Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - HYCROFT MINING HOLDING CORP | tv487845_ex99-2.htm |
| 8-K - FORM 8-K - HYCROFT MINING HOLDING CORP | tv487845_8k.htm |
Exhibit 99.1
MUDRICK CAPITAL ACQUISITION CORPORATION
PRO FORMA BALANCE SHEET
| February 12, | Pro Forma | |||||||||||
| 2018 | Adjustments | As Adjusted | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash | $ | 869,267 | $ | — | $ | 869,267 | ||||||
| Prepaid expenses | 119,400 | — | 119,400 | |||||||||
| Total Current Assets | 988,667 | — | 988,667 | |||||||||
| Cash held in Trust Account | 202,000,000 | 8,000,000 | (a) | 210,080,000 | ||||||||
| 240,000 | (b) | |||||||||||
| (160,000 | )(c) | |||||||||||
| Total Assets | $ | 202,988,667 | $ | 8,080,000 | $ | 211,068,667 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Current liabilities – Accrued expenses | $ | 1,128 | $ | — | $ | 1,128 | ||||||
| Total Current Liabilities | 1,128 | — | 1,128 | |||||||||
| Deferred underwriting fee payable | 7,000,000 | 280,000 | (d) | 7,280,000 | ||||||||
| Total Liabilities | 7,001,128 | 280,000 | 7,281,128 | |||||||||
| Commitments | ||||||||||||
| Common stock subject to possible redemption, $0.0001 par value; 18,909,657 and 19,681,934 shares, respectively, at redemption value of $10.10 | 190,987,536 | 7,800,000 | (f) | 198,787,536 | ||||||||
| Stockholders’ Equity: | ||||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding | — | — | — | |||||||||
| Class A Common stock, $0.0001 par value; 100,000,000 shares authorized; 1,090,343 and 1,118,066 shares, respectively, issued and outstanding (excluding 18,909,657 and 19,681,934 shares, respectively, subject to possible redemption) | 109 | 80 | (a) | 112 | ||||||||
| (77 | )(f) | |||||||||||
| Class B Common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 and 5,200,000 shares, respectively, issued and outstanding | 575 | (55 | )(e) | 520 | ||||||||
| Additional paid-in capital | 5,002,692 | 7,999,920 | (a) | 5,002,744 | ||||||||
| 240,000 | (b) | |||||||||||
| (160,000 | )(c) | |||||||||||
| (280,000 | )(d) | |||||||||||
| 55 | (e) | |||||||||||
| (7,799,923 | )(f) | |||||||||||
| Accumulated deficit | (3,373 | ) | — | (3,373 | ) | |||||||
| Total Stockholders' Equity | 5,000,003 | — | 5,000,003 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 202,988,667 | $ | 8,080,000 | $ | 211,068,667 | ||||||
See accompanying note to the pro forma balance sheet.
MUDRICK CAPITAL ACQUISITION CORPORATION
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of February 12, 2018, adjusted for the partial closing of the underwriters’ over-allotment option and related transactions which occurred on February 28, 2018, as described below.
On February 28, 2018, the Company consummated the closing of the sale of 800,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to partially exercise their over-allotment option (“Overallotment Units”), generating additional gross proceeds of $8,000,000 and incurred additional offering costs of $160,000 in underwriting fees. Each Unit consists of one share of the Company’s Class A common stock and one redeemable warrant to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Simultaneously with the exercise of the over-allotment, the Company consummated the Private Placement of an additional 240,000 Private Placement Warrants, of which 200,000 Private Placement Warrants were sold to Mudrick Capital Acquisition Holdings LLC (the “Sponsor”) and 40,000 Private Placement Warrants were sold to Cantor Fitzgerald & Co., generating aggregate gross proceeds of $240,000. Additional underwriting fees of $280,000 have been deferred until the completion of the Company’s initial business combination. As a result of the underwriters’ election to partially exercise their over-allotment option, 550,000 Founder Shares were forfeited and 200,000 Founder Shares are no longer subject to forfeiture, resulting in an aggregate of 5,200,000 Founder Shares issued and outstanding. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:
| Pro forma entries: | Debit | Credit | |||||||
| a. | Cash held in Trust Account | 8,000,000 | |||||||
| Class A Common stock | 80 | ||||||||
| Additional paid-in capital | 7,999,920 | ||||||||
| To record sale of 800,000 Overallotment Units at $10.00 per Unit. | |||||||||
| b. | Cash held in Trust Account | 240,000 | |||||||
| Additional paid-in capital | 240,000 | ||||||||
| To record sale of 240,000 Private Placement Warrants at $1.00 per warrant. | |||||||||
| c. | Additional paid-in capital | 160,000 | |||||||
| Cash held in Trust Account | 160,000 | ||||||||
| To record payment of 2.0% of cash underwriting fee on over-allotment option. | |||||||||
| d. | Additional paid-in capital | 280,000 | |||||||
| Deferred underwriting fees | 280,000 | ||||||||
| To record the liability for deferred underwriting fees on over-allotment option. | |||||||||
| e. | Class B Common stock | 55 | |||||||
| Additional paid-in capital | 55 | ||||||||
| To record forfeiture of 550,000 Founder Shares. | |||||||||
| f. | Class A Common stock | 77 | |||||||
| Additional paid-in capital | 7,799,923 | ||||||||
| Common Stock Subject to Redemption | 7,800,000 | ||||||||
| To reclassify common stock out of permanent equity into mezzanine redeemable stock. | |||||||||