Exhibit 15.1
PubCoの未監査の要約された連結プロフォーマ財務諸表
以下に含まれる定義条件は、この年次報告書の別の箇所に定義され、解説された用語と同じ意味を持ちます。また、20-F形式の年次報告書内で定義されていない場合は、2024年2月8日にSECに提出された修正が加えられたF-4形式（登録番号333-276940）のプロキシ声明書および目論見書に含まれています（「プロキシ声明書／目論見書」という）。
イントロダクション
以下の未監査のプロフォーマ資料には、Helport Limited（「Helport」）およびTristar Acquisition I corp.（「Tristar」）の財務情報を組み合わせたものが示されており、ビジネス組み合わせの影響を反映するように調整されています。未監査のプロフォーマ簡易合算財務情報は、添付の注釈と併せて読まれるべきです。
2024年6月30日時点の未監査のプロフォーマ連結貸借対照表は、取引が当該日付で行われたかのようにプロフォーマ効果を与えています。2024年6月30日時点で未監査のプロフォーマ連結損益計算書は、最も早い期間の開始時点での取引の影響をプロフォーマ効果として示しています。プロフォーマの財務情報は、2024年6月30日時点までのTristarの財務諸表に基づいて提示されています。ビジネスの組み合わせが逆進合として扱われるため、Helportは2024年6月30日時点での財務諸表を「取得者」として決定しています。取引の会計処理については「取引の会計処理」を参照してください。
この情報は、ヘルポートとトリスターの過去の財務諸表および関連ノート、『ヘルポートの財務状況と業績に関する管理陣の議論』、『トリスターの財務状況と業績に関する管理陣の議論』、およびProxy Statement/目論見書のその他の財務情報と一緒に読むべきです。
2024年6月30日時点の未監査のプロフォーマ財務諸表は、以下を使用して作成されました。
| ● | 2024年6月30日時点のHelportの歴史的な合算貸借対照表は、このレポートの別の場所に含まれています。 |
| ● | 2024年3月31日時点のトライスターの歴史的な貸借対照表。 |
2024年6月30日に終了した年の未監査のプロフォーマ合併損益計算書は、以下を使用して準備されました。
| ● | Helportの2024年6月30日に終了した財務諸表は、このレポートの他の場所に含まれています。 |
| ● | トリスターの利益及び損失計算書：2023年12月31日、2023年6月30日までの6か月間、2024年3月31日までの3か月間。 |
取引の説明
2023年11月12日に、Tristar Acquisition I corp.、ケイマン諸島の免税会社（以下「Tristar」または「買収者」）は、ビジネス・コンビネーション契約（以下「ビジネス・コンビネーション契約」という）を、イギリス領ヴァージン諸島に設立されたビジネス会社であるHelport Limited（以下「Helport」または「会社」）、イギリス領ヴァージン諸島に設立された限定責任法人であるHelport AI Limited（以下「PubCo」）、イギリス領ヴァージン諸島に設立された完全子会社で限定責任法人であるMerger I Limited（以下「ファースト・マージャー・サブ」）、ケイマン諸島に設立された完全子会社で限定責任法人であるMerger II Limited（以下「セカンド・マージャー・サブ」、以下総称して「PubCoの子会社」）と締結しました。
ビジネス統合契約に基づき、 (a) 2024年8月1日、ファーストマージャー子会社は会社と合併し、会社がファーストマージャーを生き残らせ、ファーストマージャーの全株式がPubCoの株式を受け取る権利に換金されることとなった (b) 2024年8月2日、クロージング日であり、ファーストマージャー直後に、ファーストマージャーと同じ取引の一環として、セカンドマージャー子会社は買収者と合併し、買収者がセカンドマージャーを生き残らせ、買収者の全証券がPubCoの証券を受け取る権利に換金されます。
ビジネス組合契約の修正により、Helportの株主に支払われた合算合併対象金額は、(a) 3億3500万米ドル（$335,000,000）から、(b) 目標純運転資本金額が純運転資本を超過する金額（しかし0を下回らない）、から（c）決済時純負債が正の数値である場合、決済時純負債の金額、（d）支払われていない取引経費の金額を差し引いた金額となりました。合算合併対価は33642万ドルと計算され、新たに発行されたPubCoの普通株式で全額支払われました。
合併の結果、(a) 第1次合併の効力発生時のすぐ前および転換後に発行されていた各社の普通株式は、第1次合併により第1次合併の効力発生時に、取引比率に等しいパブリックカンパニーの普通株式の100％を受領する権利に変換された上で取り消されました；(b) 終了日及び第1次合併の効力発生時の直前に、第1次合併の効力発生時に発行され、発行済みであった各社の優先株式は、当時の有効な換算率に基づき当該会社の定款の当時の修正された再編成に従って計算されたものとした、有効に発行された全額支払済みで非課税の各社の普通株式の数に交換される代わりに取り消されました；(c) 第1次合併の効力発生時のすぐ前で未行使のままであった各社の換金可能証券は、その保有者によるいかなる行動も必要とせず、パブリックカンパニーが自動的に引き受け、取引条件を同等とする要件に基づいて自社の換金可能証券に変換され、かつ協定または取引によるそれらの変更を考慮して第1次合併の直前に対応する以前の各社の換金可能証券に適用されていた条件がそのまま適用されました(“パブリックカンパニー 換金可能証券”)；(d) 効力時に発行および発行されていた取引先の普通株式は取り消され、自動的に1株のパブリックカンパニーの普通株式を受領する権利に変換されました。未行使の取引先パブリックワラントおよび取引先プライベートワラントは、それぞれ1株のパブリックカンパニーパブリックワラントおよび1株のパブリックカンパニープライベートワラントに変換されました。
次に、クロージング時点で未監査のプロフォーマに基づく未処理株式を要約しています。
| 発行済み株式数 | ||||||||
| 所有権 ビジネス 株数 | 所有権 % | |||||||
| Tristar普通株主のうち一般株主が保有 (1) | 128,103 | 0.34 | % | |||||
| Tristar普通株主のうち創業者が保有 | 5,750,000 | 15.48 | % | |||||
| PIPE投資家に発行された株式 (2) | 509,259 | 1.37 | % | |||||
| 転換社債保有者に発行された株式 (3) | 464,838 | 1.25 | % | |||||
| ビジネス組み合わせにおけるヘルポート株主への株式発行 | 30,280,768 | 81.56 | % | |||||
