Attached files
| file | filename |
|---|---|
| EX-99.2 - PRESS RELEASE DATED NOVEMBER 19, 2018 ISSUED BY ALBERTON ACQUISITION CORPORATION - Alberton Acquisition Corp | f8k112018ex99-2_albertonacq.htm |
| 8-K - CURRENT REPORT - Alberton Acquisition Corp | f8k112018_albertonacqui.htm |
Exhibit 99.1
ALBERTON ACQUISITION CORPORATION
PRO FORMA BALANCE SHEET
As of October 26, 2018
| October 26, 2018 | Pro Forma Adjustments | As Adjusted | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
| Assets | ||||||||||||
| Current asset - cash | $ | 10,068 | $ | $ | 10,068 | |||||||
| Current assets - cash held in escrow | 772,836 | 2 | b,c | 772,838 | ||||||||
| Total Current asset | 782,904 | 782,906 | ||||||||||
| Cash held in Trust Account | 100,000,000 | 14,879,920 | a | 114,879,920 | ||||||||
| Total assets | $ | 100,782,904 | 14,879,920 | 115,662,826 | ||||||||
| Liabilities and Shareholders’ Equity | ||||||||||||
| Offering cost payable | $ | 54,986 | 54,986 | |||||||||
| Advance from Sponsor | 71,000 | 71,000 | ||||||||||
| Promissory note - related party | 300,000 | 300,000 | ||||||||||
| Total current liabilities | 425,986 | 425,986 | ||||||||||
| Commitments | ||||||||||||
| Ordinary shares subject to possible redemption, 9,535,691 shares and 11,023,683 shares as adjusted at redemption value | 95,356,910 | 14,879,920 | a | 110,236,830 | ||||||||
| Shareholders’ Equity: | ||||||||||||
| Preferred shares, no par value; 100,000,000 shares authorized, none issued and outstanding | — | — | ||||||||||
| Ordinary shares, no par value; 300,000,000 shares authorized; 3,264,309 shares and 3,666,067 shares as adjusted issued and outstanding (excluding 9,535,691 shares and 11,023,683 shares as adjusted subject to possible redemption) | 5,057,947 | 2 | b,c | 5,057,949 | ||||||||
| Accumulated deficit | (57,939 | ) | (57,939 | ) | ||||||||
| Total shareholders’ equity | 5,000,008 | 2 | 5,000,010 | |||||||||
| Total Liabilities and Shareholders’ Equity | $ | 100,782,904 | $ | 14,879,922 | $ | 115,662,826 | ||||||
See accompanying note to pro forma balance sheet
ALBERTON ACQUISITION CORPORATION
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of October 26, 2018, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on November 20, 2018 as described below.
On November 20, 2018, the Company consummated the closing of the sale of 1,487,992 additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $14,879,920 and incurring additional offering costs of $297,598 in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 29,760 Private Units to the Sponsor, generating gross proceeds of $297,600. Additional offering costs of $297,598 were deducted from shareholders’ equity. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entry | ||||||||||
| a. | To record sale of 1,487,992 Overallotment Units at $10.00 per Unit | |||||||||
| Cash held in Trust Account | $ | 14,879,920 | ||||||||
| Ordinary shares subject to possible redemption | $ | 14,879,920 | ||||||||
| b. | To record sale of 29,760 Private Placement Units at $10.00 per Unit | |||||||||
| Cash | $ | 297,600 | ||||||||
| Shareholders' Equity (Ordinary shares) | $ | 297,600 | ||||||||
| c. | To record payment of 2% of cash underwriting fee on overallotment option | |||||||||
| Shareholders' Equity (Ordinary shares) | $ | 297,598 | ||||||||
| Cash | $ | 297,598 | ||||||||