13763084-SPAC-LBO-Structuring-Model-1.pdf

INPUTS (BLUE = INPUT)  All inputs in millions, except per share data

get the template at: Offering Assumptions

Gross Proceeds

250.000

Price per Unit Common per unit Warrant per unit Warrant exercise price

$10.00 1.0 0.5 $7.50

Founder Securities Assumptions

 Aggregate purchase price Promote (%): Common Shares Warrants (Tranche 1) Warrants (Tranche 2) Warrants (Tranche 3) Warrant exercise threshold

Strike: Strike: Strike:

$0.00 $0.00 $0.00

$0.025 12.5% 3.571 0.000 0.000 0.000 $0.00

Private Placement Assumptions

 Aggregate purchase price Common Shares Warrants (Tranche 1) Warrants (Tranche 2) Warrants (Tranche 3) Warrant exercise threshold

Strike: Strike: Strike:

$7.50 $10.00 $12.50

$9.000 0.000 3.000 3.000 3.000 $0.00

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SOURCES & USES

get the template at:

www.gaz oo.com Offering Gross Proceeds Sponsor Investment via Private Placement Total Gross Proceeds Offering Expenses: Underwriting Discount Legal Fees and Expenses Printing and Engraving Expenses  Accounting Fees and Expenses SEC Registration Fee FINRA Registration Fee  AMEX Listing Fees Miscellaneous Expenses Total Offering Expenses Net Proceeds from Offering and from Sale of Founder Securities Net Offering Proceeds not Held in Trust Net Proceeds from Offering and from Sale of Founder Securities Held in Trust for our Benefit Deferred Underwriting Discounts Held in Trust Total Amount in Trust

Estimate

$250,000,000 9,000,000 $259,000,000

% / $ per Unit

100.00% / $10.00 3.60% / $0.36 103.60% / $10.36

/ / / / / / / /

$0.70 $0.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Commnents

25,000,000 units @ $10.00 Additional Management /Sponsor equity

17,500,000 450,000 100,000 70,000 15,818 40,750 70,000 53,432

7.00% 0.18% 0.04% 0.03% 0.01% 0.02% 0.03% 0.02%

7.0% of offering gross proceeds, 5.0% is deferred

18,300,000

7.32% / $0.73

240,700,000 200,000

96.28% / $9.63 0.08% / $0.01

Available for due diligence, etc.

240,500,000 12,500,000 $253,000,000

96.20% / $9.62 5.00% / $0.5 0 101.2% /  $10.12

5.0% percent of offering gross proceeds deferred Released upon closing of deal

Other cash transaction expenses

RETURNS ANALYSIS SECURITY SUMMARY Economics Initial Investment Ownership % Shares Warrants Investment Management 12.5% 3,571,429 0 $25,000 * Assumes exercise of all warrants.

Shares 0

Private Placement Warrants Investment 9,000,000 $9,000,000

Warrants 0

Warrant Purchase Avg. Px Investment NA $0

Shares 5,000,000

Warrant Purchase Warrants Investment 5,000,000 $20,000,000

TOTAL RETURN TABLE

Total Value: Less Basis: Total Return: Total Return %:

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$20.00

$50.0m $12.5m $37.5m 300.0%

$55.0m $17.5m $37.5m 214.3%

$60.0m $22.5m $37.5m 166.7%

$65.0m $27.5m $37.5m 136.4%

$70.0m $32.5m $37.5m 115.4%

$75.0m $37.5m $37.5m 100.0%

$80.0m $42.5m $37.5m 88.2%

$85.0m $47.5m $37.5m 78.9%

$90.0m $52.5m $37.5m 71.4%

$95.0m $57.5m $37.5m 65.2%

$100.0m $62.5m $37.5m 60.0%

VALUE GRAPH

$300 $250 $200     e     u       l     a       V

$150 $100 $50 $0 $8.00

$9.00

$10.00

$11.00

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$12.00

$13.00

$14.00

$15.00

Stock Price Return

Basis

Value

$16.00

$17.00

$18.00

Shares 8,571,429

Total Investment Warrants 19,000,000

Investment $49,025,000

DILUTION ANALYSIS: VALUE

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Absolute Dilution ($ Millions)

