Forbes SPAC Presentation Deck
Estimated Sources & Uses and Illustrative Pro Forma Valuation
In millions
Estimated Sources & Uses
1)
2)
3)
4)
5)
Uses
Cash to Balance Sheet
Estimated Transaction Expenses
Secondary to Existing Shareholders(¹)
Existing Shareholder Rollover
Founder Shares held by Opus
Total Uses
Sources
(2)
Opus Cash from Trust (2
Existing Shareholder Rollover
PIPE Investors
Founder Shares held by Opus
Total Sources
$
$
$
$
$
$
$
$
$
is ee
$
$
$
145.0
15.0
440.0
180.0
50.0
830.0
200.0
180.0
400.0
50.0
830.0
17.5%
1.8%
53.0%
21.7%
6.0%
100.0%
%
24.1%
21.7%
48.2%
6.0%
100.0%
Illustrative Pro Forma Valuation
Pro Forma Shares Outstanding
Share Price
(3)
Pro Forma Equity Value
Add: Pro Forma Net Debt / (Cash) (4)
Pro Forma Enterprise Value (4)
(5)
Opus Founder Shares
Total
Note: Presentation on this page represents current expectations relating to transaction structure and is subject to further discussion and negotiation of definitive documentation in its entirety.
Any redemptions will impact the amount of secondary proceeds.
This amount will be reduced by the amount of cash used to satisfy any redemptions.
Excludes the impact of warrants and management equity compensation and assumes no redemptions.
Assumes Forbes is debt-free, cash-free at closing.
Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer.
83.00
$ 10.00
$ 830.0
$ (145.0)
$ 685.0
Less: Tax Benefits
Pro Forma Enterprise Value, Net of Tax Benefit
PF EV / 2022E Pro Forma Revenue(5
PF EV / 2022E Pro Forma EBITDA (5)
PF EV Net of Tax Benefit / 2022E Pro Forma Revenue(5)
PF EV Net of Tax Benefit / 2022E Pro Forma EBITDA
(5)
Pro Forma Ownership
Existing Shareholders
PIPE Investors
Opus Public Shareholders
$ (55.0)
$ 630.0
2.9x
12.8x
2.7x
11.8x
21.7%
48.2%
24.1%
6.0%
100.0%
Forbes
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