| 総発行済みパブコー株式 | 37,132,968 | 100.00 | % | |||||
| 1 | 128,103 Tristar shares held by public shareholders were left after actual redemption of 10,480,699 shares in July 2024. |
| 2 | On August 2, 2024, in connection with the consummation of the Business Combination, PubCo received aggregate gross proceeds of $5.5 million out of the $15 million PIPE Investment and issued an aggregate of 509,259 PubCo Ordinary Shares to the PIPE Investors for such subscription. |
| 3 | On August 2, 2024, in connection with the consummation of the Business Combination, all the received funds of $4,889,074 from the issuance of Convertible Promissory Notes plus the accrued interests from issuance date to closing date of the Business Combination (“Conversion Amount”) were automatically converted into 464,838 PubCo Ordinary Shares Convertible Promissory Notes Holders. |
2
Accounting for the Transactions
The Transactions will be accounted for as a reverse merger in accordance with U.S. GAAP. Under this method of accounting, Tristar will be treated as the “acquired” company for financial reporting purposes. This determination was primarily based on Helport shareholders expecting to have a majority of the voting power of the combined company, Helport comprising the ongoing operations of the combined entity, Helport comprising a majority of the governing body of the combined company, and Helport’s senior management comprising the senior management of the combined company. Accordingly, for accounting purposes, the Transactions will be treated as the equivalent of Helport issuing share for the net assets of Tristar, accompanied by a recapitalization. The net assets of Tristar will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Transactions will be those of Helport.
Basis of Pro Forma Presentation
The historical financial information has been adjusted to give pro forma effect to events that depict the accounting for the transaction (“Transaction Accounting Adjustments”) and present other transaction effects that have occurred or reasonably expected to occur (“Management’s Adjustments”). The unaudited pro forma condensed combined financial statements were prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, SEC Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Business.” Management elected not to present any Management’s Adjustments.
The unaudited pro forma combined financial information is for illustrative purposes only. The financial results may have been different had the companies always been combined. You should not rely on the unaudited pro forma combined financial information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined company will experience. Tristar and Helport have not had any historical relationship prior to the Transactions. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.
There is no historical activity with respect to PubCo, First Merger Sub and Second Merger Sub accordingly, no adjustments were required with respect to these entities in the pro forma combined financial statements.
