EX-99.1 2 tm2013761d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

LIFESCI ACQUISITION CORP.

PRO FORMA BALANCE SHEET

 

  

Actual as of
March 10, 2020

   Pro Forma
Adjustments
     As Adjusted 
       (unaudited)     (unaudited) 
ASSETS                 
Current Assets                 
Cash  $861,965   $(112,753) (b)  $749,212 
Prepaid expenses   99,200          99,200 
Total Current Assets   961,165    (112,753)     848,412 
                  
Cash held in Trust Account   60,000,000    5,637,670  (a)   65,637,670 
Total Assets  $60,961,165   $5,524,917     $66,486,082 
                  
LIABILITIES AND STOCKHOLDERS’ EQUITY                 
Current Liabilities – Accrued expenses  $450          450 
Total Current Liabilities   450          450 
                  
Promissory note – related party   1,000,000          1,000,000 
Deferred underwriting fee payable   2,100,000    197,319  (c)   2,297,319 
Total Liabilities   3,100,450    197,319      3,297,769 
                  
Commitments                 
                  
Common stock subject to possible redemption, 5,286,071 and 5,818,831 shares at $10.00 per share redemption value   52,860,710    5,327,600  (e)   58,188,310 
                  
Stockholders’ Equity:                 
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding              
Common stock, $0.0001 par value; 30,000,000 shares authorized; 2,438,929 and 2,385,878 shares issued and outstanding (excluding 5,286,071 and 5,818,831 shares, respectively, subject to possible redemption)   244    56  (a)   239 
         (8) (d)     
         (53) (e)     
                  
Additional paid-in capital   5,001,834    5,637,614  (a)   5,001,837 
         (112,753) (b)     
         (197,319) (c)     
         8  (d)     
         (5,327,547) (e)     
                  
Accumulated deficit   (2,073)         (2,073)
Total Stockholders’ Equity   5,000,005    (2)     5,000,003 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $60,961,165   $5,524,917     $66,486,082 

 

See accompanying note to the pro forma balance sheet.

 

 

 

 

LIFESCI 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 LifeSci Acquisition Corp. (the “Company”) as of March 10, 2020, adjusted for the closing of the underwriters’ over-allotment option in full and related transactions which occurred on March 20, 2020, as described below.

 

On March 20, 2020, the Company consummated the closing of the sale of 563,767 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 $5,637,670 to the Company. Each Unit consists of one share of the Company’s common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share. Transaction costs amounted to $310,072, consisting of $112,753 in cash underwriting fees and $197,319 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, 84,058 Founder Shares were forfeited and 140,942 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     5,637,670        
  Common stock             56  
  Additional paid-in capital             5,637,614  
  To record sale of 563,767 Units on over-allotment option at $10.00 per Unit.                
                   
b. Additional paid-in capital     112,753          
  Cash             112,753  
  To record payment of 2.0% of cash underwriting fee on over-allotment option.                
                   
c. Additional paid-in capital     197,319          
  Deferred underwriting fees             197,319  
  To record the liability for the 3.5% deferred underwriting fees on over-allotment option.                
                   
d. Common stock     8          
  Additional paid n capital             8  
  To record the forfeiture of 84,058 Founder Shares.                
                   
e. Common stock     53          
  Additional paid-in capital     5,327,547          
  Common Stock Subject to Redemption             5,327,600  
  To reclassify common stock out of permanent equity into mezzanine redeemable shares.