EX-99.1 2 f8k090619ex99-1_switch.htm PRO FORMA BALANCE SHEET

Exhibit 99.1

 

SWITCHBACK ENERGY ACQUISITION CORPORATION

 

BALANCE SHEET

           

 

   As of July 30,
2019
  Pro Forma
Adjustments
   As Adjusted
      (Unaudited)      (Unaudited)
Assets:                 
Current assets:                 
Cash  $2,064,842   $282,353  (b)  $2,064,842 
         (282,353 )(c)     
Prepaid expenses   228,594    -      228,594 
Total current assets   2,293,436    -      2,293,436 
Cash held in Trust Account   300,000,000    14,117,630  (a)   314,117,630 
Total assets  $302,293,436   $14,117,630     $316,411,066 
                  
Liabilities and Stockholders' Equity:                 
Current liabilities:                 
Accounts payable  $539,642   $-     $539,642 
Accrued expenses   222,531    -      222,531 
Note payable - related party   251,375    -      251,375 
Total current liabilities   1,013,548    -      1,013,548 
Deferred underwriting commissions   10,430,000    494,117  (d)   10,924,117 
Total liabilities   11,443,548    494,117      11,937,665 
                  
Commitments and Contingencies                 
Class A common stock, $0.0001 par value; 28,584,988 and 29,947,340 shares subject to possible redemption at $10.00 per share, actual and as adjusted   285,849,880    13,623,520  (f)   299,473,400 
                  
Stockholders' Equity:                 
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    -      - 
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 1,415,012 and 1,464,423 shares issued and outstanding (excluding 28,584,988 and 29,947,340 shares subject to possible redemption), actual and as adjusted   142    141  (a)   147 
         (136 )(f)     
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 and 7,852,941 shares issued and outstanding, actual and as adjusted   863    (77 )(e)   786 
Additional paid-in capital   5,175,033    14,117,489  (a)   5,175,098 
         282,353  (b)     
         (282,353)  (c)     
         (494,117 )(d)     
         77  (e)     
         (13,623,384 )(f)     
Accumulated deficit   (176,030)   -      (176,030)
Total stockholders' equity   5,000,008    (7 )    5,000,001 
Total Liabilities and Stockholders' Equity  $302,293,436   $14,117,630     $316,411,066 

 

See accompanying note to the pro forma balance sheet.

 

 

 

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Switchback Energy Acquisition Corporation (the “Company”) as of July 30, 2019, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on September 6, 2019 as described below.

 

The Company consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”) on July 30, 2019. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”), and one-third of one redeemable warrant of the Company, each whole warrant entitling the holder thereof to purchase one whole share of Class A Common Stock at an exercise price of $11.50 per share.

 

In connection with the IPO, the underwriters were granted an option to purchase up to an additional 4,500,000 Units to cover over-allotments, if any. On September 4, 2019, the underwriters partially exercised their over-allotment option and, on September 6, 2019, the Company consummated the sale of 1,411,763 additional Units (the “Over-allotment Units”) at a price of $10.00 per unit, generating additional gross proceeds of approximately $14.1 million, and incurred additional offering costs of approximately $776,000 in underwriting fees (inclusive of approximately $494,000 in deferred underwriting fees). On September 6, 2019, simultaneously with the sale of the Over-allotment Units, the Company completed a private placement with the Company’s sponsor, NGP Switchback, LLC (the “Sponsor”), for 188,235 private placement warrants at a price of $1.50 per warrant, generating gross proceeds of approximately $282,000. Pursuant to the Letter Agreement, dated July 25, 2019, by and among the Company, the Sponsor and certain other parties named therein, the Sponsor agreed to forfeit shares of Class B common stock of the Company, par value $0.0001 per share (the “Class B Common Stock”), depending on the extent to which the over-allotment option was not exercised. The over-allotment option has now expired and, on September 9, 2019, the Sponsor forfeited an aggregate of 772,059 shares of Class B Common Stock for cancellation at no cost. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option, the sale of the private placement warrants and the forfeiture of Class B Common Stock described above are as follows:

 

  Pro Forma Entries  Debit  Credit
(a) Cash held in Trust Account  $14,117,630      
  Class A common stock       $141 
  Additional paid-in capital       $14,117,489 
  To record sale of 1,411,763 Over-allotment Units at $10.00 per Unit          
             
(b) Cash  $282,353      
  Additional paid-in capital       $282,353 
  To record sale of 188,235 Private Placement Warrants at $1.50 per warrant          
             
(c) Additional paid-in capital  $282,353      
  Cash       $282,353 
  To record payment of 2% of cash underwriting fee on over-allotment option          
             
(d) Additional paid-in capital  $494,117      
  Deferred underwriting commissions       $494,117 
  To record additional deferred underwriting fee on over-allotment option          
             
(e) Class B common stock  $77      
  Additional paid-in capital       $77 
  To record forfeiture of 772,059 Founder Shares          
             
(f) Class A common stock  $136      
  Additional paid-in capital  $13,623,384      
  Class A common stock subject to possible redemption       $13,623,520 
  To reclassify Class A common stock out of permanent equity into mezzanine redeemable stock