Included in the shares outstanding and weighted average shares outstanding as presented in the pro forma combined financial statements are 30,280,768 Ordinary Shares of PubCo issued to the Sellers, such amount calculated using the Helport Merger Shares, times Helport Exchange Ratio. Helport Merger Shares means a number of PubCo Ordinary Shares equal to the quotient determined by dividing (i) the Aggregate Merger Consideration Amount by (ii) Per Share Price. Per Share Price means the Redemption Price, which shall be no less than the par value of Purchaser Ordinary Shares. Helport Exchange Ratio represents the quotient obtained by dividing (i) the Company Merger Shares as of the First Merger Effective Time divided by (ii) the aggregate number of, without duplication, Company Ordinary Shares that are (i) issued and outstanding, and (ii) issuable directly or indirectly upon, or subject to, the conversion, exercise or settlement of any Company Preferred Shares and Company Convertible Securities.
Upon the completion of the Business Combination, after considering the actual redemption of 10,480,699 shares in July 2024 (prior to giving effect to any warrant exercises and assuming automatic conversion of rights into ordinary shares), Public Shareholders, the Sponsor and other Initial Shareholders, PIPE Investors, Convertible Promissory Notes Holders and the Sellers would own approximately 0.34%, 15.48%, 1.37%, 1.25% and 81.56% of the outstanding shares of PubCo, respectively, such percentages calculated assuming that the Sellers and their affiliates receive approximately 30,280,768 Ordinary Shares of PubCo, derived from the shares outstanding and weighted average shares outstanding as presented in the pro forma combined financial statements (after rounding adjustment).
3
UNAUDITED PRO FORMA COMBINED BALANCE SHEET
AS OF DECEMBER 31, 2023
| Actual Redemption | ||||||||||||||||
| (A) Tristar | (B) Helport | Pro Forma Adjustments | Pro Forma Balance Sheet | |||||||||||||
| ASSETS | ||||||||||||||||
| Current assets: | ||||||||||||||||
| Cash and cash equivalents | $ | 223,969 | $ | 2,581,086 | $ | 116,806,805 | (1) | $ | 1,849,372 | |||||||
| 975,000 | (2) | |||||||||||||||
| (3,475,000 | )(2) | |||||||||||||||
| 5,500,000 | (4) | |||||||||||||||
| (4,547,700 | )(5) | |||||||||||||||
| 1,259,175 | (6) | |||||||||||||||
| (117,473,963 | )(8) | |||||||||||||||
| Accounts receivables | - | 21,313,735 | 21,313,735 | |||||||||||||
| Deferred offering cost | - | 817,871 | (817,871 | )(5) | - | |||||||||||
| Prepaid expenses and other current assets | 221,547 | 41,966 | 263,513 | |||||||||||||
| Total Current Assets | 445,516 | 24,754,658 | (1,773,554 | ) | 23,426,620 | |||||||||||
| Non-current assets: | ||||||||||||||||
| Investment held in Trust Account | 116,806,805 | - | (116,806,805 | )(1) | - | |||||||||||
| Intangible asset, net | - | 2,425,694 | 2,425,694 | |||||||||||||
| Total Non-current Assets | 116,806,805 | 2,425,694 | (116,806,805 | ) | 2,425,694 | |||||||||||
| Total Assets | $ | 117,252,321 | $ | 27,180,352 | $ | (118,580,359 | ) | $ | 25,852,314 | |||||||
| LIABILITIES | ||||||||||||||||
| Current liabilities: | ||||||||||||||||
| Accounts payable | $ | 728,006 | $ | 284,067 | $ | $ | 1,012,073 | |||||||||
| Convertible promissory notes | - | 4,889,074 | 131,179 | (3) | - | |||||||||||
| (5,020,253 | )(3) | |||||||||||||||
| Income tax payable | - | 2,724,998 | 2,724,998 | |||||||||||||
| Amounts due to related parties | - | 965,776 | 965,776 | |||||||||||||
| Accrued expenses and other current liabilities | 32,520 | 5,263,239 | (306,832 | )(5) | 4,988,927 | |||||||||||
| Total Current Liabilities | 760,526 | 14,127,154 | (5,195,906 | ) | 9,691,774 | |||||||||||
| Non-current liabilities: | ||||||||||||||||
| Promissory notes - related parties | 2,500,000 | - | 375,000 | (2) | - | |||||||||||
| 600,000 | (2) | |||||||||||||||
| (3,475,000 | )(2) | |||||||||||||||
| Derivative warrant liabilities | 1,319,150 | - | - | 1,319,150 | ||||||||||||
| Total Non-current Liabilities | 3,819,150 | - | (2,500,000) | 1,319,150 | ||||||||||||
| Total Liabilities | 4,579,676 | 14,127,154 | (7,695,906) | 11,010,924 | ||||||||||||
| Commitments and Contingencies | ||||||||||||||||
