Exhibit 99.1

SPORTS ENTERTAINMENT ACQUISITION CORP.
PRO FORMA BALANCE SHEET

 
 
Actual as of
October 6, 2020
 
 
Pro Forma
Adjustments
 
 
 
As Adjusted as
of October 6, 2020
 
 
 
 
 
 
(unaudited)
 
 
 
(unaudited)
 
ASSETS
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
 
Cash
 
$
2,006,531
 
 
$
   
 
$
2,006,531
 
Total Current Assets
 
 
2,006,531
 
 
 
 
 
 
 
2,006,531
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash held in Trust Account
 
 
400,000,000
 
 
 
50,000,000
 
(a)
 
 
450,000,000
 
 
 
 
 
 
 
 
(1,000,000
)
(b)
 
 
 
 
 
 
 
 
 
 
 
1,000,000
 
(d)
 
 
 
 
Total Assets
 
$
402,006,531
 
 
$
50,000,000
 
 
 
$
452,006,531
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued expenses
 
$
1,000
 
 
$
 
 
 
$
1,000
 
Accrued offering costs
 
 
425,035
 
 
 
 
 
 
 
425,035
 
Promissory note – related party
 
 
125,000
 
 
 
 
 
 
 
125,000
 
Total Current Liabilities
 
 
551,035
 
 
 
 
 
 
 
551,035
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred underwriting fee payable
 
 
14,000,000
 
 
 
1,750,000
 
(c)
 
 
15,750,000
 
Total Liabilities
 
 
14,551,035
 
 
 
1,750,000
 
 
 
 
16,301,035
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and Contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A common stock, $0.0001 par value, subject to possible redemption, 38,245,549 and 43,070,549 shares as of October 6, 2020 and as adjusted as of October 6, 2020, respectively, at $10.00 per share
 
 
382,455,490
 
 
 
48,250,000
 
(f)
 
 
430,705,490
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
 
 
 
 
 
 
 
 
 
 
Class A Common stock, $0.0001 par value; 200,000,000 shares authorized; 1,754,451 and 1,929,451 shares as of October 6, 2020 and as adjusted as of October 6, 2020, respectively, issued and outstanding (excluding 38,245,549 and 43,070,549 shares, respectively, subject to possible redemption)
 
 
175
 
 
 
500
 
(a)
 
 
193
 
 
 
 
 
 
 
 
(482
)
(f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 11,500,000 shares and 11,250,000 shares as of October 6, 2020 and as adjusted as of October 6, 2020, respectively, issued and outstanding
 
 
1,150
 
 
 
(25
 (e)
 
 
1,125
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional paid-in capital
 
 
4,999,681
 
 
 
49,999,500
 
(a)
 
 
4,999,688
 
 
 
 
 
 
 
 
(1,000,000
)
(b)
 
 
 
 
 
 
 
 
 
 
 
(1,750,000
)
(c)
 
 
 
 
 
 
 
 
 
 
 
1,000,000
 
(d)
 
 
 
 
 
 
 
 
 
 
 
(48,249,518
)
(f)
 
 
 
 
             
25
 
(e)
       
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated deficit
 
 
(1,000
)
 
 
 
 
 
 
(1,000
)
Total Stockholders’ Equity
 
 
5,000,006
 
 
 
 
 
 
 
5,000,006
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
402,006,531
 
 
$
1,750,000
 
 
 
$
452,006,531
 

See accompanying note to the pro forma balance sheet.

SPORTS ENTERTAINMENT ACQUISITION CORP.
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Sports Entertainment Acquisition Corp. (the “Company”) as of October 6, 2020, adjusted for the partial closing of the underwriters’ over-allotment option and related transactions, which occurred on October 15, 2020, as described below.

On October 15, 2020, the Company consummated the closing of the sale of 5,000,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to partially exercise their over-allotment option, generating additional gross proceeds of $50,000,000 to the Company. Each Unit consists of one share of the Company’s Class A common stock (the “Common Stock”) and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of an additional 1,000,000 warrants (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, to Sports Entertainment Acquisition Holdings LLC and an affiliate of PJT Partners LP, generating gross proceeds of $1,000,000. Transaction costs amounted to $2,750,000, consisting of $1,000,000 in cash underwriting fees and $1,750,000 of additional underwriting fees, which have been deferred until the completion of the Company’s Business Combination. As a result of the underwriters’ election to partially exercise their over-allotment option, 250,000 Founder Shares were forfeited and 1,250,000 Founder Shares are no longer subject to forfeiture. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:

 
Pro forma entries:
 
Debit
 
 
Credit
 
a.
Cash held in Trust Account
 
 
50,000,000
 
 
 
 
 
Class A common stock
 
 
 
 
 
 
500
 
 
Additional paid-in capital
 
 
 
 
 
 
49,999,500
 
 
To record sale of 5,000,000 Units on over-allotment option at $10.00 per Unit.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b.
Additional paid-in capital
 
 
1,000,000
 
 
 
 
 
 
Cash held in Trust Account
 
 
 
 
 
 
1,000,000
 
 
To record payment of 2.0% of cash underwriting fee on over-allotment option.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
c.
Additional paid-in capital
 
 
1,750,000
 
 
 
 
 
 
Deferred underwriting fee payable
 
 
 
 
 
 
1,750,000
 
 
To record a liability for the 3.5% deferred underwriting fee on over-allotment option.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
d.
Cash held in Trust Account
 
 
1,000,000
 
 
 
 
 
 
Additional paid in capital
 
 
 
 
 
 
1,000,000
 
 
To record sale of 1,000,000 over-allotment Private Placement Warrants at $1.00 per warrant.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
e.
Class B common stock
 
 
25
 
 
 
 
 
 
Additional paid in capital
 
 
 
 
 
 
25
 
 
To record forfeiture of 250,000 Founder Shares.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
f.
Class A common stock
 
 
482
 
 
 
 
 
 
Additional paid-in capital
 
 
48,249,518
 
 
 
 
 
 
Common Stock Subject to Redemption
 
 
 
 
 
 
48,250,000
 
 
To reclassify Class A common stock out of permanent equity into mezzanine redeemable shares.