Exhibit 99.1

TWO

BALANCE SHEET

 

     April 1, 2021     Pro Forma
Adjustments
          As Adjusted  
           (Unaudited)           (Unaudited)  

Assets

        

Current assets:

        

Cash

   $ 2,500,000     $  14,375,000       (a   $ 2,535,937  
       287,500       (b  
       (251,563     (c  
       (14,375,000     (f  

Prepaid expenses

     674,600       —           674,600  
  

 

 

   

 

 

     

 

 

 

Total current assets

     3,174,600       35,937         3,210,537  

Cash held in Trust Account

     200,000,000       14,375,000       (f     214,375,000  
  

 

 

   

 

 

     

 

 

 

Total Assets

   $  203,174,600     $ 14,410,937       $  217,585,537  
  

 

 

   

 

 

     

 

 

 

Liabilities and Shareholders’ Equity

        

Current liabilities:

        

Accounts payable

   $ 805,823     $ —         $ 805,823  

Accrued expenses

     458,663       —           458,663  

Note payable - related party

     80,693       —           80,693  
  

 

 

   

 

 

     

 

 

 

Total current liabilities

     1,345,179       —           1,345,179  

Deferred underwriting commissions

     7,000,000       100,625       (d     7,100,625  
  

 

 

   

 

 

     

 

 

 

Total liabilities

     8,345,179       100,625         8,445,804  

Commitments and Contingencies

        

Class A ordinary shares; 18,982,942 and 20,413,973 shares subject to possible redemption at $10.00 per share, actual and as adjusted, respectively

     189,829,420       14,310,310       (e     204,139,730  

Shareholders’ Equity:

        

Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding

     —         —           —    

Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 1,617,058 and 1,652,277 shares issued and outstanding (excluding 18,982,942 and 20,413,973 shares subject to possible redemption), actual and as adjusted, respectively

     162       144       (a     166  
       3       (b  
       (143     (e  

Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding (1)

     575       —           575  

Additional paid-in capital

     5,090,233       14,374,856       (a     5,090,231  
       287,497       (b  
       (251,563     (c  
       (100,625     (d  
       (14,310,167     (e  

Accumulated deficit

     (90,969     —           (90,969
  

 

 

   

 

 

     

 

 

 

Total shareholders’ equity

     5,000,001       2         5,000,003  
  

 

 

   

 

 

     

 

 

 

Total Liabilities and Shareholders’ Equity

   $  203,174,600     $ 14,410,937       $  217,585,537  
  

 

 

   

 

 

     

 

 

 

 

(1)

This number includes up to 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On April 13, 2021, the underwriters partially exercised the over-allotment option to purchase as additional 1,437,500 Public Shares; thus, only 390,625 Class B ordinary shares remain subject to forfeiture.

The accompanying notes are an integral part of these 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 two (the “Company”) as of April 1, 2021, adjusted for the closing of the underwriter’s over-allotment option and related transactions which occurred on April 13, 2021 as described below.

The Company consummated its initial public offering (the “IPO”) of 20,000,000 Class A ordinary shares (each, a “Public Share” and collectively, the “Public Shares”) at $10.00 per Public Share, generating gross proceeds to the Company of $200.0 million. The Company granted the underwriter in the IPO (the “Underwriter”) a 45-day option to purchase up to 3,000,000 additional shares to cover over-allotments, if any. The Underwriter partially exercised the over-allotment option and on April 13, 2021 purchased an additional 1,437,500 Class A ordinary shares (the “Additional Shares”), generating gross proceeds of approximately $14.4 million, and the Company incurred additional offering costs of approximately $352,000 (net of a required reimbursement from the underwriter), of which approximately $101,000 was for deferred underwriting fees (the “Over-Allotment”).

Simultaneously with the closing of the IPO on April 1, 2021, the Company completed a private placement (the “Private Placement”) of an aggregate of 600,000 Class A ordinary shares (each, a “Private Placement Share” and collectively, the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to two sponsor, a Cayman Islands exempted limited company (the “Sponsor”), generating proceeds of $6.0 million. Simultaneously with the closing of the Over-Allotment on April 13, 2021, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 28,750 Private Placement Shares by the Sponsor, generating gross proceeds to the Company of $287,500.

Upon the closing of the IPO, the Over-Allotment and the Private Placement, approximately $214.4 million ($10.00 per share) of the net proceeds of the sale of the Public Shares in the Initial Public Offering and of the Private Placement Shares in the Private Placement were placed in a trust account (“Trust Account”) located in the United States, and invested only in U.S. government treasury bills, notes and bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act and which invest solely in U.S. Treasuries, 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 750,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”) to the extent that the over-allotment option is not exercised in full by the underwriters. The underwriters partially exercised their over-allotment option on April 13, 2021; thus, only 390,625 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 Shares described above are as follows:

 

    

Pro Forma Entries

   Debit      Credit  

(a)

  

Cash

   $  14,375,000     
  

Class A ordinary shares

      $ 144  
  

Additional paid-in capital

      $  14,374,856  
  

To record sale of 1,437,500 Additional Shares at $10.00 per Share

     

(b)

  

Cash

   $ 287,500     
  

Class A ordinary shares

      $ 3  
  

Additional paid-in capital

      $ 287,497  
  

To record sale of 28,750 Private Placement Shares at $10.00 per Share

     

(c)

  

Additional paid-in capital

   $ 251,563     
  

Cash

      $ 251,563  
  

To record offering costs on overallotment option, including cash underwriting fee and reimbursement from the underwriter

     

(d)

   Additional paid-in capital    $ 100,625     
  

Deferred underwriting commissions

      $ 100,625  
  

To record additional deferred underwriting fee on overallotment option

     

(e)

   Class A ordinary shares    $ 143     
  

Additional paid-in capital

   $  14,310,167     
  

Class A ordinary shares subject to possible redemption

      $  14,310,310  
  

To reclassify Class A ordinary shares out of permanent equity into mezzanine redeemable stock

     

(f)

   Trust account    $ 14,375,000     
  

Cash

      $ 14,375,000  
  

To transfer $10.00 per Additional Shares to Trust Account