Common Share Price  Amount

$8.00

$9.00

$10.00

$12.50

$14.25

$28.6

$32.1

$35.7

$44.6

$50.9

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

Investment

Founders Securities Common Shares

3.6mm

Warrants (Tranche 1): $0.00 Strike

0.0mm

Warrants (Tranche 2): $0.00 Strike

0.0mm

Warrants (Tranche 3): $0.00 Strike

0.0mm

$25.0k

Private Placement Common Shares

0.0mm

Warrants (Tranche 1): $7.50 Strike

3.0mm

Warrants (Tranche 2): $10.00 Strike

3.0mm

Warrants (Tranche 3): $12.50 Strike

3.0mm

$9.0mm

--

--

--

--

--

$1.5

$4.5

$7.5

$15.0

$20.3

--

--

--

$7.5

$12.8

--

--

--

--

$5.3

Co-Investment Warrants

5.0mm

$20.0mm

$2.5

$7.5

$12.5

$25.0

$33.8

12.5mm

$12.5mm

$6.3

$18.8

$31.3

$62.5

$84.4

$38.8

$62.9

$87.0

$154.6

$207.3

Warrant Purchase Warrants

Founders Securities Dilution Public Common Shares

--

--

--

--

--

--

--

--

--

--

$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

Warrants Total Dilution

25.0mm 0.0mm

$250.0mm

DILUTION ANALYSIS: OWNERSHIP Ownership Analysis Common Share Price  Amount

$8.00

$9.00

$10.00

$12.50

$14.25

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

--

--

--

--

--

$25.0k

Private Placement Common Shares

0.0mm

Warrants (Tranche 1): $7.50 Strike

3.0mm

Warrants (Tranche 2): $10.00 Strike

3.0mm

Warrants (Tranche 3): $12.50 Strike

3.0mm

$9.0mm

--

--

--

--

--

0.63%

1.56%

2.23%

3.21%

3.59%

--

--

--

1.61%

2.26%

--

--

--

--

0.93%

Co-Investment Warrants

5.0mm

$20.0mm

1.05%

2.61%

3.71%

5.35%

5.99%

12.5mm

$12.5mm

2.62%

6.51%

9.27%

13.38%

14.97%

16.26%

21.85%

25.81%

33.10%

36.78%

83.74%

78.15%

74.19%

66.90%

63.22%

--

--

--

--

--

83.74%

78.15%

74.19%

66.90%

63.22%

Warrant Purchase Warrants Total Founders Securities & Unit Investments Public Common Shares Warrants

25.0mm 0.0mm

$250.0mm

Total Public Note: Ownership analysis based upon cashless exercise in all scenarios.

TRANSACTION SIZING

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Absolute Dilution @ $10.00 per Share

Value Creation

Amount

Investment

Absolute

Transaction

Value Creation Necessary

Dilution ($MM)

Size ($MM)

for a "Yes Vote"

$200

43.5%

$250

34.8%

$400

21.7%

$500

17.4%

$600

14.5%

$700

12.4%

$800

10.9%

$900

9.7%

$1,000

8.7%

$1,100

7.9%

$1,200

7.2%

$1,300

6.7%

Founders Securities Common Shares

3.6mm

$35.7

Warrants (Tranche 1): $0.00 Strike

0.0mm

--

Warrants (Tranche 2): $0.00 Strike

0.0mm

Warrants (Tranche 3): $0.00 Strike

0.0mm

$25.0k

---

Private Placement Common Shares

0.0mm

--

Warrants (Tranche 1): $7.50 Strike

3.0mm

$7.5

Warrants (Tranche 2): $10.00 Strike

3.0mm

Warrants (Tranche 3): $12.50 Strike

3.0mm

$9.0mm

---

Co-Investment Warrants

5.0mm

$20.0mm

$12.5

Warrant Purchase

12.5mm

$12.5mm

$31.3

Founders Securities Dilution

$87.0

Public Common Shares Warrants Total Dilution

25.0mm 0.0mm

$250.0mm

--$87.0

Dilution (non-Warr ant)

$35.7

Dilution (Warr ants only)

$51.3

Note: Percentages represent enterprise value multiple premium above purchase price necessary to clear dilution and for shares to trade at par.