EX-99.1 2 ea149764ex99-1_newhold2.htm UNAUDITED BALANCE SHEET OF NEWHOLD INVESTMENT CORP. II AS OF OCTOBER 29, 2021

Exhibit 99.1

 

NEWHOLD INVESTMENT CORP II
PRO FORMA BALANCE SHEET

(dollar amounts rounded to thousands)

 

   As of
October 25,
2021		   Pro Forma
Adjustments		     Pro Forma
As Adjusted		 
ASSETS      (unaudited)      (unaudited) 
Current assets:              
Cash  $2,914,000   $(398,000) b  $2,914,000 
         398,000  c     
Prepaid expenses   747,000    -      747,000 
Total current assets   3,661,000    -      3,661,000 
Non-current asset - Cash and investments held in Trust Account   176,750,000    19,900,000  a     
         199,000  b   196,849,000 
Total Assets  $180,411,000   $20,099,000     $200,510,000 
                  
LIABILITIES AND STOCKHOLDERS’ EQUITY                  
Current liabilities:                 
Accounts payable  $830,000    -     $830,000 
Accrued liabilities   35,000    -      35,000 
                  
Total current liabilities   865,000    -      865,000 
Other liabilities:                 
Other liabilities - Deferred underwriting compensation   6,125,000    697,000  c   6,822,000 
Total liabilities    6,990,000    697,000      7,687,000 
Class A common stock subject to possible redemption; 17,500,000 shares and 19,490,000 shares as adjusted (at redemption value of $10.10 per share)   176,750,000    19,900,000  a     
         597,000  b     
         (697,000) b     
         (398,000) c     
         697,000  d   196,849,000 
Commitments and contingencies                  
Stockholders’ equity (deficit):                 
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding    -    -      - 
Class A common stock, $0.0001 par value, 45,000,000 authorized shares, -0- shares issued and outstanding and -0- shares as adjusted (excluding 17,500,000 shares, and 19,490,000 shares as adjusted, subject to possible redemption)    -    -      - 
Class B common stock, $0.0001 par value, 6,000,000 authorized shares, 5,031,250 shares issued, and outstanding, actual and as adjusted(1)   1,000    -      1,000 
Additional paid-in-capital   -    -        
         -      - 
Accumulated deficit   (3,330,000)   (697,000) d   (4,027,000)
                     
Total stockholders’ (deficit)   (3,329,000)   (697,000)     (4,026,000)
Total liabilities and stockholders’ (deficit)  $180,411,000   $20,099,000      200,510,000 

 

(1)Includes an aggregate of 656,250 and 158,750 shares of Class B common stock held by the Sponsor that are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full.

 

See accompanying note to pro forma balance sheet

 

 

 

 

NEWHOLD INVESTMENT CORP II

NOTE TO PRO FORMA BALANCE SHEET

(unaudited, and dollar amounts rounded to thousands)

 

NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Newhold Investment Corp II (the “Company”) as of October 25, 2021, adjusted for the October 29, 2021 closing of the underwriters’ over-allotment option.

 

On October 29, 2021 the Company closed the underwriters’ over-allotment option of 1,990,000 units (a partial exercise), increasing the aggregate gross proceeds to the Company from its initial public offering by approximately $19,900,000 to approximately $194,900,000. The partial exercise of the underwriters’ over-allotment option resulted in an additional cash underwriting fee of approximately $398,000 and an additional deferred underwriting fee of approximately $697,000. Because only a portion of the underwriters’ over-allotment option was exercised (and assuming, no further exercise of the underwriters’ over-allotment option), then 158,750 Founders Shares would be forfeited by the Sponsor. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:

 

   Pro forma entry  Debit   Credit 
a.   Cash held in Trust Account   19,900,000      
   Class A common stock subject to redemption        19,900,000 
   To record the sale of 1,990,000 units at $10.00 and the deposit of $10.00 per share in the trust account 
     
b.   Cash   398,000      
   Cash in Trust Account   199,000      
   Class A common stock subject to redemption        597,000 
   To record PPW sale proceeds for additional private warrants and PPW to fund $199,000 additional funding of Trust and $398,000 cash underwriting fee. 
              
c.    Class A common stock subject to redemption   398,000      
   Class A common stock subject to redemption   697,000      
   Cash        398,000 
   Deferred underwriting fee        697,000 
   To record additional cash and deferred underwriting fees associated with over-allotment option exercise 
              
d.   Accumulated deficit   697,000      
   Class A common stock subject to redemption        697,000 
   To correctly state Class A common stock subject to redemption and additional paid-in-capital 

 

 

No entry is shown for the forfeiture of 158,750 Founder Shares as the number of shares ultimately forfeited is not known until the over-allotment period has expired and further the dollar amount is below the rounded amounts being presented.