EX-99.1 2 cik1851174-ex991_6.htm EX-99.1 cik1851174-ex991_6.htm

WORLD QUANTUM GROWTH ACQUISITION CORP.

PRO FORMA BALANCE SHEET

AUGUST 27, 2021

 

 

 

August 13, 2021

 

Pro Forma

Adjustments

 

As Adjusted

 

 

 

 

(unaudited)

 

(unaudited)

Assets

 

 

 

 

 

 

 

 

Cash

$

      2,342,874

 

$

                     -  

 

$

      2,342,874

Prepaid expenses

 

          745,881

 

 

                     -  

 

 

          745,881

Total current assets

 

      3,088,755

 

 

                     -  

 

 

      3,088,755

Cash held in Trust Account

 

  202,000,000

 

 

3,950,000

(a)

 

  205,989,500

 

 

 

 

 

118,500

(b)

 

 

 

 

 

 

 

(79,000)

(c)

 

 

Total assets

$

  205,088,755

 

$

      3,989,500

 

$

  209,078,255

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Accrued offering costs and expenses

$

      1,572,530

 

$

                     -  

 

$

      1,572,530

Due to Related Party

$

              2,404

 

$

                     -  

 

$

              2,404

        Total current liabilities

 

      1,574,934

 

 

                     -  

 

 

      1,574,934

Deferred underwriting fee

 

      7,000,000

 

 

          138,250

(e)

 

      7,138,250

Warrant Liability

 

    28,675,000

 

 

424,625

(f)

 

    29,164,800

 

 

 

 

 

65,175

(h)

 

 

        Total liabilities

 

    37,249,934

 

 

          628,050

 

 

    37,877,984

Commitments and Contingencies

 

 

 

 

 

 

 

 

Class A ordinary shares subject to possible redemption, 16,122,655 and 16,455,472 shares at redemption value, respectively

 

  162,838,816

 

 

      3,361,452

(d)

 

  166,200,268

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preference shares, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding

 

                     -  

 

 

                     -  

 

 

                     -  

Class A ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 3,877,345 and 3,939,528 shares issued and outstanding (excluding 16,122,655 and 16,455,472 shares subject to possible redemption, respectively)

 

                 388

 

 

40

(a)

 

                 394

 

 

 

 

 

(34)

(d)

 

 

Class B ordinary shares, $0.0001 par value, 50,000,000 shares authorized, 5,750,000 shares issued and outstanding

 

                 575

 

 

                     -  

 

 

                 575

Additional paid-in capital

 

    10,686,154

 

 

3,949,960

(a)

 

    10,767,834

 

 

 

 

 

118,500

(b)

 

 

 

 

 

 

 

(79,000)

(c)

 

 

 

 

 

 

 

(138,250)

(e)

 

 

 

 

 

 

 

(424,625)

(f)

 

 

 

 

 

 

 

16,513

(g)

 

 

 

 

 

 

 

(3,361,418)

(d)

 

 

Accumulated deficit

 

    (5,687,112)

 

 

          (16,513)

(g)

 

    (5,768,800)

 

 

 

 

 

(65,175)

(h)

 

 

Total shareholders’ equity

 

      5,000,005

 

 

                    (2)

 

 

      5,000,003

Total Liabilities and Shareholders’ Equity

$

  205,088,755

 

$

      3,989,500

 

$

  209,078,255

 

 

 

 

 

The accompany notes are an integral part of the 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 World Quantum Growth Acquisition Corp. (the “Company”) as of August 13, 2021, adjusted for the closing of the underwriter’s over-allotment option and related transactions which occurred on August 27, 2021 as described below.

The Company consummated its initial public offering (the “IPO”) of 20,000,000 units (the “Units”) on August 13, 2021. Each Unit consists of one Class A ordinary share, $0.0001 par value per share and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise 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 $200,000,000. The Company granted the underwriter in the IPO (the “Underwriter”) a 45-day option to purchase up to an aggregate of 3,000,000 additional Units to cover over-allotments, if any. On August 25, 2021, the Underwriter partially exercised the over-allotment option to purchase an additional 395,000 Units (the “Over-Allotment Units”). On August 27, 2021, the Company completed the sale of the Over-Allotment Units to Underwriter (the “Over-Allotment”), generating an aggregate of gross proceeds of $3,950,000, and incurred $79,000 in cash underwriting fees.

Simultaneously with the closing of the Over-Allotment, the Company consummated the private sale (the “Private Placement”) of an aggregate of 118,500 private warrants (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant to World Quantum Growth Acquisition LLC (the “Sponsor”), generating gross proceeds of $118,500.

Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $205,989,500 ($10.10 per Unit) was placed in a trust account, with Continental Stock Transfer & Trust Company acting as trustee.

In addition, the Sponsor agreed to forfeit up to 750,000 Class B ordinary shares, par value $0.0001, to the extent that the over-allotment option is not exercised in full by the underwriter. On August 25, 2021, the Underwriter partially exercised the over-allotment option to purchase the Over-Allotment Units and on August 27, 2021, the Company completed the sale of the Over-Allotment Units to Underwriter; thus, 651,250 Class B ordinary shares remain subject to forfeiture.

Pro forma adjustments to reflect the exercise of the Underwriter’s over-allotment option and the sale of the Private Warrants described above are as follows:


 

 

 

Pro Forma Entries

 

 

Debit

 

 

 

Credit

 

(a)

Cash held in trust account

 

 $

3,950,000

 

 

 

 

 

 

    Class A ordinary shares

 

 

 

 

 

$

40

 

 

    Additional paid-in capital

 

 

 

 

 

$

3,949,960

 

 

        To record sale of 395,000 Overallotment Units at $10.00 per Unit

 

 

 

 

 

 

 

 

 

 

 

(b)

Cash held in trust account

 

 $

118,500

 

 

 

 

 

 

    Additional paid-in capital

 

 

 

 

 

$

118,500

 

 

        To record sale of 118,500 Private Placement Warrants at $1.00 per Private Placement Warrant

 

 

 

 

 

 

 

 

 

 

 

(c)

Additional paid-in capital

 

 $

79,000

 

 

 

 

 

 

    Cash held in trust account

 

 

 

 

 

$

79,000

 

 

        To record payment of cash underwriting fee 

 

 

 

 

 

 

 

 

 

 

 

(d)

Class A ordinary shares

 

 $

34

 

 

 

 

 

 

Additional paid-in capital

 

 $

3,361,418

 

 

 

 

 

 

    Class A ordinary shares subject to possible redemption

 

 

 

$

3,361,452

 

 

        To record Class A ordinary shares out of permanent equity into mezzanine redeemable shares

 

 

 

 

(e)

Additional paid-in capital                                                $   $

138,250

 

 

 

 

 

 

     Deferred underwriters’ discount

 

 

 

$

138,250

 

 

        To record additional Deferred underwriters’ fee arising from the sale of Overallotment Units

 

 

 

 

(f)

Additional paid-in capital                                                $   $

424,625

 

 

 

 

 

 

     Warrant liability

 

 

 

$

424,625

 

 

To record change in fair value of warrant liability

 

 

 

 

(g)

Accumulated deficit                                                         $

16,513

 

 

 

 

 

 

     Additional paid-in capital                                                   $

 

 

 

$

16,513

 

 

To record change in deferred offering costs allocated to warrant liability

 

 

 

 

(h)

Excess fair value of Private Warrants                              $                                  $

65,175

 

 

 

 

 

 

     Warrant liability                              

 

 

 

$

65,175

 

 

To record excess fair value of Private Warrants