| Class A ordinary shares subject to possible redemption, 10,608,802 at $10.86 redemption value as of December 31, 2023 | 116,804,313 | - | (116,804,313 | )(8) | - | |||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||||||
| Ordinary Shares | - | 156 | 46 | (3) | 3,713 | |||||||||||
| 51 | (4) | |||||||||||||||
| 3,460 | (9) | |||||||||||||||
| Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | - | - | ||||||||||||
| Class A ordinary shares, $0.0001 par value; 90,000,000 shares authorized; no shares issued and outstanding | - | - | - | - | ||||||||||||
| Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding | 575 | - | (575 | )(9) | - | |||||||||||
| Subscription receivables | - | (156 | ) | (156 | ) | |||||||||||
| Additional paid in capital | 1,855,733 | 7,556 | 5,020,207 | (3) | 2,042,335 | |||||||||||
| 5,500,000 | (4) | |||||||||||||||
| (5,500,000 | )(4) | |||||||||||||||
| 5,499,949 | (4) | |||||||||||||||
| (3,500,000 | )(5) | |||||||||||||||
| (817,871 | )(5) | |||||||||||||||
| 118,965 | (7) | |||||||||||||||
| (669,650 | )(8) | |||||||||||||||
| (5,472,554 | )(9) | |||||||||||||||
| Accumulated (deficit)/earnings | (5,987,976 | ) | 13,045,642 | (131,179 | )(3) | 12,795,498 | ||||||||||
| (740,868 | )(5) | |||||||||||||||
| 1,259,175 | (6) | |||||||||||||||
| (118,965 | )(7) | |||||||||||||||
| 5,469,669 | (9) | |||||||||||||||
| Total Shareholders’ (Deficit)/Equity | (4,131,668 | ) | 13,053,198 | 5,919,860 | 14,841,390 | |||||||||||
| Total Liabilities, Class A Ordinary Shares subject to possible redemption and Shareholders’ (Deficit)/Equity | $ | 117,252,321 | $ | 27,180,352 | $ | (118,580,359 | ) | $ | 25,852,314 | |||||||
4
Unaudited Pro Forma Combined Balance Sheet Adjustments
The pro forma adjustment to the unaudited combined pro forma balance sheet consists of the following:
| (A) | Derived from the balance sheet of Tristar as of March 31, 2024. | |
| (B) | Derived from the combined balance sheet of Helport as of June 30, 2024. | |
| (1) | Reflects the release of cash from cash and investment held in the Trust Account. | |
| (2) | Reflects $975,000 subsequently received from promissory notes-related parties, among which, $375,000 were subsequent extension payments (monthly payment of $125,000 from April to June, 2024), and $600,000 were unsecured promissory notes issued on May 3, 2024. The entire balance of $3,475,000 in promissory notes-related parties was due and repaid upon consummation of the Business Combination. | |
| (3) | Reflects the $131,179 of interests accrued for Convertible Promissory Notes at the interest rate of 8% per annum from issuance date to the closing date of the Business Combination. Helport has received all the funds of $4,889,074 from the issuance of convertible promissory notes subject to the Notes and the Amended and Restated Note before the consummation of Business Combination. Correspondingly, the receipt of such funds plus interest accrued is reflected in the adjustment of automatically conversion into PubCo Ordinary Shares at a price of $10.80 per share upon consummation of the Business Combination. | |
| (4) |
Reflects the 509,259 PubCo Ordinary Shares issued to the PIPE Investors for the actual received aggregate gross proceeds of $5.5 million out of the $15 million PIPE Investment as follow: On May 18, 2024, PubCo entered into a subscription agreement with Qingdahonghe No.8 (Xiamen) Investment Partnership, in which the investor offered $10 million to subscribe for PubCo Ordinary Shares at a purchase price of $10.80 per share, or if lower, at the redemption price per share; On May 18, 2024, PubCo entered into a subscription agreement with Ocean Holdings Management Pte. Ltd., in which the investor offered $2.5 million to subscribe for PubCo Ordinary Shares at a purchase price of $10.80 per share, or if lower, at the redemption price per share. On May 18, 2024, PubCo entered into a subscription agreement with Ken Cheng, in which the investor offered $2.5 million to subscribe for PubCo Ordinary Shares at a purchase price of $10.80 per share, or if lower, at the redemption price per share. On August 2, 2024, in connection with the consummation of the Business Combination, PubCo received aggregate gross proceeds of $5.5 million out of the $15 million PIPE Investment and issued an aggregate of 509,259 PubCo Ordinary Shares to the PIPE Investors for such subscription. | |
| (5) |
