Attached files
| file | filename |
|---|---|
| 8-K - PHP Ventures Acquisition Corp. | form8-k.htm |
Exhibit 99.1
PHP Ventures Acquisition Corp.
Pro Forma Balance Sheet
Actual as of August 16, 2021 | Pro Forma Adjustments | As Adjusted | ||||||||||||
| (unaudited) | (unaudited) | |||||||||||||
| Assets | ||||||||||||||
| Current asset - cash | $ | 925,077 | $ | - | $ | 925,077 | ||||||||
| Cash Held in Trust Account | 50,500,000 | 7,500,000 | a. | 58,075,000 | ||||||||||
| 225,000 | b. | |||||||||||||
| (150,000 | ) | c. | ||||||||||||
| Total Current Assets | 51,425,077 | 7,575,000 | 59,000,077 | |||||||||||
| Total Assets | $ | 51,425,077 | $ | 7,575,000 | $ | 59,000,077 | ||||||||
| Liabilities and Stockholders’ equity | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accrued expense | 320 | - | 320 | |||||||||||
| Promissory note- related party | 95,120 | - | 95,120 | |||||||||||
| Total Current Liabilities | 95,440 | - | 95,440 | |||||||||||
| Deferred underwriter fee payable | 1,750,000 | 262,500 | d. | 2,012,500 | ||||||||||
| Total Liabilities | 1,845,440 | 262,500 | 2,107,940 | |||||||||||
| Commitments and Contingencies | ||||||||||||||
| Redeemable Class A Common Stock | ||||||||||||||
| Class A common stock subject to possible redemption; 5,137,835 shares at redemption value ($10.10 per share) | 44,579,636 | 7,312,500 | e. | 51,892,136 | ||||||||||
| Stockholders’ Equity | ||||||||||||||
| Preferred shares, $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; 905,565 issued and outstanding (excluding 5,137,835 shares subject to redemption), respectively | 86 | 75 | a. | 91 | ||||||||||
| 2 | b. | |||||||||||||
| (72 | ) | e. | ||||||||||||
| Class B common stock, par value $0.0001; 10,000,000 shares authorized; 1,437,500 issued and outstanding | 144 | - | 144 | |||||||||||
| Additional paid-in capital | 5,000,765 | 7,499,925 | a. | 5,000,760 | ||||||||||
| 224,998 | b. | |||||||||||||
| (150,000 | ) | c. | ||||||||||||
| (262,500 | ) | d. | ||||||||||||
| (7,312,428 | ) | e. | ||||||||||||
| Accumulated deficit | (994 | ) | - | (994 | ) | |||||||||
| Total Stockholders’ Equity | 5,000,001 | - | 5,000,001 | |||||||||||
| Total Liabilities, Redeemable Class A Common Stock and Shareholders’ Equity | $ | 51,425,077 | $ | 7,575,000 | $ | 59,000,077 | ||||||||
PHP Ventures Acquisition Corp.
Note to Pro Forma Financial Statement
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Financial Statement presents the Balance Sheet of PHP Ventures Acquisition Corp. (the “Company”) as of August 16, 2021, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on August 19, 2021 as described below.
On August 19, 2021, the Company consummated the closing of the sale of 750,000 additional units at a price of $10 per unit (the “Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $7,500,000 and incurred additional offering costs of $412,500 in underwriting fees. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), one-half of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, and one Right (“Right”), with each Right entitling the holder to receive one-tenth of one share of Class A Common Stock, subject to adjustment, pursuant to the Company’s registration statement on Form S-1 (File No. 333-256840). Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 22,500 Private Placement Warrants to Global Link Investment LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $225,000.
Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entry | ||||||||||
| a. | Cash held in Trust Account | 7,500,000 | ||||||||
| Class A common stock | 75 | |||||||||
| Additional paid-in capital | 7,499,925 | |||||||||
| To record sale of 750,000 Overallotment Units at $10.00 per Unit | ||||||||||
| b. | Cash held in Trust Account | 225,000 | ||||||||
| Class A common stock | 2 | |||||||||
| Additional paid-in capital | 224,998 | |||||||||
| To record additional proceeds from sale of 22,500Private Placement Units | ||||||||||
| c. | Additional paid-in capital | 150,000 | ||||||||
| Cash held in Trust Account | 150,000 | |||||||||
| To record 2% cash underwriting fee on overallotment option | ||||||||||
| d. | Additional paid-in capital | 262,500 | ||||||||
| Deferred underwriter fee payable | 262,500 | |||||||||
| To record 3.5% deferred underwriting fee on overallotment option | ||||||||||
| e. | Class A common stock | 72 | ||||||||
| Additional paid-in capital | 7,312,428 | |||||||||
| Redeemable Class A common stock | 7,312,500 | |||||||||
| To restore total equity as $5,000,001. | ||||||||||