Exhibit 99.1
Pegasus Digital Mobility Acquisition Corp.
INDEX TO PRO FORMA BALANCE SHEET
| | Page |
| Unaudited Pro Forma Balance Sheet as of October 26, 2021 | | F-2 |
| Notes to Unaudited Pro Forma Balance Sheet | | F-3 |
PEGASUS DIGITAL MOBILITY ACQUISITION CORP.
PRO FORMA BALANCE SHEET
October 26, 2021
| | | October 26, 2021 | | | Pro Forma
Adjustments
(unaudited) | | | | | As Adjusted
(unaudited) | |
| Assets | | | | | | | | | | | | | |
| Cash | | $ | 2,753,243 | | $ | | | | | | $ | 2,753,243 | |
| Prepaid expenses | | | 26,800 | | | | | | | | | 26,800 | |
| Due from Sponsor | | | 3,672 | | | | | | | | | 3,672 | |
| Total current assets | | | 2,783,715 | | | - | | | | | | 2,783,715 | |
| | | | | | | | | | | | | | |
| Cash held in Trust Account | | | 202,000,000 | | | 25,000,000 | | (a) | | | | 227,250,000 | |
| | | | | | | 750,000 | | (b) | | | | | |
| | | | | | | (500,000 | ) | (c) | | | | | |
| Total assets | | $ | 204,783,715 | | $ | 25,250,000 | | | | | $ | 230,033,715 | |
| | | | | | | | | | | | | | |
| Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | | | | | | | | | | | | | |
| Accrued offering costs and expenses | | $ | 442,188 | | $ | | | | | | $ | 442,188 | |
| Due to related party | | | 2,333 | | | | | | | | | 2,333 | |
| Total current liabilities | | | 444,521 | | | - | | | | | | 444,521 | |
| | | | | | | | | | | | | | |
| Deferred underwriting commissions | | | 7,000,000 | | | 875,000 | | (d) | | | | 7,875,000 | |
| Warrant liabilities | | | 13,870,000 | | | 1,460,000 | | (e) | | | | 15,330,000 | |
| Total liabilities | | | 21,314,521 | | | 2,335,000 | | | | | | 23,649,521 | |
| | | | | | | | | | | | | | |
| Commitments and Contingencies | | | | | | | | | | | | | |
| Class A ordinary shares subject to possible redemption, 20,000,000 and 2,500,000 shares at $10.10 redemption value, respectively | | | 202,000,000 | | | 25,000,000 | | (a) | | | | 227,250,000 | |
| | | | | | | 250,000 | | (f) | | | | | |
| Shareholders’ Deficit | | | | | | | | | | | | | |
| Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and Outstanding | | | - | | | | | | | | | - | |
| Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding | | | 575 | | | | | | | | | 575 | |
| Additional paid-in capital | | | - | | | 750,000 | | (b) | | | | - | |
| | | | | | | (500,000 | ) | (c) | | | | | |
| | | | | | | (875,000 | ) | (d) | | | | | |
| | | | | | | (1,460,000 | ) | (e) | | | | | |
| | | | | | | 49,691 | | (g) | | | | | |
| | | | | | | 2,035,309 | | (f) | | | | | |
| Accumulated deficit | | | (18,531,381 | ) | | (49,691 | ) | (g) | | | | (20,866,381 | ) |
| | | | | | | (2,285,309 | ) | (f) | | | | | |
| Total shareholders’ deficit | | | (18,530,806 | ) | | (2,335,000 | ) | | | | | (20,865,806 | ) |
| Total Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | | $ | 204,783,715 | | $ | 25,250,000 | | | | | $ | 230,033,715 | |
PEGASUS DIGITAL MOBILITY ACQUISITION CORP.
NOTES TO PRO FORMA BALANCE SHEET
Note 1 — Closing of Over-Allotment Option and Additional Private Placement
The accompanying unaudited pro forma balance sheet presents the balance sheet of Pegasus Digital Mobility Acquisition Corp. (the “Company”) as of October 26, 2021, adjusted for the closing of the partial exercise of the underwriters’ over-allotment option and related transactions, which occurred on November 8, 2021, as if the over-allotment option had closed on October 26, 2021.
