Attached files
| file | filename |
|---|---|
| EX-99.2 - PRESS RELEASE, DATED JUNE 17, 2021. - B. Riley Principal 250 Merger Corp. | ea142829ex99-2_brileyprin250.htm |
| 8-K - CURRENT REPORT - B. Riley Principal 250 Merger Corp. | ea142829-8k_brileyprinci250.htm |
Exhibit 99.1
| B. RILEY PRINCIPAL 250 MERGER CORP. |
| PRO FORMA BALANCE SHEET |
| Actual | Pro Forma | |||||||||||
| May 11, 2019 | Adjustments (Unaudited) | As Adjusted (Unaudited) | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash | $ | 2,528,144 | $ | 2,528,144 | ||||||||
| Prepaid expenses | 867,926 | 867,926 | ||||||||||
| Total current assets | 3,396,070 | 3,396,070 | ||||||||||
| Cash held in Trust Account | 150,000,000 | $ | 450,000 | (a) | 172,500,000 | |||||||
| 22,500,000 | (b) | |||||||||||
| (450,000 | )(c) | |||||||||||
| Total assets | $ | 153,396,070 | $ | 22,500,000 | $ | 175,896,070 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable and accrued expenses | $ | 1,242,251 | $ | 1,242,251 | ||||||||
| Due to related party | 1,448 | 1,448 | ||||||||||
| Note payable - related party | 100,000 | 100,000 | ||||||||||
| Warrant liability | 4,827,600 | $ | 711,900 | (d) | 5,539,500 | |||||||
| Total liabilities | 6,171,299 | 711,900 | 6,883,199 | |||||||||
| Commitments | ||||||||||||
| Class A common stock subject to possible redemption; 14,222,477 and 16,401,287 shares (at redemption value of approximately $10 per share), actual and as adjusted | 142,224,770 | 21,788,100 | (e) | 164,012,870 | ||||||||
| Stockholder’s equity: | ||||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||
| Class A Common stock, $0.0001 par value; 100,000,000
shares authorized; 1,332,523 and 1,448,713 shares issued and outstanding (excluding 14,222,477 and 16,401,287 subject to redemption), actual and as adjusted | 133 | 5 225 (218 | (a) (b) )(e) | 145 | ||||||||
| Class B Common stock, $0.0001 par value; 25,000,000 shares authorized; 4,312,500 issued and outstadning | 375 | 375 | ||||||||||
| Additional paid-in capital | 5,140,013 | 449,995 | (a) | 5,140,001 | ||||||||
| 22,499,775 | (b) | |||||||||||
| (450,000 | )(c) | |||||||||||
| (711,900 | )(d) | |||||||||||
| (21,787,882 | )(e) | |||||||||||
| Accumulated deficit | (140,520 | ) | (140,520 | ) | ||||||||
| Total stockholders’ equity | 5,000,001 | — | 5,000,001 | |||||||||
| Total liabilities and stockholders’ equity | $ | 153,396,070 | $ | 22,500,000 | $ | 175,896,070 | ||||||
B. RILEY PRINCIPAL 250 MERGER CORP.
NOTE TO PRO FORMA BALANCE SHEET
(Unaudited)
NOTE 1 - CLOSING OF EXERCISE OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT AND FORFEITED SHARES
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the B. Riley Principal 250 Merger Corp. (the “Company”) as of May 11, 2021, adjusted for the closing of the underwriters’ exercise of their overallotment option and related transactions which occurred on June 14, 2021 as further described below.
On June 14, 2021, the Company consummated the closing of the sale of 2,250,000 additional Units upon receiving notice of the underwriters’ election to exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $22,500,000 and incurred additional offering costs of $450,000 in underwriting fees. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 45,000 Private Placement Units to the Sponsor, generating gross proceeds of $450,000. 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 Account | $ | 450,000 | |||||||
| Common Stock - Class A | $ | 5 | ||||||||
| Additional paid-in capital | $ | 449,995 | ||||||||
| To record the sale of 45,000 Private Placement Units at $10.00 per Unit. | ||||||||||
| (b) | Cash held in Trust Account | $ | 22,500,000 | |||||||
| Common Stock - Class A | $ | 225 | ||||||||
| Additional paid-in capital | $ | 22,499,775 | ||||||||
| To record the sale of 2,250,000 Overallotment Units at $10.00 per Unit. | ||||||||||
| (c) | Additional paid-in capital | $ | 450,000 | |||||||
| Cash held in Trust Account | $ | 450,000 | ||||||||
| To record payment of 2% of cash underwriting fee on overallotment option. | ||||||||||
| (d) | Additional paid-in capital | $ | 711,900 | |||||||
| Warrant liability | $ | 711,900 | ||||||||
| To record warrant liability for additional private warrants issued from the private placement and public warrants from the overallotment option. | ||||||||||
| (e) | Common Stock - Class A | $ | 218 | |||||||
| Additional paid-in capital | $ | 21,787,882 | ||||||||
| Class A Common stock subject to possible redemption | $ | 21,788,100 | ||||||||
| To record reclassification of 2,178,810 shares of Common Stock subject to redemption as a result of the exercise of the overallotment option. | ||||||||||