EX-99.1 2 ea028243501ex99-1.htm UNAUDITED PRO FORMA BALANCE SHEET DATED MARCH 16, 2026

Exhibit 99.1

 

PRAETORIAN ACQUISITION CORP.

PRO FORMA UNAUDITED BALANCE SHEET

 

   January 26,   Pro Forma         
   2026   Adjustments        As Adjusted 
       (Unaudited)       (Unaudited) 
Current assets                
Cash  $2,465,198    (247,500)   (5)  $2,217,698 
Prepaid expenses   133,000              133,000 
Total current assets   2,598,198    (247,500)        2,350,698 
Long-term prepaid insurance   126,000              126,000 
Cash held in Trust Account   220,000,000    33,000,000    (1)   253,000,000 
         330,000    (2)     
         (577,500)   (3)     
         247,500           
                     
Total Assets  $222,724,198    32,752,500        $255,476,698 
                     
Liabilities, Class A Ordinary Shares Subject to Possible Redemption,
and Shareholders’ Deficit		                    
Current liabilities                    
Accrued offering costs  $83,000             $83,000 
Accrued expenses   15,000             15,000 
Over-allotment option liability   205,400    (205,400)   (6)   — 
Total current liabilities   303,400    (205,400)        98,000 
Deferred underwriting fee   6,600,000    990,000    (4)   7,590,000 
Total Liabilities   6,903,400    784,600         7,688,000 
                     
Commitments and Contingencies (Note 6)                    
                     
Class A ordinary shares subject to possible redemption, $0.0001 par value; 22,000,000 shares at redemption value of $10.00 per share   220,000,000    32,450,000    (1)   253,000,000 
         (567,875)   (3)     
         (973,500)   (4)     
         205,400    (6)     
         (95,647)   (7)     
         1,981,622    (8)     
         33,000,000           
                     
Shareholders’ Deficit                    
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding   —              — 
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized; 165,000 shares issued and outstanding (excluding 22,000,000 shares subject to possible redemption)   17    2    (7)   19 
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 8,433,333 shares issued and outstanding   843              843 
                     
Additional paid-in capital   —    550,000    (1)   — 
         330,000    (2)     
         (9,625)   (3)     
         (16,500)   (4)     
         (1,621)   (7)     
         97,266    (7)     
         (1,981,622)   (8)     
         1,032,102    (9)     
Accumulated deficit   (4,180,062)   (1,032,102)   (9)   (5,212,164)
                    
Total Shareholders’ Deficit   (4,179,202)   (1,032,100)        (5,211,302)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit  $222,724,198    32,752,500        $255,476,698 

 

 

See Note to Pro forma Unaudited Balance Sheet.

 

F-1

 

 

PRAETORIAN ACQUISITION CORP.

NOTES TO PRO FORMA UNAUDITED BALANCE SHEET

(Unaudited)

 

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro forma Balance Sheet presents the Balance Sheet of Praetorian Acquisition Corp. (the “Company”) as of January 26, 2026 adjusted for the closing of the underwriters’ overallotment option and related transactions, which occurred on March 16, 2026, as described below. 

 

The registration statement for the Company’s Initial Public Offering was declared effective on January 22, 2026. On January 26, 2026, the Company consummated the Initial Public Offering of 22,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $220,000,000. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (each, a “Public Warrant”).

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,670,000 warrants (the “Private Placement Warrants” and together with the Public Warrants, the “Warrants”) at a price of $1.00 per Private Placement Warrant, in a private placement to the Company’s sponsor, Praetorian Sponsor LLC (the “Sponsor”), generating gross proceeds of $4,670,000. Each Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

 

The underwriters were granted a 45-day option following the closing of the Initial Public Offering (the “Over-Allotment Option”) to purchase up to 3,300,000 additional Units (the “Option Units”) to cover over-allotments, if any. On March 16, 2026, the underwriters elected to exercise their Over-Allotment Option in full to purchase an additional 3,300,000 Option Units at a purchase price of $10.00 per Unit, generating additional gross proceeds of $33,000,000. Simultaneously with the closing of the sale of the Option Units, the Sponsor purchased an additional 330,000 Private Placement Warrants, generating additional gross proceeds of $330,000. In addition, the Company issued an additional 24,750 Class A ordinary shares (the “Representative Shares”) to the underwriters as part of representative compensation.

 

As of March 16, 2026, a total of $253,000,000 of the net proceeds from the Initial Public Offering (including the Option Units) and the sale of the Private Placement Warrants were placed in the Trust Account.

 

F-2

 

 

Pro forma adjustments to reflect the exercise of the underwriters’ Over-Allotment Option and sale of the additional Private Placement Warrants are as follows:

 

    Pro forma entry            
1   Cash held in Trust Account     33,000,000      
    Class A ordinary shares subject to possible redemption         32,450,000  
    Additional paid-in capital         550,000  
    To record the sale of additional 3,300,000 Option Units at $10.00 per Unit.            
                 
2   Cash held in Trust Account     330,000      
    Additional paid-in capital         330,000  
    To record the sale of additional 330,000 Private Placement Warrants at $1.00 per Warrant.            
                 
3   Class A ordinary shares subject to possible redemption     567,875      
    Additional paid-in capital     9,625      
    Cash held in Trust Account         577,500  
    To record additional cash underwriting fees in relation to the exercise of Option Units.            
                 
4   Class A ordinary shares subject to possible redemption     973,500      
    Additional paid-in capital     16,500      
    Deferred underwriting fee         990,000  
    To record additional deferred underwriting fee in relation to the exercise of the Option Units.            
                 
5   Cash held in Trust Account     247,500      
    Cash         247,500  
    To record additional funding into the Trust Account in relation to the exercise of Option Units.            
                 
6   Over-allotment option liability     205,400      
    Class A ordinary shares subject to possible redemption         205,400  
    To close the over-allotment option liability due to the exercise of the Over-Allotment Option            
                 
7   Class A ordinary shares subject to possible redemption     95,647      
    Additional paid-in capital     1,621      
    Class A ordinary shares         2  
    Additional paid-in capital         97,266  
    To record issuance of 24,750 Representative Shares at fair value            
                 
8   Additional paid-in capital     1,981,622      
    Class A ordinary shares subject to possible redemption         1,981,622  
    Record accretion of Class A ordinary shares subject to possible redemption to an amount of $10.00 per share            
                 
9   Accumulated deficit     1,032,102      
    Additional paid-in capital         1,032,102  
    Reclassification of negative Additional Paid in Capital to Accumulated Deficit            

 

F-3