EX-99.1 2 tm218535d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

BITE ACQUISITION CORP.

BALANCE SHEET

February 17, 2021 

 

       Pro Forma        
   February 17, 2021   Adjustments      As Adjusted 
         (unaudited)       (unaudited) 
Assets:                  
Cash  $1,164,403   $-      $1,164,403 
Prepaid expenses   734,337            734,337 
Total current assets   1,898,740    -       1,898,740 
Cash held in trust account   175,100,000    25,000,000   (a)   200,000,000 
         400,000   (b)     
         (500,000)  (c)     
Total Assets  $176,998,740   $24,900,000      $201,898,740 
                   
Liabilities and Stockholders’ Equity                  
Accrued offering costs and expenses   891,411            891,411 
Due to related party   2,143            2,143 
Promissory note-related party   82,500            82,500 
Due to Sponsor   100,000    (100,000)  (b)   - 
Total Liabilities   1,076,054    (100,000)      976,054 
                   
Commitments                  
Common stock subject to possible redemption, 17,092,268 and 19,592,268 shares at redemption value, respectively   170,922,680    25,000,000   (d)   195,922,680 
                   
Stockholders’ Equity:                  
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    -       - 
Common stock, $0.0001 par value; 100,000,000 shares authorized; 6,028,982 and 6,078,982 shares issued and outstanding (excluding 17,092,268  and 19,592,268 shares subject to possible redemption, respectively)   603    250   (a)   608 
         5   (b)     
         (250)  (d)     
                   
Additional paid-in capital   5,011,101    24,999,750   (a)   5,011,096 
         499,995   (b)     
         (500,000)  (c)     
         (24,999,750)  (d)     
                   
Accumulated deficit   (11,698)   -       (11,698)
Total Stockholders’ Equity   5,000,006    (1,714)      5,000,006 
                   
Total Liabilities and Stockholders’ Equity  $176,998,740   $24,900,000      $201,898,740 

 

  (1) Includes up to 643,750 Founder Shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters.

 

The accompanying 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 BITE ACQUISITION CORP. (the “Company”) as of February 17, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on February 25, 2021 as described below.

 

On February 17, 2021, the Company consummated the IPO of 17,500,000 units (the “Units” and, with respect to the shares of common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $175,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 2,650,000 additional Units to cover over-allotments, if any. On February 25, 2021, the Underwriters exercised the over-allotment option in part and purchased an additional 2,500,000 Over-Allotment Units, generating an aggregate of gross proceeds of $25,000,00 and incurred $500,000 in cash underwriting fees.

 

Simultaneously with the closing of the over-allotment the Company consummated the private placement (the “Private Placement”) of an aggregate of 50,000 units (the “Private Units”) at a price of $10.00 per Private Unit, to the Sponsor and EarlyBirdCapital, Inc., generating total gross proceeds of $500,000.

 

Upon closing of the IPO, the Private Placement, and the sale of the Over-Allotment Units, a total of $200,000,000 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.

 

   Pro Forma Entries  Debit   Credit 
(a)  Cash held in trust account  $25,000,000      
   Common stock       $250 
   Additional paid-in capital       $24,999,750 
   To record sale of 2,500,000 Overallotment Units at $10.00 per Unit      
              
(b)  Due to Sponsor  $100,000      
   Cash held in trust account   400,000      
   Common stock       $5 
   Additional paid-in capital       $499,995 
   To record sale of 50,000 Private Units at $10.00 per Private Unit      
              
(c)  Additional paid-in capital  $500,000      
   Cash held in trust account       $500,000 
   To record payment of cash underwriting fee      
              
(d)  Common stock  $250      
   Additional paid-in capital  $24,999,750      
   Common stock subject to possible redemption       $25,000,000 
   To record common stock out of permanent equity into mezzanine redeemable stock