Attached files
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| 8-K - 8-K - Supernova Partners Acquisition Co III, Ltd. | d45553d8k.htm |
Exhibit 99.1
SUPERNOVA PARTNERS ACQUISITION COMPANY III, LTD.
PRO FORMA BALANCE SHEET
| March 25, 2021 | Pro Forma Adjustments |
As Adjusted | ||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Assets |
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| Current assets: |
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| Cash |
$ | 1,877,540 | $ | 31,034,490 | (a | ) | $ | 1,877,540 | ||||||||
| 620,690 | (b | ) | ||||||||||||||
| (620,690 | ) | (c | ) | |||||||||||||
| (31,034,490 | ) | (f | ) | |||||||||||||
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| Total current assets |
1,877,540 | — | 1,877,540 | |||||||||||||
| Cash held in Trust Account |
250,000,000 | 31,034,490 | (f | ) | 281,034,490 | |||||||||||
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| Total Assets |
$ | 251,877,540 | $ | 31,034,490 | $ | 282,912,030 | ||||||||||
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| Liabilities and Shareholders’ Equity |
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| Current liabilities: |
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| Accounts payable |
$ | 131,114 | $ | — | $ | 131,114 | ||||||||||
| Accrued expenses |
371,870 | — | 371,870 | |||||||||||||
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| Total current liabilities |
502,984 | — | 502,984 | |||||||||||||
| Deferred underwriting commissions |
8,750,000 | 1,086,207 | (d | ) | 9,836,207 | |||||||||||
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| Total liabilities |
9,252,984 | 1,086,207 | 10,339,191 | |||||||||||||
| Commitments and Contingencies |
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| Class A ordinary shares; 23,762,455 and 26,757,283 shares subject to possible redemption at $10.00 per share, actual and as adjusted, respectively |
237,624,550 | 29,948,280 | (e | ) | 267,572,830 | |||||||||||
| Shareholders’ Equity |
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| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding |
— | — | — | |||||||||||||
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,237,545 and 1,346,166 shares issued and outstanding (excluding 23,762,455 and 26,757,283 shares subject to possible redemption), actual and as adjusted, respectively |
124 | 310 | (a | ) | 135 | |||||||||||
| (299 | ) | (e | ) | |||||||||||||
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,187,500 shares issued and outstanding (1) |
719 | — | 719 | |||||||||||||
| Additional paid-in capital |
5,054,390 | 31,034,180 | (a | ) | 5,054,382 | |||||||||||
| 620,690 | (b | ) | ||||||||||||||
| (620,690 | ) | (c | ) | |||||||||||||
| (1,086,207 | ) | (d | ) | |||||||||||||
| (29,947,981 | ) | (e | ) | |||||||||||||
| Accumulated deficit |
(55,227 | ) | — | (55,227 | ) | |||||||||||
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| Total shareholders’ equity |
5,000,006 | 3 | 5,000,009 | |||||||||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 251,877,540 | $ | 31,034,490 | $ | 282,912,030 | ||||||||||
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| (1) | This number includes up to 937,500 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On April 1, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 3,103,449 Units; thus, only 161,638 Class B ordinary shares remain subject to forfeiture. |
The accompanying notes are an integral part of these financial statement.
NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Supernova Partners Acquisition Company III, Ltd. (the “Company”) as of March 25, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on April 1, 2021 as described below.
The Company consummated its initial public offering (the “IPO”) of 25,000,000 units (the “Units”) on March 25, 2021. Each Unit consists of one Class A ordinary share, and one-fifth of one redeemable warrant (each, a “Public Warrant”). Each Unit consists of one Class A ordinary share, and one-fifth of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $250.0 million. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 3,750,000 additional Units to cover over-allotments, if any. The Underwriters exercised the over-allotment option in full and on April 1, 2021 purchased an additional 3,103,449 Units (the “Over-Allotment Units”), generating gross proceeds of approximately $31.0 million, and incurred additional offering costs of approximately $1.7 million in offering costs, of which approximately $1.1 million was for deferred underwriting fees.
Simultaneously with the closing of the IPO on March 25, 2021, the Company completed a private placement (the “Private Placement”) of an aggregate of 3,500,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $2.00 per Private Placement Warrant to Supernova Partners III LLC, a Cayman Islands exempted company (the “Sponsor”), generating proceeds of $7.0 million. Simultaneously with the closing of the Over-allotment on April 1, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 310,345 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $621,000.
In addition, the Sponsor agreed to forfeit up to 937,500 Class B ordinary shares, par value $0.0001 (the “Founder Shares”) to the extent that the over-allotment option is not exercised in full by the underwriters. The underwriters partially exercised their over-allotment option on April 1, 2021; thus, only 161,638 Class B ordinary shares remain subject to forfeiture.
Pro forma adjustments to reflect the partial exercise of the underwriters’ over-allotment option and the sale of the private placement warrants described above are as follows:
| Pro Forma Entries |
Debit | Credit | ||||||||
| (a) |
Cash | $ | 31,034,490 | |||||||
| Class A ordinary shares |
$ | 310 | ||||||||
| Additional paid-in capital |
$ | 31,034,180 | ||||||||
| To record sale of 3,103,449 Overallotment Units at $10.00 per Unit |
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| (b) |
Cash | $ | 620,690 | |||||||
| Additional paid-in capital |
$ | 620,690 | ||||||||
| To record sale of 310,345 Private Placement Warrants at $2.00 per warrant |
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| (c) |
Additional paid-in capital | $ | 620,690 | |||||||
| Cash |
$ | 620,690 | ||||||||
| To record payment of 2% of cash underwriting fee on overallotment option |
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| (d) |
Additional paid-in capital | $ | 1,086,207 | |||||||
| Deferred underwriting commissions |
$ | 1,086,207 | ||||||||
| To record additional deferred underwriting fee on overallotment option |
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| (e) |
Class A ordinary shares | $ | 299 | |||||||
| Additional paid-in capital | $ | 29,947,981 | ||||||||
| Class A common stock subject to possible redemption |
$ | 29,948,280 | ||||||||
| To reclassify Class A ordinary shares out of permanent equity into mezzanine redeemable stock |
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| (f) |
Trust account | $ | 31,034,490 | |||||||
| Cash |
$ | 31,034,490 | ||||||||
| To transfer $10.00 per Overallotment Units to Trust Account |
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