INPUTS
INPUTS (BLUE = INPUT)
(BLUE = INPUT)
All inputs
All inputs in
in millions,
millions, except
except per share
per share data
data
get the template at:
get the template at:
Offering Assumptions
Offering Assumptions
Gross Proceeds
Gross Proceeds
250.000
250.000
www.gazhoo.com
www.gazhoo.com
Price per Unit
Price per Unit
$10.00
$10.00
Common per unit
Common per unit
1.0
1.0
Warrant per unit
Warrant per unit
0.5
0.5
Warrant exercise price
Warrant exercise price
$7.50
$7.50
Founder Securities Assumptions
Founder Securities Assumptions
Aggregate purchase price
Aggregate purchase price
$0.025
$0.025
Promote (%):
Promote (%):
12.5%
12.5%
Common
Common Shares
Shares
3.571
3.571
Warrants
Warrants (Tranche
(Tranche 1)
1)
Strike:
Strike:
$0.00
$0.00
0.000
0.000
Warrants
Warrants (Tranche
(Tranche 2)
2)
Strike:
Strike:
$0.00
$0.00
0.000
0.000
Warrants
Warrants (Tranche
(Tranche 3)
3)
Strike:
Strike:
$0.00
$0.00
0.000
0.000
Warrant exercise threshold
Warrant exercise threshold
$0.00
$0.00
Private Placement Assumptions
Private Placement Assumptions
Aggregate purchase price
Aggregate purchase price
$9.000
$9.000
Common Shares
Common Shares
0.000
0.000
Warrants
Warrants (Tranche
(Tranche 1)
1)
Strike:
Strike:
$7.50
$7.50
3.000
3.000
Warrants
Warrants (Tranche
(Tranche 2)
2)
Strike:
Strike:
$10.00
$10.00
3.000
3.000
Warrants
Warrants (Tranche
(Tranche 3)
3)
Strike:
Strike:
$12.50
$12.50
3.000
3.000
Warrant exercise threshold
SOURCES & USES
get the template at:
www.gaz oo.com
Estimate
% / $ per Unit
Commnents
Offering Gross Proceeds
$250,000,000
100.00% / $10.00
25,000,000 units @ $10.00
Sponsor Investment via Private Placement
9,000,000
3.60% / $0.36
Additional Management /Sponsor equity
Total Gross Proceeds
$259,000,000
103.60% / $10.36
Offering Expenses:
Underwriting Discount
17,500,000
7.00% / $0.70
7.0% of offering gross proceeds, 5.0% is deferred
Legal Fees and Expenses
450,000
0.18% / $0.02
Printing and Engraving Expenses
100,000
0.04% / $0.00
Accounting Fees and Expenses
70,000
0.03% / $0.00
SEC Registration Fee
15,818
0.01% / $0.00
Other cash transaction expenses
FINRA Registration Fee
40,750
0.02% / $0.00
AMEX Listing Fees
70,000
0.03% / $0.00
Miscellaneous Expenses
53,432
0.02% / $0.00
Total Offering Expenses
18,300,000
7.32% / $0.73
Net Proceeds from Offering and from Sale of
Founder Securities
240,700,000
96.28% / $9.63
Net Offering Proceeds not Held in Trust
200,000
0.08% / $0.01
Available for due diligence, etc.
Net Proceeds from Offering and from Sale of
Founder Securities Held in Trust for our Benefit
240,500,000
96.20% / $9.62
Deferred Underwriting Discounts Held in Trust
12,500,000
5.00% / $0.5 0
5.0% percent of offering gross proceeds deferred
Total Amount in Trust
$253,000,000
101.2% / $10.12
Released upon closing of deal
RETURNS ANALYSIS
SECURITY SUMMARY
Economics Initial Investment Private Placement Warrant Purchase Warrant Purchase Total Investment
Ownership % Shares Warrants Investment Shares Warrants Investment Warrants Avg. Px Investment Shares Warrants Investment Shares Warrants Investment Management 12.5% 3,571,429 0 $25,000 0 9,000,000 $9,000,000 0 NA $0 5,000,000 5,000,000 $20,000,000 8,571,429 19,000,000 $49,025,000 * Assumes exercise of all warrants.
