PRIME IMPACT ACQUISITION I
|September 14, 2020||Pro Forma|
|Total current assets||3,383,640||-||3,383,640|
|Cash held in Trust Account||300,000,000||24,084,140||(a)||324,084,140|
|Liabilities and Shareholders' Equity|
|Note payable - related party||98,301||-||98,301|
|Advance from related party||900,000||-||900,000|
|Total current liabilities||1,851,195||-||1,851,195|
|Deferred underwriting commissions||10,500,000||842,945||(d)||11,342,945|
|Commitments and Contingencies|
|Class A ordinary shares; 28,603,244 and 30,927,363 shares subject to possible redemption at $10.00 per share, actual and as adjusted, respectively||286,032,440||23,241,190||(e)||309,273,630|
|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; 1,396,756 and 1,481,051 shares issued and outstanding (excluding 28,603,244 and 30,927,363 shares subject to possible redemption), actual and as adjusted, respectively||140||241||(a)||149|
|Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding (1)||863||-||863|
|Additional paid-in capital||5,034,156||24,083,899||(a)||5,034,153|
|Total shareholders' equity||5,000,005||5||5,000,010|
|Total Liabilities and Shareholders' Equity||$||303,383,640||$||24,084,140||$||327,467,780|
(1) This number includes up to 1,125,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On October 2, 2020, the underwriters partially exercised the over-allotment option to purchase as additional 2,408,414 Units; thus, only 522,897 Class B ordinary shares remain subject to forfeiture.
The accompanying notes are an integral part of these financial statements.
NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Prime Impact Acquisition I (the “Company”) as of September 14, 2020, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on October 6, 2020 as described below.
The Company consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”) on September 14, 2020. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A ordinary shares at a 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 $300.0 million. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments, if any. On October 2, 2020, the Underwriters partially exercised the over-allotment option to purchase an additional 2,408,414 units (the “Over-Allotment Units”). On October 6, 2020, the Company completed the sale of the Over-Allotment Units to Underwriters (the “Over-Allotment”), generating gross proceeds of approximately $24.1 million, and incurred additional offering costs of approximately $1.3 million in underwriting fees (inclusive of approximately $0.8 million in deferred underwriting commissions).
Simultaneously with the closing of the IPO on September 14, 2020, the Company completed a private placement (the “Private Placement”) of an aggregate of 5,400,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant to Prime Impact Cayman, LLC, a Cayman Islands limited liability company (the “Sponsor”), generating proceeds of $ 8.1 million. Simultaneously with the closing of the Over-allotment Units, on October 6, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 321,122 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $0.5 million.
Upon closing of the Over-Allotment and the second closing of the Private Placement, an aggregate of approximately $24.1 million ($10.00 per Unit) was placed in a trust account ("Trust Account"), for a total of approximately $324.1 million deposited in the Trust Account, with Continental Stock Transfer & Trust Company acting as trustee and will be invested in United States "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account.
In addition, the Sponsor agreed to forfeit up to 1,125,000 Class B ordinary shares, par value $0.0001, to the extent that the over-allotment option is not exercised in full by the underwriters. On October 2, 2020, the underwriters partially exercised the over-allotment option to purchase as additional 2,408,414 Units; thus, only 522,897 Class B ordinary shares remain subject to forfeiture.
Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option and the sale of the private placement warrants described above are as follows:
|Pro Forma Entries||Debit||Credit|
|Class A common stock||$||241|
|Additional paid-in capital||$||24,083,899|
|To record sale of 2,408,414 Overallotment Units at $10.00 per Unit|
|Additional paid-in capital||$||481,683|
|To record sale of 321,122 Private Placement Warrants at $1.50 per warrant|
|(c)||Additional paid-in capital||$||481,683|
|To record payment of 2% of cash underwriting fee on overallotment option|
|(d)||Additional paid-in capital||$||842,945|
|Deferred underwriting commissions||$||842,945|
|To record additional deferred underwriting fee on overallotment option|
|(e)||Class A common stock||$||232|
|Additional paid-in capital||$||23,240,958|
|Class A common stock subject to possible redemption||$||23,241,190|
|To reclassify Class A ordinary shares out of permanent equity into mezzanine redeemable stock|