On October 26, 2021, the Company consummated the initial public offering (the “IPO”) of 20,000,000 units (the “Public Units”) at $10.00 per Public Unit, generating gross proceeds of $200,000,000. Each Public Unit consists of one share of the Company’s Class A common stock, $0.0001 par value per share, and one-half of one redeemable warrant of the Company, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments. Simultaneously with the closing of the IPO, the Company completed the private sale of 9,000,000 warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant, to the Company’s sponsor, Pegasus Digital Mobility Sponsor LLC (the “Sponsor”), generating gross proceeds to the Company of $9,000,000. The Company also granted the underwriters a 45-day over-allotment option in the amount of up to 3,000,000 Public Units. On November 8, 2021, the underwriters partially exercised the over-allotment option and purchased 2,500,000 units (the “Over-Allotment Option Units”) at a price of $10.00 per Over-Allotment Option Unit, generating gross proceeds of $25,000,000.
On November 8, 2021, simultaneously with the sale of the Over-Allotment Option Units, the Company consummated the private sale of an additional 750,000 Private Placement Warrants (the “Additional Private Placement Warrants”), generating gross proceeds to the Company of $750,000.
As of November 8, 2021, a total of $227,250,000 of the net proceeds from the sale of Units in the IPO (including the Over-Allotment Option Units) and the sale of the Additional Private Placement Warrants, were placed in a trust account established for the benefit of the Company’s public shareholders. Transaction costs amounted to $1,375,000 of underwriting discounts and commissions, including $875,000 of underwriting discounts and commissions that have been deferred until the completion of the Company’s initial business combination.
Pro forma adjustments to reflect the sale of the Over-Allotment Option Units and the sale of the Additional Private Placement Warrants described above are as follows:
| | PRO FORMA ENTRIES | | DEBIT | | | CREDIT | |
| (a) | Cash held in Trust Account | | $ | 25,000,000 | | | | | |
| | Class A ordinary shares subject to redemption | | | | | | $ | 25,000,000 | |
| | To record sale of 2,500,000 Over-Allotment Option Units at $10.00 per Unit. | | | | | | | | |
| | | | | | | | | | |
| (b) | Cash held in Trust Account | | $ | 750,000 | | | | | |
| | Additional paid-in-capital | | | | | | $ | 750,000 | |
| | To record sale of 750,000 Private Placement Warrants at $1.00 per Private Placement Warrant. | | | | | | | | |
| | | | | | | | | | |
| (c) | Additional paid-in-capital | | $ | 500,000 | | | | | |
| | Cash held in Trust Account | | | | | | $ | 500,000 | |
| | To record payment of underwriting fees. | | | | | | | | |
| | | | | | | | | | |
| (d) | Additional paid-in-capital | | $ | 875,000 | | | | | |
| | Deferred underwriting commissions | | | | | | $ | 875,000 | |
| | To record additional deferred underwriting fees arising from the sale of Over-Allotment Option Units. | | | | | | | | |
| | | | | | | | | | |
| (e) | Additional paid-in-capital | | $ | 1,460,000 | | | | | |
| | Warrant liabilities | | | | | | $ | 1,460,000 | |
| | To record warrant liabilities arising from sale of additional private and public warrants. The incremental fair value was derived from the valuation of warrants as of Oct 26, 2021. | | | | | | | | |
| | | | | | | | | | |
| (f) | Accumulated deficit | | $ | 2,285,309 | | | | | |
| | Class A ordinary shares subject to redemption | | | | | | $ | 250,000 | |
| | Additional paid-in capital | | | | | | $ | 2,035,309 | |
| | To record accretion of Class A ordinary shares to redemption value | | | | | | | | |
| | | | | | | | | | |
| (g) | Accumulated deficit | | $ | 49,691 | | | | | |
| | Additional paid-in capital | | | | | | $ | 49,691 | |
| | To record offering costs allocated to warrant liabilities. | | | | | | | | |
