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Published: 2020-10-22 16:18:47 ET
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EX-99.1 2 dp138945_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

 

VG ACQUISITION CORP. 

PRO FORMA BALANCE SHEET

 

  

Actual as of

October 6, 2020

 

Pro Forma

Adjustments

  

As Adjusted as 

of October 6, 2020 

      (unaudited)   (unaudited)
ASSETS          
Current Assets          
Cash  $1,524,449   $—    $1,524,449 
Prepaid expenses   26,800    —     26,800 
Total Current Assets   1,551,249    —     1,551,249 
                 
Cash held in Trust Account   480,000,000    28,550,000  (a)  508,550,000 
         (571,000) (b)    
         571,000  (d)    
Total Assets  $481,551,249   $28,550,000    $510,101,249 
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current Liabilities                
Promissory note – related party  $207,632   $—    $207,632 
Total Current Liabilities   207,632    —     207,632 
                 
Deferred underwriting fee payable   16,800,000    999,250  (c)  17,799,250 
Total Liabilities   17,007,632    999,250     18,006,882 
                 
Commitments and Contingencies                
                 
Class A ordinary shares subject to possible redemption, 45,954,361 and 48,709,436 shares at $10.00 per share   459,543,610    27,550,750  (e)  487,094,360 
                 
Shareholders’ Equity:                
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   —    —     — 
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,045,639 and 2,145,564 shares issued and outstanding (excluding 45,954,361 and 48,709,436 shares, respectively, subject to possible redemption)   205    286  (a)  215 
         (276) (e)    
                 
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 13,800,000 shares issued and outstanding (1)   1,380          1,380 
                 
Additional paid-in capital   5,008,771    28,549,714  (a)  5,008,761 
         (571,000) (b)    
         (999,250) (c)    
         571,000  (d)    
         (27,550,474) (e)    
                 
Accumulated deficit   (10,349)   —     (10,349)
Total Shareholders’ Equity   5,000,007    —     5,000,007 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $481,551,249   $28,550,000    $510,101,249 

 

(1)Includes up to 1,086,250 shares subject to forfeiture as a result of the underwriters’ election to partially exercise their over-allotment option.

 

See accompanying note to the pro forma balance sheet.

 

 

 

VG 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 VG Acquisition Corp. (the “Company”) as of October 6, 2020, adjusted for the partial closing of the underwriters’ over-allotment option and related transactions, which occurred on October 16, 2020, as described below.

 

On October 16, 2020, the Company consummated the closing of the sale of 2,855,000 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 $28,550,000 to the Company. Each Unit consists of one Class A ordinary share (the “Ordinary Share”) and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Ordinary Share at a price of $11.50 per share. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of an additional 380,666 warrants (the “Private Placement Warrants”), at a purchase price of $1.50 per Private Placement Warrant, to VG Acquisition Sponsor LLC, generating gross proceeds of $571,000. Transaction costs amounted to $1,570,250, consisting of $571,000 in cash underwriting fees and $999,250 of additional underwriting fees, which have been deferred until the completion of the Company’s Business Combination. As a result of the underwriters’ election to partially exercise their over-allotment option, 713,750 Founder Shares are no longer subject to forfeiture. 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     28,550,000        
  Class A ordinary shares             286  
  Additional paid-in capital             28,549,714  
  To record sale of 2,855,000 Units on over-allotment option at $10.00 per Unit.                
                   
b. Additional paid-in capital     571,000          
  Cash held in Trust Account             571,000  
  To record payment of 2.0% of cash underwriting fee on over-allotment option.                
                   
c. Additional paid-in capital     999,250          
  Deferred underwriting fee payable             999,250  
  To record the liability for the 3.5% deferred underwriting fee on over-allotment option.                
                   
d. Cash held in Trust Account     571,000          
  Additional paid in capital             571,000  
  To record sale of 380,666 over-allotment Private Placement Warrants at $1.50 per warrant.                
                   
e. Class A ordinary shares     276          
  Additional paid-in capital     27,550,474          
  Ordinary shares subject to redemption             27,550,750  
  To reclassify Class A ordinary shares out of permanent equity into mezzanine redeemable shares.