Reflects (i) the cash payment for the unpaid transaction fees of $3,806,831 due upon consummation of Business Combination, which was related to Helport’s intended initial public offering (“IPO”); (ii) $817,871 deferred offering costs recognized on Helport’s historical balance sheet being charged against the combined additional paid in capital upon successful IPO; (iii) the cash payment for accrued transaction fees of $740,868 for Tristar, which would be expensed upon completion of the Business Combination. (i) $3,806,831 unpaid transaction fees of Helport contains: (a) $50,000 audit fees which would be expensed and reflected in the combined accumulated earnings; and (b) $3,756,831 capitalized transaction fees including $3,500,000 financing cost, $191,862 legal fees and $64,969 advisory fees, which are all directly related to the intended IPO. (ii) $817,871 deferred offering costs recognized on Helport’s historical balance sheet include $623,037 legal fees and $194,834 advisory fees, which were all directly related to the intended IPO. (iii) $740,868 accrued transaction fees of Tristar including (a) $600,000 legal fees, (b) $42,745 audit fees, and (c) $98,123 printing and miscellaneous expenses, would all be expensed and reflected in the combined accumulated earnings. | |
| (6) | Reflects the cash received from interest income of $1,259,175 in Trust Account from April to June, 2024, which would be reflected in the combined accumulated earnings. | |
| (7) | Reflects $118,965 of share-based compensation related to the 115,500 Founder Shares transferred to Mr. Hao as part of the Sponsor Handover, and vesting of such shares will occur upon consummation of the Business Combination. The fair value of the Founder Shares was estimated to be. | |
| (8) | Reflects the actual shares redeemed. Upon closing of the Business Combination, 10,480,699 of Tristar shares were redeemed at $11.21 for cash by Tristar shareholders, and $117.47 million out of $118.44 million in the Trust Account balance as of July 31, 2024, were paid out in cash for a 99% redemption. | |
| (9) | Reflects (i) recapitalization of Helport through issuance of Tristar shares and eliminate Tristar historical accumulated deficits; (ii) the contribution of all the share capital in Helport to Tristar. The total number of PubCo Ordinary Shares issued and outstanding upon completion of the Business Combination was 37,132,968, at the par value of $0.0001 per share, with total par value of all outstanding shares amounting to $3,713, after the redemption of 10,480,699 shares. | |
5
UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2023
| Actual Redemption | ||||||||||||||||
| (A) | (B) | Pro Forma | Pro Forma Income | |||||||||||||
| Tristar | Helport | Adjustments | Statement | |||||||||||||
| Revenues | $ | - | $ | 29,575,625 | $ | - | $ | 29,575,625 | ||||||||
| Cost of revenues | - | (10,998,011 | ) | - | (10,998,011 | ) | ||||||||||
| Selling expenses | - | (97,984 | ) | - | (97,984 | ) | ||||||||||
| General and administrative expenses | (2,026,353 | ) | (4,979,382 | ) | (740,868) | (3) | (7,865,568 | ) | ||||||||
| (118,965) | (4) | |||||||||||||||
| Research and development expenses | - | (4,303,490 | ) | - | (4,303,490 | ) | ||||||||||
| Total operating (loss)/income | (2,026,353 | ) | 9,196,758 | (859,833 | ) | 6,310,572 | ||||||||||
| Other income (expense): | ||||||||||||||||
| Financial expenses, net | 12,935 | (226,713 | ) | - | (213,778 | ) | ||||||||||
| Interest income - investment held in trust | 4,538,886 | - | (4,538,886) | (1) | - | |||||||||||
| Change in fair value of warrant liability | (753,800 | ) | - | - | (753,800 | ) | ||||||||||
| Forgiveness of deferred underwriting fee payable | - | - | - | - | ||||||||||||
| Forgiveness of service administrative fee | (204,516 | ) | - | - | (204,516 | ) | ||||||||||
| Total other income/(expense), net | 3,593,505 | (226,713 | ) | (4,538,886 | ) | (1,172,094 | ) | |||||||||
| Income before provision for income taxes | 1,567,152 | 8,970,045 | (5,398,719 | ) | 5,138,478 | |||||||||||
| Income tax expense | - | (1,601,933 | ) | - | (1,601,933 | ) | ||||||||||
| Net income | $ | 1,567,152 | $ | 7,368,112 | $ | (5,398,719 | ) | $ | 3,536,545 | |||||||
| Net change in foreign currency translation adjustment | - | - | - | - | ||||||||||||
