Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Velodyne Lidar, Inc. | tv505919_8k.htm |
| EX-99.2 - PRESS RELEASE, DATED OCTOBER 25, 2018 - Velodyne Lidar, Inc. | tv505919_ex99-2.htm |
Exhibit 99.1
GRAF INDUSTRIAL CORP.
PRO FORMA BALANCE SHEET
| Actual As of October 18, 2018 | Pro Forma Adjustments (Unaudited) | As Adjusted (Unaudited) | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash | $ | 1,993,646 | $ | 1,993,646 | ||||||||
| Prepaid expenses | 115,000 | 115,000 | ||||||||||
| Total current assets | 2,108,646 | 2,108,646 | ||||||||||
| Cash held in Trust Account | 375,302 | (a) | ||||||||||
| (375,302 | )(b) | |||||||||||
| 225,000,000 | 18,765,120 | (c) | 243,765,120 | |||||||||
| Total assets | $ | 227,108,646 | $ | 18,765,120 | $ | 245,873,766 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and accrued expenses | 592,405 | 592,405 | ||||||||||
| Warrant Liabilities | 17,301,228 | 1,283,694 | (f) | 18,584,922 | ||||||||
| Total liabilities | 17,893,633 | 19,177,327 | ||||||||||
| Commitments | ||||||||||||
| Common Stock subject to possible redemption; 20,421,501 and 22,169,643 shares (at redemption value of approximately $10.00 per share), actual and as adjusted | 204,215,012 | 17,481,420 | (e) | 221,696,432 | ||||||||
| Stockholders’ equity | ||||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | ||||||||||
| Common Stock, $0.0001 par value; 400,000,000 shares authorized; 8,547,249 and 8,300,997 shares issued and outstanding (excluding 20,421,501 and 22,169,643 shares subject to possible redemption), actual and as adjusted | 855 | (37 | )(d) | 831 | ||||||||
| 188 | (c) | |||||||||||
| (175 | )(e) | |||||||||||
| Additional paid-in capital | 5,008,432 | 37 | (d) | 5,008,462 | ||||||||
| 18,764,932 | (c) | |||||||||||
| (17,481,245 | )(e) | |||||||||||
| (1,283,694 | )(f) | |||||||||||
| Accumulated deficit | (9,286 | ) | — | (9,286 | ) | |||||||
| Total stockholders’ equity | 5,000,001 | 5,000,007 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 227,108,646 | $ | 18,765,120 | $ | 245,873,766 | ||||||
GRAF INDUSTRIAL CORP.
NOTE TO PRO FORMA BALANCE SHEET
(Unaudited)
NOTE 1 - CLOSING OF PARTIAL EXERCISE 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 October 18, 2018, adjusted for the closing of the underwriters’ partial exercise of their overallotment option and related transactions which occurred on October 25, 2018 as described below.
On October 25, 2018, the Company consummated the closing of the sale of 1,876,512 additional Units upon receiving notice of the underwriters’ election to partially exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $18,765,120 and incurred additional offering costs of $375,302 in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 750,605 Private Placement Warrants to the Sponsor, generating gross proceeds of $375,302. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro Forma Entries | Debit | Credit | ||||||||
| (a) | Cash held in Trust | $ | 375,302 | |||||||
| Additional paid-in capital | $ | 375,302 | ||||||||
| To record sale of 750,605 Private Placement Warrants at $0.50 per warrant | ||||||||||
| (b) | Additional paid-in capital | $ | 375,302 | |||||||
| Cash | $ | 375,302 | ||||||||
| To record payment of 2% of cash underwriting fee on overallotment option | ||||||||||
| (c) | Cash held in Trust Account | $ | 18,765,120 | |||||||
| Common Stock | $ | 188 | ||||||||
| Additional paid-in capital | $ | 18,764,932 | ||||||||
| To record sale of 1,876,512 Overallotment Units at $10.00 per Unit | ||||||||||
| (d) | Common Stock | $ | 37 | |||||||
| Additional paid-in capital | $ | 37 | ||||||||
| To record forfeiture of 374,622 shares of Common Stock as a result of partial exercise of the overallotment option | ||||||||||
| (e) | Common Stock | $ | 175 | |||||||
| Additional paid-in capital | $ | 17,481,245 | ||||||||
| Common stock subject to possible redemption | $ | 17,481,420 | ||||||||
| To reclassify Common Stock out of permanent equity into mezzanine redeemable stock | ||||||||||
| (f) | Additional paid-in capital | $ | 1,283,694 | |||||||
| Warrant liability | $ | 1,283,694 | ||||||||
| To reclassify warrants issued in connection with IPO and Private Placement to liability | ||||||||||