Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - FTAC Olympus Acquisition Corp. | ea127366-8k_ftacolympus.htm |
| EX-99.2 - PRESS RELEASE DATED SEPTEMBER 23, 2020 - FTAC Olympus Acquisition Corp. | ea127366ex99-2_ftacolympus.htm |
Exhibit 99.1
FTAC OLYMPUS ACQUISITION CORP.
PRO FORMA BALANCE SHEET
| August 28, | Pro Forma | |||||||||||
| 2020 | Adjustments | As Adjusted | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current Assets: | ||||||||||||
| Cash | $ | 6,059,514 | $ | — | $ | 6,059,514 | ||||||
| Prepaid expenses | 26,800 | — | 26,800 | |||||||||
| Total Current Assets | 6,086,314 | — | 6,086,314 | |||||||||
| Cash held in Trust Account | 750,000,000 | 4,743,760 | (a) | 754,743,760 | ||||||||
| TOTAL ASSETS | $ | 756,086,314 | $ | 4,743,760 | $ | 760,830,074 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current Liabilities | ||||||||||||
| Accrued offering costs | $ | 33,556 | $ | — | $ | 33,556 | ||||||
| Promissory note – related party | 5,000 | — | 5,000 | |||||||||
| Total Current Liabilities | 38,556 | — | 38,556 | |||||||||
| Deferred underwriting fee payable | 30,000,000 | 284,626 | (b) | 30,284,626 | ||||||||
| Total Liabilities | 30,038,556 | 284,626 | 30,323,182 | |||||||||
| Commitments and Contingencies | ||||||||||||
| Class A ordinary shares subject to possible redemption, 72,104,775 and 72,550,689 shares, respectively, at $10.00 per share | 721,047,750 | 4,459,140 | (d) | 725,506,890 | ||||||||
| Shareholders’ Equity: | ||||||||||||
| Preference shares, $0.0001 par value; 5,000,000 authorized; none issued and outstanding | — | — | — | |||||||||
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 5,065,225 and 5,093,687 shares, respectively, issued and outstanding (excluding 72,104,775 and 72,550,689 shares, respectively, subject to possible redemption) | 507 | 47 | (a) | 509 | ||||||||
| (45 | )(d) | |||||||||||
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 22,105,000 and 19,411,094 shares, respectively, issued and outstanding | 2,211 | (270 | )(c) | 1,941 | ||||||||
| Additional paid-in capital | 5,002,305 | 4,743,713 | (a) | 5,002,567 | ||||||||
| (284,626 | )(b) | |||||||||||
| 270 | (c) | |||||||||||
| (4,459,095 | )(d) | |||||||||||
| Accumulated deficit | (5,015 | ) | — | (5,015 | ) | |||||||
| Total Shareholders’ Equity | 5,000,008 | (6 | ) | 5,000,002 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 756,086,314 | $ | 4,743,760 | $ | 760,830,074 | ||||||
See accompanying note to the pro forma balance sheet.
FTAC OLYMPUS ACQUISITION CORP.
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of FTAC Olympus Acquisition Corp. (the “Company”) as of August 28, 2020, adjusted for the partial closing of the underwriters’ over-allotment option and related transactions which occurred on September 23, 2020, as described below. The underwriters have notified the Company that they will not be exercising the remaining over-allotment units, as such a portion of the Founder Shares (as defined below) have been forfeited.
On September 23, 2020, the Company consummated the closing of the sale of 474,376 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, generating additional gross proceeds of $4,743,760 to the Company. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. Transaction costs amounted to $284,626, consisting of underwriting fees, which 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, 2,693,906 Class B ordinary shares issued to the Sponsor (the “Founder Shares”) were forfeited and 118,594 Founder Shares are no longer subject to forfeiture, resulting in an aggregate of 19,411,094 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 | 4,743,760 | ||||||||
| Class A ordinary shares | 47 | |||||||||
| Additional paid-in capital | 4,743,713 | |||||||||
| To record sale of 474,376 Units pursuant to over-allotment option at $10.00 per Unit. | ||||||||||
| b. | Additional paid-in capital | 284,626 | ||||||||
| Deferred underwriting fees | 284,626 | |||||||||
| To record the liability for deferred underwriting fees on over-allotment option. | ||||||||||
| c. | Class B ordinary shares | 270 | ||||||||
| Additional paid-in capital | 270 | |||||||||
| To record forfeiture of 2,693,906 Founder Shares. | ||||||||||
| d. | Class A ordinary shares | 45 | ||||||||
| Additional paid-in capital | 4,459,095 | |||||||||
| Ordinary shares subject to redemption | 4,459,140 | |||||||||
| To reclassify ordinary shares out of permanent equity into mezzanine redeemable shares. | ||||||||||