Investor Presentaiton
Pro-Forma Ownership Impact from Redemptions
Regardless of Final
Structure, the
Transaction Requires
No Minimum Cash
Balance and Bridger
is Able to Fund Its
Growth without a
Cash Infusion from
JCIC
($ In Millions)
Pro Forma Shares (3)
Share Price
Pro Forma Equity Value
Less: Net Cash / Proceeds
Plus: Existing Net Debt (2)
Pro Forma Enterprise Value
Illustrative Redemptions (1)
0%
25%
50%
75%
112.575
103.950
95.325
85.607
$10.00
$10.00
$10.00
$10.00
$1,126
$1,039
$953
$856
(325)
(238)
(151)
(64)
115
115
115
115
$915
$916
$917
$907
Existing Bridger Shareholders (4)
65%
70%
75%
83%
SPAC Public Shareholders (4)
28%
23%
16%
9%
SPAC Sponsor and Independent Directors (4)
7%
8%
8%
8%
Note: Share and $ amounts above shown in millions, except for share price and ownership percentages.
(1)
(2)
For underlying assumptions, see footnotes (2), (3), (4), (5), (6), (7), (8), and (9) on Slide 33.
Existing Net Debt as of September 30, 2022
(3)
Refer to footnote (1) slide 33
(4)
See footnote (5) on Slide 16
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