TOTAL RETURN TABLE
$10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 $19.00 $20.00 Total Value: $50.0m $55.0m $60.0m $65.0m $70.0m $75.0m $80.0m $85.0m $90.0m $95.0m $100.0m Less Basis: $12.5m $17.5m $22.5m $27.5m $32.5m $37.5m $42.5m $47.5m $52.5m $57.5m $62.5m Total Return: $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m Total Return %: 300.0% 214.3% 166.7% 136.4% 115.4% 100.0% 88.2% 78.9% 71.4% 65.2% 60.0% VALUE GRAPH
www.gazhoo.com
$0 $50 $100 $150 $200 $250 $300 $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 Stock Price V a l u eDILUTION ANALYSIS: VALUE
www.gazhoo.com
Absolute Dilution ($ Millions)
Common Share Price $8.00 $9.00 $10.00 $12.50 $14.25 Amount Investment
Founders Securities
Common Shares 3.6mm $28.6 $32.1 $35.7 $44.6 $50.9 Warrants (Tranche 1): $0.00 Strike 0.0mm -- -- -- -- --Warrants (Tranche 2): $0.00 Strike 0.0mm -- -- -- -- --Warrants (Tranche 3): $0.00 Strike 0.0mm -- -- -- -- --Private Placement
Common Shares 0.0mm -- -- -- -- --Warrants (Tranche 1): $7.50 Strike 3.0mm $1.5 $4.5 $7.5 $15.0 $20.3 Warrants (Tranche 2): $10.00 Strike 3.0mm -- -- -- $7.5 $12.8 Warrants (Tranche 3): $12.50 Strike 3.0mm -- -- -- -- $5.3
Co-Investment
Warrants 5.0mm $20.0mm $2.5 $7.5 $12.5 $25.0 $33.8 Warrant Purchase
Warrants 12.5mm $12.5mm $6.3 $18.8 $31.3 $62.5 $84.4
Founders Securities Dilution $38.8 $62.9 $87.0 $154.6 $207.3 Public
Common Shares 25.0mm -- -- -- --
--Warrants 0.0mm -- -- -- --
--Total Dilution $38.8 $62.9 $87.0 $154.6 $207.3 Dilution (non-Warrant) $28.6 $32.1 $35.7 $44.6 $50.9 Dilution (Warrants only) $10.3 $30.8 $51.3 $110.0 $156.4
$250.0mm $25.0k
DILUTION ANALYSIS: OWNERSHIP
Ownership Analysis
Common Share Price $8.00 $9.00 $10.00 $12.50 $14.25
Amount Investment Founders Securities
Common Shares 3.6mm 11.96% 11.16% 10.60% 9.56% 9.03% Warrants (Tranche 1): $0.00 Strike 0.0mm -- -- -- -- --Warrants (Tranche 2): $0.00 Strike 0.0mm -- -- -- -- --Warrants (Tranche 3): $0.00 Strike 0.0mm -- -- -- --
--Private Placement
Common Shares 0.0mm -- -- -- -- --Warrants (Tranche 1): $7.50 Strike 3.0mm 0.63% 1.56% 2.23% 3.21% 3.59% Warrants (Tranche 2): $10.00 Strike 3.0mm -- -- -- 1.61% 2.26% Warrants (Tranche 3): $12.50 Strike 3.0mm -- -- -- -- 0.93% Co-Investment
Warrants 5.0mm $20.0mm 1.05% 2.61% 3.71% 5.35% 5.99%
Warrant Purchase
Warrants 12.5mm $12.5mm 2.62% 6.51% 9.27% 13.38% 14.97% Total Founders Securities & Unit Investments 16.26% 21.85% 25.81% 33.10% 36.78% Public
Common Shares 25.0mm 83.74% 78.15% 74.19% 66.90% 63.22%
Warrants 0.0mm -- -- -- --
--Total Public 83.74% 78.15% 74.19% 66.90% 63.22%
Note: Ownership analysis based upon cashless exercise in all scenarios. $250.0mm
$9.0mm $25.0k
