Exhibit 99.1
Global Consumer Acquisition Corp
Pro Forma Balance Sheet
Actual as of June 11, 2021 | Pro Forma Adjustments | As Adjusted | |||||||||||
(unaudited) | (unaudited) | ||||||||||||
ASSETS | |||||||||||||
Current asset - cash | $ | 15,022 | $ | $ | 15,022 | ||||||||
Other receivable | 1,037,868 | 1,037,868 | |||||||||||
Total Current Assets | 1,052,890 | - | 1,052,890 | ||||||||||
Cash Held in Trust Account | 170,850,000 | 12,630,000 | a. | 183,543,150 | |||||||||
221,025 | b. | ||||||||||||
(157,875 | ) | c. | |||||||||||
TOTAL ASSETS | $ | 171,902,890 | $ | 12,693,150 | $ | 184,596,040 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUIT | |||||||||||||
Current Liabilities | |||||||||||||
Accrued expense and other payable | 23,911 | - | 23,911 | ||||||||||
Promissory note- related party | 143,563 | - | 143,563 | ||||||||||
Total Current Liabilities | 167,474 | - | 167,474 | ||||||||||
Warrant liability | 9,110,122 | 671,577 | e. | 9,781,698 | |||||||||
Deferred underwriter fee payable | 5,525,000 | 410,475 | d. | 5,935,475 | |||||||||
TOTAL LIABILITIES | 14,802,596 | 1,082,052 | 15,884,647 | ||||||||||
Commitments and Contingencies | |||||||||||||
Class A common stock subject to possible redemption; 15,134,358 and 16,289,691 shares at redemption value, respectively | 152,100,294 | 11,611,098 | g. | 163,711,392 | |||||||||
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; 7,184,652 and 7,314,422 issued and outstanding (excluding 15,134,358 and 16,289,691 shares subject to redemption), respectively | 718 | 126 | a. | 833 | |||||||||
2 | b. | ||||||||||||
(13 | ) | g. | |||||||||||
Additional paid-in capital | 5,489,923 | 12,629,874 | a. | 5,519,504 | |||||||||
221,023 | b. | ||||||||||||
(157,875 | ) | c. | |||||||||||
(410,475 | ) | d. | |||||||||||
(671,577 | ) | e. | |||||||||||
29,696 | f. | ||||||||||||
(11,611,085 | ) | g. | |||||||||||
Accumulated deficit | (490,639 | ) | (29,696 | ) | f. | (520,336 | ) | ||||||
Total Stockholders' Equity | 5,000,001 | - | 5,000,001 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 171,902,890 | $ | 12,693,150 | $ | 184,596,040 |
Global Consumer 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 Global Consumer Acquisition Corporation (the “Company”) as of June 10, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on June 16, 2021 as described below.
On June 16, 2021, the Company consummated the closing of the sale of 1,263,000 additional units of the Company’s 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 $12,630,000 and incurred additional offering costs of $157,875 in underwriting fees. Each Unit consists of one share of the Company’s 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 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 22,103 Private Placement Warrants to Global Consumer Acquisition LLC., a Delaware limited partnership (the “Sponsor”), generating gross proceeds of $221,025.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
Pro forma entry | ||||||||||
a. | Cash held in Trust Account | 12,630,000 | ||||||||
Common Stock | 126 | |||||||||
Additional paid-in capital | 12,629,874 | |||||||||
To record sale of 1,263,000 Overallotment Units at $10.00 per Unit | ||||||||||
b. | Cash held in Trust Account | 211,025 | ||||||||
Common Stock | 2 | |||||||||
Additional paid-in capital | 221,023 | |||||||||
To record sale of 22,100 Private Placement Units at $10.00 per unit. | ||||||||||
c. | Additional paid-in capital | 157,875 | ||||||||
Cash held in Trust Account | 157,875 | |||||||||
To record payment of 1.25% of cash underwriting fee on overallotment option | ||||||||||
d. | Additional paid-in capital | 410,475 | ||||||||
Deferred underwriting fees | 410,475 | |||||||||
To record the liability for deferred underwriting fees on overallotment option | ||||||||||
e. | Additional paid-in capital | 671,577 | ||||||||
Warrant liability | 671,577 | |||||||||
To adjust warrant liability upon partial exercise of over-allotment. | ||||||||||
f. | Accumulated deficit | 29,696 | ||||||||
Additional paid-in capital | 29,696 | |||||||||
To record additional costs allocated to the warrant liability related to the exercise of the overallotment option. | ||||||||||
g. | Common stock subject to possible redemption | 11,611,098 | ||||||||
Common Stock | 13 | |||||||||
Additional paid-in capital | 11,611,085 | |||||||||
To restore total equity above $5,000,001 |