Exhibit 99.1
JACKSON ACQUISITION COMPANY
PRO FORMA BALANCE SHEET
Actual as of December 13, 2021 | Pro Forma Adjustments | As Adjusted | |||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
ASSETS | |||||||||||||||
Current Assets: | |||||||||||||||
Cash | $ | 1,923,485 | $ | - | $ | 1,923,485 | |||||||||
Prepaid expenses | 26,435 | - | 26,435 | ||||||||||||
Other current assets | 380,000 | - | 380,000 | ||||||||||||
Total Current Assets | 2,329,920 | - | 2,329,920 | ||||||||||||
Cash held in Trust Account | 203,000,000 | 22,500,000 | (a) | 225,837,500 | |||||||||||
787,500 | (b) | ||||||||||||||
(450,000 | ) | (c) | |||||||||||||
Other assets | 374,795 | - | 374,795 | ||||||||||||
Total Assets | $ | 205,704,715 | $ | 22,837,500 | $ | 228,542,215 | |||||||||
LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | |||||||||||||||
Current liabilities: | |||||||||||||||
Accounts payable and accrued expenses | $ | 910,988 | $ | - | $ | 910,988 | |||||||||
Accrued offering costs | 399,000 | - | 399,000 | ||||||||||||
Overallotment liability | 420,760 | (345,583 | ) | (e) | 75,177 | ||||||||||
Total Current Liabilities | 1,730,748 | (345,583 | ) | 1,385,165 | |||||||||||
Derivative warrant liabilities | 25,819,200 | 2,524,500 | (d) | 28,343,700 | |||||||||||
Deferred underwriting commissions | 7,000,000 | 787,500 | (c) | 7,787,500 | |||||||||||
Total Liabilities | 34,549,948 | 2,966,417 | 37,516,365 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||||
Class A common stock subject to possible redemption; 20,000,000 and 22,250,000 shares (at $10.15 per share), actual and as adjusted, respectively | 203,000,000 | 22,500,000 | (a) | 225,837,500 | |||||||||||
337,500 | (h) | ||||||||||||||
Stockholders’ Deficit | |||||||||||||||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and Outstanding | - | - | - | ||||||||||||
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 0 shares issued and outstanding, actual and as adjusted (excluding 20,000,000 and 22,250,000 shares subject to possible redemption, actual and as adjusted, respectively) | - | - | - | ||||||||||||
Class B common stock, $0.0001 par value, 50,000,000 shares authorized, 5,750,000 and 5,562,500 shares issued and outstanding, actual and as adjusted, respectively | 575 | (19 | ) | (g) | 556 | ||||||||||
Additional paid-in capital | - | 787,500 | (b) | - | |||||||||||
(1,237,500 | ) | (c) | |||||||||||||
(2,272,500 | ) | (d) | |||||||||||||
345,583 | (e) | ||||||||||||||
80,552 | (f) | ||||||||||||||
19 | (g) | ||||||||||||||
(337,500 | ) | (h) | |||||||||||||
2,633,846 | (i) | ||||||||||||||
Accumulated deficit | (31,845,808 | ) | (252,000 | ) | (d) | (34,812,206 | ) | ||||||||
(80,552 | ) | (f) | |||||||||||||
(2,633,846 | ) | (i) | |||||||||||||
Total Stockholders' Deficit | (31,845,233 | ) | (2,966,417 | ) | (34,811,650 | ) | |||||||||
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders’ Deficit | $ | 205,704,715 | $ | 22,837,500 | $ | 228,542,215 |
Exhibit 99.1
JACKSON ACQUISITION COMPANY
Note to Pro Forma Balance Sheet
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Jackson Acquisition Company (the “Company”) as of December 13, 2021, adjusted for the closing of the partial exercise of the underwriter’s overallotment option and related transactions which occurred on January 6, 2022 as described below.
On January 6, 2022, the Company consummated the closing of the sale of 2,250,000 additional units (the “Over-Allotment Units”) at a price of $10.00 per Over-Allotment Unit upon receiving notice of the underwriter’s election to partially exercise its overallotment option, generating additional gross proceeds of $22,500,000 and incurring additional offering costs of $1,237,500 in underwriting fees. Each Over-Allotment Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-half of one redeemable warrant (“Public Warrant”) of the Company. Each whole Public Warrant entitles the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment. Simultaneously with the closing of the partial exercise of the overallotment option, the Company consummated the private sale of an additional 787,500 warrants (the “Option Private Placement Warrants”) to RJ Healthcare SPAC, LLC (the “Sponsor”) at a purchase price of $1.00 per Option Private Placement Warrant, generating gross proceeds of $787,500. Of the additional $1,237,500 in underwriting fees, $787,500 is deferred until the completion of the Company’s initial business combination. As a result of the underwriter’s election to partially exercise its overallotment option, the Sponsor surrendered to the Company for cancellation 187,500 shares of the Company’s Class B common stock.
In connection with the closing and sale of the Over-Allotment Units and the Option Private Placement Warrants (together, the “Over-Allotment Closing”), a total of $22,837,500 in proceeds from the Over-Allotment Closing was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee.
Pro forma adjustments to reflect the closing of the partial exercise of the underwriter’s overallotment option and related transactions are as follows:
Exhibit 99.1
Pro forma entry | ||||||||||
a. | Cash held in Trust Account | 22,500,000 | ||||||||
Class A common stock subject to possible redemption | 22,500,000 | |||||||||
To record sale of 2,250,000 Over-Allotment Units at $10.00 per Over-Allotment Unit. | ||||||||||
b. | Cash held in Trust Account | 787,500 | ||||||||
Additional paid-in capital | 787,500 | |||||||||
To record sale of 787,500 Option Private Placement Warrants at $1.00 per Option Private Placement Warrant. | ||||||||||
c. | Additional paid-in capital | 450,000 | ||||||||
Cash held in Trust Account | 450,000 | |||||||||
Additional paid-in capital | 787,500 | |||||||||
Deferred underwriting compensation | 787,500 | |||||||||
To record payment of 2% cash underwriting fee and record the liability for 3.5% deferred underwriting compensation on overallotment option. | ||||||||||
d. | Accumulated deficit | 252,000 | ||||||||
Derivative warrant liabilities | 252,000 | |||||||||
Additional paid-in capital | 1,485,000 | |||||||||
Derivative warrant liabilities | 1,485,000 | |||||||||
Additional paid-in capital | 787,500 | |||||||||
Derivative warrant liabilities | 787,500 | |||||||||
To record excess proceeds from sale of the Option Private Placement Warrants & adjust fair value of derivative warrants. | ||||||||||
e. | Overallotment liability | 345,583 | ||||||||
Additional paid-in capital | 345,583 | |||||||||
To adjust overallotment liability. | ||||||||||
f. | Accumulated deficit | 80,552 | ||||||||
Additional paid-in capital | 80,552 | |||||||||
To record derivative warrant liability costs. | ||||||||||
g. | Class B common stock | 19 | ||||||||
Additional paid-in capital | 19 | |||||||||
To record forfeiture of 187,500 shares of Class B common stock upon partial exercise of overallotment option. | ||||||||||
h. | Additional paid-in capital | 337,500 | ||||||||
Class A common stock subject to possible redemption | 337,500 | |||||||||
To adjust Class A common stock subject to redemption to redemption value of $10.15 per share. | ||||||||||
i. | Accumulated deficit | 2,633,846 | ||||||||
Additional paid-in capital | 2,633,846 | |||||||||
To return additional paid in capital to $0. |