| Total comprehensive income | 1,567,152 | 7,368,112 | (5,398,719 | ) | 3,536,545 | |||||||||||
| Weighted average shares outstanding of ordinary shares | - | 156 | 37,132,812 | (2) | 37,132,968 | |||||||||||
| Weighted average shares outstanding of redeemable ordinary shares | 11,419,862 | - | - | - | ||||||||||||
| Basic and diluted net income per ordinary share | $ | 0.09 | 47,231.49 | - | $ | 0.10 | ||||||||||
| Weighted average shares outstanding of non-redeemable ordinary shares | 5,750,000 | - | - | - | ||||||||||||
| Basic and diluted net income per ordinary share | $ | 0.09 | - | - | - | |||||||||||
Notes and adjustment to Unaudited Pro Forma Condensed combined Statement of Operations
The notes and pro forma adjustments to the unaudited condensed combined pro forma statements of operations consist of the following:
| (A) | Derived from Tristar’s historical statements of operations for the year ended December 31, 2023, for the six months ended June 30, 2023, and for the three months ended March 31, 2024. |
| (B) | Derived from Helport’s combined statement of operations and comprehensive income for the year ended June 30, 2024. |
| (1) | Represents an adjustment to eliminate interest income related to cash and investment held in Trust Account. |
| (2) | The calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the initial public offering occurred as of the earliest period presented. In addition, as the Business Combination is being reflected as if it had occurred on this date, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares have been outstanding for the entire period presented. This calculation is retroactively adjusted to eliminate the number of shares redeemed in the Business Combinations for the entire period. |
| (3) | Reflects $740,868 expensed transaction fees as if it incurred from the beginning of the year ended June 30, 2024, for the purpose of Business Combination. This is a non-recurring item. |
| (4) | Reflects $118,965 shared-based compensation expenses related to the 115,500 Founder Shares transferred to Mr. Hao as part of the Sponsor Handover, which will vest upon consummation of the Business Combination. This is a non-recurring item. |
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Net Income Per Share
The weighted average shares outstanding and net income per share information give pro forma effect to Business Combination and the other transactions contemplated by the Business Combination Agreement as if they had occurred on July 1, 2023.
The unaudited pro forma condensed combined basic and diluted earnings per share calculations are based on the sum of the Tristar post-combination weighted average number of redeemable shares outstanding of 10,608,802 and non-redeemable shares outstanding of 5,750,000 under both scenarios for the year ended June 30, 2024 adjusted by (a) 30,280,768 merger consideration shares estimated, derived from the shares outstanding and weighted average shares outstanding as presented in the pro forma combined financial statements (after rounding adjustment), to be issued in connection with the Business Combination; (b) 509,259 shares issued to the PIPE investors; (c) 464,838 shares issued to the holders of Convertible Promissory Notes issued by Helport; (d) actual redemption of 10,480,699 shares.
No adjustment was made to the pro forma basic earnings per share amounts presented for the year ended June 30, 2024, the effects of outstanding warrants were not considered in the calculation of diluted earnings per share, since the inclusion of such warrants and options would be anti-dilutive.
| For the Year | ||||
| Ended | ||||
| June 30, | ||||
| 2024 | ||||
| Pro forma net income | 3,536,545 | |||
| Weighted average shares outstanding—basic and diluted | 37,132,968 | |||
| Net income per share—basic and diluted | 0.10 | |||
| Weighted average shares outstanding—basic and diluted: | ||||
| Tristar ordinary shareholders held by public shareholders | 128,103 | |||
| Tristar ordinary shareholders held by Founders | 5,750,000 | |||
| Shares issued to PIPE Investors | 509,259 | |||
| Shares issued to Convertible Promissory Notes Holders | 464,838 | |||
| Shares issued to Helport shareholders in Business Combination | 30,280,768 | |||
| Total weighted average shares outstanding | 37,132,968 | |||
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