 shares issued and outstanding (excluding 14,063,570 and 15,247,656 shares subject to possible redemption), actual and adjusted | 249 | 131 | (a) | 265 | |||||||||
(115 | ) | (i) | |||||||||||
Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 4,760,000 and 4,500,528 shares issued and outstanding, actual and adjusted | 476 | (27 | ) | (d) | 450 | ||||||||
1 | (e) | ||||||||||||
Additional paid-in capital | 5,454,892 | 13,097,059 | (a) | 5,493,624 | |||||||||
(130,972 | ) | (b) | |||||||||||
327,430 | (c) | ||||||||||||
27 | (d) | ||||||||||||
(1 | ) | (e) | |||||||||||
(882,261 | ) | (f) | |||||||||||
(392,916 | ) | (g) | |||||||||||
38,722 | (h) | ||||||||||||
(12,018,356 | ) | (i) | |||||||||||
Accumulated deficit | (455,616 | ) | (38,722) | (h) | (494,338 | ) | |||||||
Total Stockholders' Equity | 5,000,001 | - | 5,000,001 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 163,636,471 | $ | 13,293,648 | $ | 176,930,119 |
Maquia Capital Acquisition Corporation
Note to Pro Forma Financial Statement
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of Maquia Capital Acquisition Corporation (the “Company”) as of May 7, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on May 10, 2021 as described below.
On May 10, 2021, the Company consummated the closing of the sale of 1,309,719 additional units of the Company’s Class A common stock, $0.0001 par value at a price of $10 per unit (the “Units”) upon receiving notice of the underwriters’ election to partially exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $13,097,190 and incurred additional offering costs of $130,972 in underwriting fees. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-half of one warrant (each, a “Warrant” and, collectively, the “Warrants”). Each whole Warrant entitles the holder to purchase one Class A common stock at a price of $11.50 per share. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 32,743 Private Placement Warrants to Maquia Investments North America, LLC., a Delaware limited partnership (the “Sponsor”), generating gross proceeds of $327,430. As a result of the underwriters' election to partially exercise their overallotment option, 372,430 Founder Shares are no longer subject to forfeiture. The remaining 272,570 Founders shares were forfeited. On May 12, 2021, the Company issued 13,098 shares of Class B common stock to the underwriter for services rendered and recorded $52 which is recorded as a stock issuance cost.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
Pro forma entry | |||||||||||
a. | Cash held in Trust Account | 13,097,190 | |||||||||
Class A common stock | 131 | ||||||||||
Additional paid-in capital | 13,097,059 | ||||||||||
To record sale of 1,309,719 Overallotment Units at $10.00 per Unit. | |||||||||||
b. | Additional paid-in capital | 130,972 | |||||||||
Cash held in Trust Account | 130,972 | ||||||||||
To record payment of cash underwriting fee on overallotment option. | |||||||||||
c. | Cash held in Trust Account | 327,430 | |||||||||
Additional paid-in capital | 327,430 | ||||||||||
To record additional proceeds from sale of 32,743 private units. | |||||||||||
d. | Class B common stock | 27 | |||||||||
Additional paid-in capital | 27 | ||||||||||
To record forfeiture of 272,570 Class B common stock. | |||||||||||
e. | Additional paid-in capital | 52 | |||||||||
Class B common stock | 1 | ||||||||||
Additional paid-in capital | 51 | ||||||||||
To record 13,098 shares of Class B common stock to underwriter. | |||||||||||
f. | Additional paid-in capital | 882,261 | |||||||||
Warrant liability | 882,261 | ||||||||||
To adjust warrant liability upon partial exercise of over-allotment | |||||||||||
g. | Additional paid-in capital | 392,916 | |||||||||
Deferred underwriting commissions | 392,916 | ||||||||||
To record payment of 3% deferred underwriting fees on overallotment option. | |||||||||||
h. | Accumulated deficit | 38,722 | |||||||||
Additional paid-in capital | 38,722 | ||||||||||
To record additional costs allocated to the warrant liability related to the exercise of the overallotment option. | |||||||||||
i. | Class A common stock | 12,018,356 | |||||||||
Additional paid-in capital | 115 | ||||||||||
Class A common stock subject to conversion | 12,018,471 | ||||||||||
To restore total equity above $5,000,001. |