Exhibit 99.1
WORLDWIDE WEBB ACQUISITION CORP.
PRO FORMA BALANCE SHEET
Actuals as of October 22, 2021 | Pro Forma Adjustment (Unaudited) | As Adjusted (Unaudited) | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 1,962,109 | $ | — | $ | 1,962,109 | ||||||
Prepaid expenses | 367,454 | — | 367,454 | |||||||||
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Total current assets | 2,329,563 | — | 2,329,563 | |||||||||
Cash held in trust account | 202,000,000 | 30,300,000 | (1)(2)(4) | 232,300,000 | ||||||||
Other assets | 381,367 | — | 381,367 | |||||||||
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Total Assets | 204,710,930 | 30,300,000 | 235,010,930 | |||||||||
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LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 767,584 | $ | (375 | ) (5) | $ | 767,209 | |||||
Promissory note - related party | 180,361 | — | 180,361 | |||||||||
Accrued expenses | 541,731 | — | 541,731 | |||||||||
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Total current liabilities | 1,489,676 | (375 | ) | 1,489,301 | ||||||||
Deferred underwriting fees payable | 7,000,000 | 1,050,000 | (3) | 8,050,000 | ||||||||
Derivative warrant liability | 9,054,000 | 1,207,200 | (6) | 10,261,200 | ||||||||
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Total liabilities | 17,543,676 | 2,256,825 | 19,800,501 | |||||||||
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Commitments and Contingencies (Note 5) | ||||||||||||
Class A ordinary shares subject to possible redemption, 20,000,000 and 23,000,000 shares at $10.10 per share, actual and as adjusted, respectively | 202,000,000 | 30,300,000 | (1)(2)(3) (5-8) | 232,300,000 | ||||||||
Shareholders’ Deficit: | — | |||||||||||
Preference 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; 20,000,000 and 23,000,000 issued and outstanding (excluding 20,000,000 and 23,000,000 shares subject to possible redemption), actual and adjusted, respectively | — | — | — | |||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding, actual and as adjusted, respectively (1)(2) | 575 | — | 575 | |||||||||
Additional paid-in capital | — | — | — | |||||||||
Accumulated deficit | (14,833,321 | ) | (2,256,825 | ) (7)(8) | (17,090,146 | ) | ||||||
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Total shareholders’ deficit | (14,832,746 | ) | (2,256,825 | ) | (17,089,571 | ) | ||||||
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Total Liabilities and Shareholders’ Deficit | $ | 204,710,930 | $ | 30,300,000 | $ | 235,010,930 | ||||||
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The accompanying notes are an integral part of this pro forma financial statement.
F-1
WORLDWIDE WEBB ACQUISITION CORP.
NOTE TO PRO FORMA FINANCIAL STATEMENT
(Unaudited)
Note 1 — CLOSING OF OVERALLTOMENT OPTION
The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of Worldwide Webb Acquisition Corp. (the “Company”) as of October 22, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on November 15, 2021.
On November 15, 2021, the Company consummated the sale of 3,000,000 over-allotment units pursuant to the underwriters’ exercise of their over-allotment option. Such over-allotment units were sold at $10.00 per unit, generating gross proceeds of $30,000,000. Substantially concurrently with the closing of the sale of the over-allotment units, the Company consummated the private sale of an additional 900,000 private placement warrants at a purchase price of $1.00 per private placement warrant to the Sponsor, generating gross proceeds of $900,000. Following the closing of the over-allotment option, a total of $232,300,000, including $8,050,000 of the underwriters’ deferred discount, was held in a U.S.-based trust account with Continental Stock Transfer & Trust Company, acting as trustee. The underwriters’ over-allotment option was exercised in full, therefore no founders shares were forfeited.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
Pro Forma Entry | Debit | Credit | ||||||||
(1) | Cash held in trust account | $ | 30,000,000 | |||||||
Class A ordinary shares subject to possible redemption | $ | 30,000,000 | ||||||||
To record the sale of Underwriters’ over-allotment shares: 3,000,000 at $10.00/unit; par value of $0.0001 | ||||||||||
(2) | Class A ordinary shares subject to possible redemption | $ | 600,000 | |||||||
Cash held in trust account | $ | 600,000 | ||||||||
To record upfront underwriting commissions (2.0% of $30,000,000 in proceeds) | ||||||||||
(3) | Class A ordinary shares subject to possible redemption | $ | 1,050,000 | |||||||
Deferred underwriting fees payable | $ | 1,050,000 | ||||||||
To record Deferred Underwriting Commissions (3.5% of $30,000,000 in proceeds) | ||||||||||
(4) | Cash held in trust account | $ | 900,000 | |||||||
Additional paid-in capital | $ | 900,000 | ||||||||
To record the sale of Private Placement Warrants (900,000 at $1.00/warrant) | ||||||||||
(5) | Accounts payable | $ | 375 | |||||||
Accrued expenses | $ | — | ||||||||
Class A ordinary shares subject to possible redemption | $ | 375 | ||||||||
To record the true up of offering costs accrual at IPO close | ||||||||||
(6) | Class A ordinary shares subject to possible redemption | $ | 754,500 | |||||||
Additional paid-in capital | $ | 452,700 | ||||||||
Derivative warrant liabilities | 1,207,200 | |||||||||
To record liabilities associated with the warrants sold during the overallotment period | ||||||||||
(7) | Accumulated deficit | $ | 41,517 | |||||||
Additional paid-in capital | $ | 11 | ||||||||
Class A ordinary shares subject to possible redemption | $ | 41,506 | ||||||||
To record the increase in the allocation of offering costs to derivative warrant liabilities | ||||||||||
(8) | Additional paid-in capital | $ | 447,311 | |||||||
Accumulated deficit | $ | 2,215,308 | ||||||||
Class A ordinary shares subject to possible redemption | $ | 2,662,619 | ||||||||
To record the accretion of offering cost and overfunding of Trust Account into additional paid-in capital and accumulated deficit |
F-2
The following tables present the pro forma effect of the overallotment option on the fair value of derivative warrant liabilities as of November 15, 2021:
Actuals as of October 22, 2021 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities: | ||||||||||||||||
Public Warrants | $ | — | $ | — | $ | 5,030,000 | $ | 5,030,000 | ||||||||
Private Placement Warrants | — | — | 4,024,000 | 4,024,000 | ||||||||||||
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Total liabilities | $ | — | $ | — | $ | 9,054,000 | $ | 9,054,000 | ||||||||
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Pro Forma Adjustment (Unaudited) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities: | ||||||||||||||||
Public Warrants | $ | — | $ | — | $ | 754,500 | $ | 754,500 | ||||||||
Private Placement Warrants | — | — | 452,700 | 452,700 | ||||||||||||
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Total liabilities | $ | — | $ | — | $ | 1,207,200 | $ | 1,207,200 | ||||||||
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As Adjusted (Unaudited) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities: | ||||||||||||||||
Public Warrants | $ | — | $ | — | $ | 5,784,500 | $ | 5,784,500 | ||||||||
Private Placement Warrants | — | — | 4,476,700 | 4,476,700 | ||||||||||||
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Total liabilities | $ | — | $ | — | $ | 10,261,200 | $ | 10,261,200 | ||||||||
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F-3