Exhibit 99.1

 

VIRGIN GROUP ACQUISITION COPR. II

BALANCE SHEET

March 25, 2021

 

      Pro Forma      
   March 25, 2021  Adjustments     As Adjusted
         (unaudited)       (unaudited) 
Assets:                  
Cash  $1,424,475   $1,050,000      $2,474,475 
Total current assets   1,424,475    -       2,474,475 
Cash held in trust account   350,000,000    51,450,000   (a)   401,450,000 
         1,050,000   (b)     
         (1,050,000)  (c)     
Total Assets  $351,424,475   $52,500,000      $403,924,475 
                   
Liabilities and Stockholders’ Equity   -    -       - 
Total Current Liabilities   -    -       - 
Deferred underwriters’ discount   12,250,000    1,837,500   (d)   14,087,500 
    12,250,000    1,837,500       14,087,500 
                   
Commitments                  
Class A ordinary shares subject to possible redemption, 23,769,602 and 25,823,636 shares at redemption value, respectively   334,174,470    50,662,500   (e)   384,836,970 
                   
Stockholders’ Equity:                  
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding   -    -       - 
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,230,398 and 1,304,896 shares issued and outstanding (excluding 23,769,602 and 25,823,636 shares subject to possible redemption, respectively)   158    18   (a)   176 
                   
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,187,500 and 6,655,368 shares issued and outstanding, respectively   1006    -       1006 
                   
Additional paid-in capital   5,003,841    (18)  (a)   5,003,823 
         1,050,000   (b)     
         (1,050,000)  (c)     
         (1,837,500)  (d)     
         (50,662,500)  (e)     
                   
Accumulated deficit   (5,000)   -       (5,000)
Total Stockholders’ Equity   5,000,005    -       5,000,005 
                   
Total Liabilities and Stockholders’ Equity  $351,424,475   $52,500,000      $403,924,475 
                   

 

The accompany 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 Virgin Group Acquisition Corp. II. (the “Company”) as of March 25, 2021, adjusted for the closing of the underwriters’ 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 35,000,000 units (the “Units”). Each Unit consists of one Class A ordinary share, $0.0001 par value per share and one-fifth of one redeemable warrant to purchase one Class A ordinary share. Each whole warrant entitles the holder to purchase one Class A ordinary share 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 $350,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 5,250,000 additional Units to cover over-allotments, if any. On April 13, 2021, the Underwriters exercised the over-allotment option and purchased an additional 5,250,000 Over-Allotment Units, generating an aggregate of gross proceeds of $52,500,000, and incurred $1,050,000 in cash underwriting fees. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of an additional 700,000 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant, to Virgin Group Acquisition Sponsor II LLC, generating gross proceeds of $1,050,000. Transaction costs amounted to $2,887,500 in cash underwriting fees of $1,050,000 and $1,837,500 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 exercise their over-allotment option, 1,312,500 Founder Shares are no longer subject to forfeiture.

 

Pro forma adjustments to reflect the exercise of the Underwriters’ over-allotment option and the sale of the Private Warrants described above are as follows:

 

  Pro Forma Entries     Debit       Credit  
(a) Cash held in trust account    $ 51,450,000          
      Class A ordinary shares           $ 525  
      Additional paid-in capital           $ 51,449,475  
          To record sale of 5,250,000 Overallotment Units at $10.00 per Unit  
                   
(b) Cash held in trust account    $ 1,050,000          
      Additional paid-in capital           $ 1,050,000  
          To record sale of 700,000 Private Warrants at $1.50 per Private Warrant  
                   
(c) Additional paid-in capital    $ 1,050,000          
      Cash held in trust account           $ 1,050,000  
          To record payment of cash underwriting fee   
               
(d) Additional paid-in capital                                                   $ 1,837,500          
       Deferred underwriters’ discount       $ 1,837,500  
          To record additional Deferred underwriters’ fee arising from the sale of Overallotment Units  
                   
(e) Class A ordinary shares    $ 50,661,993          
  Additional paid-in capital    $ 507          
      Class A ordinary shares subject to possible redemption       $ 50,662,500  
               To record Class A ordinary shares out of permanent equity into mezzanine redeemable shares