Exhibit 99.1
Waverley Capital Acquisition Corp. 1
PRO FORMA BALANCE SHEET
Actual as August 24, 2021 | Pro Forma Adjustments | As Adjusted | ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 2,621,543 | $ | — | $ | 2,621,543 | ||||||||||
Prepaid expenses | 19,200 | — | 19,200 | |||||||||||||
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Total current assets | 2,640,743 | — | 2,640,743 | |||||||||||||
Cash held in Trust Account | 200,000,000 | 14,870,390 | (a | ) | 214,572,982 | |||||||||||
(297,408 | ) | (b | ) | |||||||||||||
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Total Assets | $ | 202,640,743 | $ | 14,572,982 |
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| $ | 217,213,725 | |||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued expenses | $ | 12,109 | $ | — | $ | 12,109 | ||||||||||
Accrued offering costs | 53,086 | — | 53,086 | |||||||||||||
Advances from related party | 15,245 | — | 15,245 | |||||||||||||
Note payable - Sponsor | 170,000 | — | 170,000 | |||||||||||||
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Total current liabilities | 250,440 | — | 250,440 | |||||||||||||
Deferred underwriting commissions | 7,000,000 | 520,462 | 7,520,462 | |||||||||||||
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Total liabilities | 7,250,440 | 520,462 | 7,770,902 | |||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
Class A ordinary shares subject to possible redemption; 19,039,030 and 20,444,282 shares (at $10.00 per share), actual and adjusted | 190,390,300 | 14,052,520 | (c | ) | 204,442,820 | |||||||||||
Shareholders’ Equity: | ||||||||||||||||
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||||||
Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 960,970 and 1,041,716 shares issued and outstanding (excluding 19,039,030 and 20,442,282 shares subject to possible redemption), actual and adjusted | 96 | 149 | (a | ) | 104 | |||||||||||
(141 | ) | (c | ) | |||||||||||||
Class B ordinary shares, $0.0001 par value, 50,000,000 shares authorized, 5,750,000 and shares issued and outstanding, actual and adjusted (1) | 575 | — | 575 | |||||||||||||
Additional paid-in capital | 5,019,606 | 14,870,241 | (a | ) | 5,019,598 | |||||||||||
(297,408 | ) | (b | ) | |||||||||||||
(520,462 | ) | (b | ) | |||||||||||||
(14,052,379 | ) | (c | ) | |||||||||||||
Accumulated deficit | (20,274 | ) | — | (20,274 | ) | |||||||||||
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Total Shareholders’ Equity | 5,000,003 | — | 5,000,003 | |||||||||||||
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Total Liabilities and Shareholders’ Equity | $ | 202,640,743 | $ | 14,572,982 | $ | 217,213,725 | ||||||||||
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(1) | Includes up to 371,760 shares subject to forfeiture as a result of the underwriters’ election to partially exercise their over-allotment option. |
Waverley Capital Acquisition Corp. 1
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 Waverly Capital Acquisition Corporation 1 (the “Company”) as of August 24, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on September 3, 2021 as described below.
On September 3, 2021, the Company consummated the closing of the sale of 1,487,039 additional units of the Company’s Class A ordinary shares, $0.0001 par value at a price of $10.00 per unit (the “Units”) upon receiving notice of the underwriters’ election to partially exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $14,870,390 and incurred additional offering costs of $817,870 in underwriting fees. Each Unit consists of one share of the Company’s Class A ordinary share, $0.0001 par value, and one-third of one warrant (each, a “Warrant” and, collectively, the “Warrants”). Each whole Warrant entitles the holder to purchase one share of Class A ordinary share at a price of $11.50 per share. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 198,272 Private Placement Warrants to WCAC1 Sponsor LLC, a Cayman Islands limited partnership (the “Sponsor”), generating gross proceeds of $297,408.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
Pro forma entry | ||||||||||
a. | Cash held in Trust Account | 14,870,390 | ||||||||
Class A ordinary shares | 149 | |||||||||
Additional paid-in capital | 14,870,241 | |||||||||
To record sale of 1,487,039 Overallotment Units at $10.00 per Unit and additional proceeds from sale of 198,272 private warrants. | ||||||||||
b. | Additional paid-in capital | 297,408 | ||||||||
Cash held in Trust Account | 297,408 | |||||||||
Additional paid-in capital | 520,462 | |||||||||
Deferred underwriting commissions | 520,462 | |||||||||
To record payment of cash underwriting fee and deferred fee on overallotment option. | ||||||||||
c. | Class A common stock | 141 | ||||||||
Additional paid-in capital | 14,052,379 | |||||||||
Class A common stock subject to conversion | 14,052,520 | |||||||||
To restore total equity above $5,000,001. |
F-2