Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FGL Holdings | t1601685_8k.htm |
Exhibit 99.1
CF CORPORATION
PRO FORMA BALANCE SHEET
| As of | Pro Forma | ||||||||||||
| May 25, 2016 | Adjustments | As Adjusted | |||||||||||
| (unaudited) | (unaudited) | ||||||||||||
| Assets | |||||||||||||
| Current assets: | |||||||||||||
| Cash | $ | 1,951,903 | $ | 1,800,000 | c | $ | 1,951,903 | ||||||
| (1,800,000 | ) | b | |||||||||||
| Prepaid expenses | 20,100 | - | 20,100 | ||||||||||
| Total current assets | 1,972,003 | - | 1,972,003 | ||||||||||
| Cash and cash equivalents held in Trust Account | 600,000,000 | 90,000,000 | a | 690,000,000 | |||||||||
| Total Assets | $ | 601,972,003 | $ | 90,000,000 | $ | 691,972,003 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable and accrued expenses | $ | 795,917 | - | $ | 795,917 | ||||||||
| Due to related parties | 225,733 | - | 225,733 | ||||||||||
| Total current liabilities | 1,021,650 | - | 1,021,650 | ||||||||||
| Accrued legal costs | 983,478 | - | 983,478 | ||||||||||
| Deferred underwriting and placement agent fees | 41,400,000 | 3,150,000 | e | 44,550,000 | |||||||||
| Total Liabilities | 43,405,128 | 3,150,000 | 46,555,128 | ||||||||||
| Commitments | |||||||||||||
| Class A ordinary shares, $0.0001 par value; 55,356,687 and 64,041,687 shares subject to possible redemption, actual and as adjusted | 553,566,870 | 90,000,000 | a | 640,416,870 | |||||||||
| (3,150,000 | ) | d | |||||||||||
| Shareholders' Equity: | |||||||||||||
| Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | - | ||||||||||
| Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 4,643,313 shares issued and outstanding and 4,958,313 as adjusted (excluding 55,356,687 and 64,041,687 shares, actual and as adjusted, subject to possible redemption) | 464 | 32 | e | 496 | |||||||||
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 15,000,000 shares issued and outstanding | 1,500 | - | 1,500 | ||||||||||
| Additional paid-in capital | 5,527,822 | (1,800,000 | ) | b | 5,527,790 | ||||||||
| 1,800,000 | c | ||||||||||||
| 3,149,968 | d | ||||||||||||
| (3,150,000 | ) | e | |||||||||||
| Accumulated deficit | (529,781 | ) | - | (529,781 | ) | ||||||||
| Total Shareholders' Equity | 5,000,005 | - | 5,000,005 | ||||||||||
| Total Liabilities and Shareholders' Equity | $ | 601,972,003 | $ | 90,000,000 | $ | 691,972,003 | |||||||
See accompanying note to pro forma balance sheet
| F-1 |
CF CORPORATION
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT AND FORFEITED SHARES
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of May 25, 2016, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on June 29, 2016 as described below.
On June 29, 2016, the Company consummated the closing of the sale of 9,000,000 additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (“Overallotment Units”), generating an additional gross proceeds of $90 million and incurred additional offering cost of $1.8 million in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 1,800,000 Private Placement Warrants to the Sponsor, generating gross proceeds of $1.8 million. Additional underwriting fees of $3.15 million were deferred until the completion of the Company’s initial business combination. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entry | ||||||||||
| a. | Cash held in Trust Account | 90,000,000 | ||||||||
| Common stock subject to possible redemption | 90,000,000 | |||||||||
| To record sale of 9,000,000 Overallotment Units at $10.00 per Unit | ||||||||||
| b. | Additional paid-in capital | 1,800,000 | ||||||||
| Cash | 1,800,000 | |||||||||
| To record payment of 2% of cash underwriting fee on overallotment option | ||||||||||
| c. | Cash | 1,800,000 | ||||||||
| Additional paid-in capital | 1,800,000 | |||||||||
| To record sale of 1,800,000 Private Placement Warrants at $1.00 per warrant | ||||||||||
| d. | Additional paid-in capital | 3,150,000 | ||||||||
| Deferred underwriting fees | 3,150,000 | |||||||||
| To record the liability for deferred underwriting fees on overallotment option | ||||||||||
| e. | Common stock subject to possible redemption | 3,150,000 | ||||||||
| Class A ordinary shares | 32 | |||||||||
| Additional paid-in capital | 3,149,968 | |||||||||
| To restore total equity above $5,000,001 | ||||||||||
| F-2 |