As previously reported on a Current Report on Form 8-K of Burgundy Technology Acquisition Corporation (the “Company”), on August 31, 2020, the Company consummated its initial public offering (the “IPO”) of 30,000,000 units (“Units”). Each Unit consists of one ordinary share, par value $0.0001 per share (“Ordinary Shares”), and one-half of one warrant (“Warrant”), each whole Warrant exercisable to purchase one Ordinary Share at an exercise price of $11.50 per share, pursuant to the Company’s registration statement on Form S-1 (File No. 333-240243). The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments, if any. The Underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 Units (the “Over-Allotment Units”), generating gross proceeds of $45,000,000.
As previously reported on a Current Report on Form 8-K of the Company, simultaneously with the closing of the IPO, the Company completed a private placement (the “Private Placement”) of an aggregate of 950,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit to Burgundy Technology Sponsor Limited (the “Sponsor”), generating total gross proceeds of $9,500,000, pursuant to the Private Placement Units Purchase Agreement, dated August 26, 2020 (the “Private Placement Purchase Agreement”), by and between the Company and the Sponsor. The Private Placement Purchase Agreement provided for a second closing (the “Second Closing”) of the Private Placement simultaneously with the closing of the Over-Allotment Units. Accordingly, on September 18, 2020, the Second Closing of the Private Placement was consummated, resulting in the purchase of an aggregate of an additional 112,500 Private Placement Units by the Sponsor, generating gross proceeds to the Company of $1,125,000.
A total of $346,725,000, comprised of $294,000,000 of the proceeds from the IPO (which amount includes $10,500,000 of the Underwriters’ deferred discount), $44,100,000 of the proceeds from the sale of the Over-Allotment Units (which amount includes $1,575,000 of the Underwriters’ deferred discount) and $8,625,000 of the proceeds of the sale of the Private Placement Units, was deposited in a trust account established for the benefit of the Company’s public shareholders.
An audited balance sheet as of August 31, 2020 reflecting receipt of the proceeds upon consummation of the IPO and the Private Placement has been issued by the Company and previously filed as Exhibit 99.1 to a Current Report on Form 8-K on September 4, 2020. The Company’s unaudited pro forma balance sheet as of September 18, 2020, reflecting receipt of the proceeds from the sale of the Over-Allotment Units and the Private Placement consummated on the same day is attached as Exhibit 99.1 to this Current Report on Form 8-K.
On September 18, 2020, the Company issued a press release, a copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K, announcing the Underwriters’ exercise of the over-allotment option in full.
Item 9.01. Financial Statements and Exhibits.
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