Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Borqs Technologies, Inc. | f8k102315_pacificspecial.htm |
| EX-99.2 - PRESS RELEASE DATED OCTOBER 23, 2015 - Borqs Technologies, Inc. | f8k102315ex99ii_pacific.htm |
Exhibit 99.1
PACIFIC SPECIAL ACQUISITION CORP.
Pro Forma Balance Sheet
As of October 20, 2015
| As
of October 20, 2015 | Pro Forma Adjustments | Pro Forma Totals | ||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||
| ASSETS | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and cash equivalents | $ | 757,612 | $ | - | $ | 757,612 | ||||||||
| Prepaid expenses and other current assets | 22,100 | - | 22,100 | |||||||||||
| Total Current Assets | 779,712 | - | 779,712 | |||||||||||
| Cash held in Trust Account | 52,000,000 | 7,800,000 | 1 | 59,800,000 | ||||||||||
| TOTAL ASSETS | $ | 52,779,712 | $ | 7,800,000 | $ | 60,579,712 | ||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accrued expenses | $ | 34,800 | $ | - | $ | 34,800 | ||||||||
| Total Liabilities | 34,800 | - | 34,800 | |||||||||||
| Commitments | ||||||||||||||
| Ordinary subject to possible redemption, 4,590,856 and 5,340,856 shares at redemption value | 47,744,911 | 7,800,000 | 1 | 55,544,911 | ||||||||||
| Shareholders' Equity | ||||||||||||||
| Preferred shares, no par value; unlimited shares authorized, none issued and outstanding | - | - | - | |||||||||||
| Ordinary shares, no par value; unlimited shares authorized; 2,324,144 and 2,378,519 shares issued and outstanding (excluding 4,590,856 and 5,340,856 shares subject to redemption) | 5,003,016 | - | 5,003,016 | |||||||||||
| Accumulated deficit | (3,015 | ) | - | (3,015 | ) | |||||||||
| Total Shareholders' Equity | 5,000,001 | - | 5,000,001 | |||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 52,779,712 | $ | 7,800,000 | $ | 60,579,712 | ||||||||
Note to Pro Forma Balance Sheet
| 1. | Represents the underwriters election to fully exercise their over-allotment option on October 23, 2015 to purchase 750,000 Units at a purchase price of $10.00 per Unit, generating gross proceeds of $7,500,000, or net proceeds of $7,256,250, after the payment of $243,750 in underwriting fees. Additionally reflects the sale of an additional 54,375 Private Units at a price of $10.00 per Unit, generating gross proceeds of $543,750. Aggregate net proceeds of $7,800,000 were placed in the Trust Account. |