Attached files
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EX-99.2 - EXHIBIT 99.2 - CF Finance Acquisition Corp. | s115238_ex99-2.htm |
8-K - 8-K - CF Finance Acquisition Corp. | s115238_8k.htm |
Exhibit 99.1
PRO FORMA BALANCE SHEET
December 17, 2018 | Pro Forma Adjustments | As Adjusted | |||||||||||
(unaudited) | (unaudited) | ||||||||||||
Assets | |||||||||||||
Current Assets | |||||||||||||
Cash | $ | 560,027 | $ | — | $ | 560,027 | |||||||
Total current assets | 560,027 | — | 560,027 | ||||||||||
Cash held in Trust Account | 252,500,000 | 25,000,000 | a | 277,750,000 | |||||||||
250,000 | b | ||||||||||||
Total assets | $ | 253,060,027 | $ | 25,250,000 | $ | 278,310,027 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Payables to related party | $ | 2,500,000 | $ | 250,000 | b | $ | 2,750,000 | ||||||
Accrued offering costs - independent underwriter fee | 100,000 | — | 100,000 | ||||||||||
Accrued liabilities | 2,792 | — | 2,792 | ||||||||||
Total liabilities | 2,602,792 | 250,000 | 2,852,792 | ||||||||||
Commitments | |||||||||||||
Common stock subject to possible redemption, 24,302,696 and 26,777,943 shares, actual and adjusted, at redemption value of $10.10 | 245,457,230 | 25,000,000 | c | 270,457,230 | |||||||||
Stockholders’ equity | |||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | — | — | — | ||||||||||
Common stock, Class A $0.0001 par value; 100,000,000 shares authorized, 1,297,304 issued and outstanding and 1,322,057 as adjusted (excluding 24,302,696 and 26,777,943 shares subject to possible redemption) | 129 | 250 | a | 132 | |||||||||
(247 | ) | c | |||||||||||
Common stock, Class B $0.0001 par value; 10,000,000 shares authorized, 6,250,000 shares issued and outstanding(1) | 719 | — | 719 | ||||||||||
Additional paid-in-capital | 5,006,442 | 24,999,750 | a | 5,006,439 | |||||||||
(24,999,753 | ) | c | |||||||||||
Accumulated deficit | (7,285 | ) | — | (7,285 | ) | ||||||||
Total stockholders’ equity | 5,000,005 | — | 5,000,005 | ||||||||||
Total liabilities and stockholders’ equity | $ | 253,060,027 | $ | 25,250,000 | $ | 278,310,027 |
(1) Includes an aggregate of 312,500 shares held by the Sponsor that are subject to forfeiture to the extent that the underwriter’s over-allotment option is not exercised in full.
See accompanying note to pro forma balance sheet
CF FINANCE ACQUISITION CORP.
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of December 17, 2018, adjusted for the closing of the underwriter’s partial overallotment option exercised and related transactions which occurred on December 31, 2018 as described below.
On December 31, 2018, the Company consummated the closing of the sale of 2,500,000 additional Units upon receiving notice of the underwriter’s election to partially exercise the overallotment option (“Overallotment Units”), generating an additional gross proceeds of $25,000,000. Simultaneously with the partial exercise of the overallotment option, the Company borrowed an additional $250,000 under a promissory note with the Company's Sponsor, which was deposited into the Trust Account. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
Pro forma entry | |||||||||
a. | Cash held in Trust Account | 25,000,000 | |||||||
Common stock | 250 | ||||||||
Additional paid-in capital | 24,999,750 | ||||||||
To record sale of 2,500,000 Overallotment Units at $10.00 per Unit | |||||||||
b. | Cash held in Trust Account | 250,000 | |||||||
Payables to related party | 250,000 | ||||||||
To record Sponsor loan on overallotment option | |||||||||
c. | Additional paid-in capital | 24,999,753 | |||||||
Common stock | 247 | ||||||||
Common stock subject to possible redemption | 25,000,000 | ||||||||
To restore total equity above $5,000,001 | |||||||||
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