Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Entity Registrant Name | Gores Holdings II, Inc. | |
Entity Central Index Key | 1,682,745 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Class A | ||
Entity Common Stock, Shares Outstanding | 40,000,000 | |
Class F | ||
Entity Common Stock, Shares Outstanding | 10,000,000 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,082,494 | $ 3,185 |
Deferred offering costs | 414,606 | |
Receivable - related party | 436 | |
Prepaid assets | 254,952 | |
Total current assets | 1,337,446 | 418,227 |
Investments and cash held in Trust Account | 401,061,237 | |
Total assets | 402,398,683 | 418,227 |
Current liabilities: | ||
Accrued expenses, formation and offering costs | 420,510 | 282,436 |
State franchise tax accrual | 22,238 | 1,750 |
Notes and advances payable – related party | 150,000 | |
Total current liabilities | 442,748 | 434,186 |
Deferred underwriting compensation | 14,000,000 | |
Total liabilities | 14,442,748 | 434,186 |
Temporary Equity [Abstract] | ||
Class A subject to possible redemption 38,241,399 (at redemption value of $10.00 per share) | 382,955,930 | |
Stockholders’ equity: | ||
Additional paid-in-capital | 4,346,254 | |
Deficit accumulated | 652,581 | (40,959) |
Total stockholders’ equity | 5,000,005 | (15,959) |
Total liabilities and stockholders’ equity | 402,398,683 | 418,227 |
Class A | ||
Stockholders’ equity: | ||
Common stock | 170 | |
Class F | ||
Stockholders’ equity: | ||
Common stock | $ 1,000 | $ 25,000 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Jun. 30, 2017 | Jan. 19, 2017 | Dec. 31, 2016 |
Shares subject to possible redemption, issued | 38,295,593 | 0 | |
Redemption value per share | $ 10 | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, shares authorized | 220,000,000 | ||
Class A | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, shares issued | 1,704,407 | ||
Common stock, shares outstanding | 1,704,407 | ||
Class F | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, shares issued | 10,000,000 | 10,000,000 | |
Common stock, shares outstanding | 10,000,000 | 10,000,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Professional fees and other expenses | $ (140,899) | $ (280,870) |
State franchise taxes, other than income tax | (45,000) | (90,000) |
Net loss from operations | (185,899) | (370,870) |
Other income - Interest income | 727,843 | 1,064,410 |
Net Income attributable to common shares | $ 541,944 | $ 693,540 |
Class A | ||
Net Income (Loss) per ordinary share: | ||
Basic and diluted | $ 0.01 | $ 0.02 |
Class F | ||
Net Income (Loss) per ordinary share: | ||
Basic and diluted | $ 0 | $ (0.01) |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - 6 months ended Jun. 30, 2017 - USD ($) | Class AOrdinary Shares | Class FOrdinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total |
Beginning Balance (in shares) at Dec. 31, 2016 | 10,781,250 | ||||
Beginning Balance at Dec. 31, 2016 | $ 1,078 | $ 23,922 | $ (40,959) | $ (15,959) | |
Common stock forfeited (in shares) | (781,250) | ||||
Common stock forfeited, value | $ (78) | 78 | |||
Sale of common stock (in shares) | 40,000,000 | ||||
Sale of common stock, value | $ 4,000 | 399,996,000 | 400,000,000 | ||
Sale of Private Placement Warrants to Sponsor | 10,000,000 | 10,000,000 | |||
Underwriters discounts | (8,000,000) | (8,000,000) | |||
Offering costs charged to additional paid-in capital | (721,646) | (721,646) | |||
Deferred underwriting compensation | (14,000,000) | (14,000,000) | |||
Common stock subject to possible redemption (in shares) | (38,295,593) | ||||
Common stock subject to possible redemption | $ (3,830) | (382,952,100) | (382,955,930) | ||
Net Income | 693,540 | 693,540 | |||
Ending Balance (in shares) at Jun. 30, 2017 | 1,704,407 | 10,000,000 | |||
Ending Balance at Jun. 30, 2017 | $ 170 | $ 1,000 | $ 4,346,254 | $ 652,581 | $ 5,000,005 |
STATEMENT OF CHANGES IN STOCKH6
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Jan. 19, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Share price per unit (in dollars per share) | $ 10 | ||
Number of warrants sold | 6,666,666 | ||
Warrants sold, price per warrant | $ 1.50 | ||
Number of shares subject to possible redemption | 38,295,593 | 0 | |
Redemption value per share | $ 10 | ||
Class A | |||
Share price per unit (in dollars per share) | $ 10 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Cash flows from operating activities: | |
Net Income | $ 693,540 |
Changes in receivable - related party | 436 |
Changes in state franchise tax accrual | 20,488 |
Changes in prepaid assets | (254,952) |
Changes in deferred offering costs | 414,606 |
Changes in accrued expenses, formation and offering costs | 138,074 |
Net cash provided by operating activities | 1,012,192 |
Cash flows from investing activities | |
Cash deposited in Trust Account | (400,000,000) |
Interest reinvested in Trust Account | (1,061,237) |
Net cash used in investing activities | (401,061,237) |
Cash flows from financing activities: | |
Proceeds from sale of Units in initial public offering | 400,000,000 |
Proceeds from sale of Private Placement Warrants to Sponsor | 10,000,000 |
Repayment of notes and advances payable - related party | (150,000) |
Payment of underwriters' discounts and commissions | (8,000,000) |
Payment of accrued offering costs | (721,646) |
Net cash provided by financing activities | 401,128,354 |
Increase in cash | 1,079,309 |
Cash at beginning of period | 3,185 |
Cash at end of period | 1,082,494 |
Supplemental disclosure of non-cash financing activities: | |
Deferred underwriting compensation. | 14,000,000 |
Offering costs included in accrued expenses | $ 380,670 |
Organization and Business Opera
Organization and Business Operations | 6 Months Ended |
Jun. 30, 2017 | |
Organization and Business Operations | |
Organization and Business Operations | 1. Organization and Business Operations Organization and General Gores Holdings II, Inc. (the “Company”) was incorporated in Delaware on August 15, 2016. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”). The Company has neither engaged in any operations nor generated any operating revenue to date. The Company’s management has broad discretion with respect to the Business Combination. The Company’s Sponsor is Gores Sponsor II, LLC, a Delaware limited liability company (the “Sponsor”). The Company has selected December 31 st as its fiscal year-end. At June 30, 2017, the Company had not commenced any operations. All activity for the period from August 15, 2016 (inception) through June 30, 2017 relates to the Company’s formation and initial public offering (“Public Offering”) described below. The Company completed the Public Offering on January 19, 2017 (the “Public Offering Closing Date”). The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Subsequent to the Public Offering, the Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below). Financing The Company intends to finance a Business Combination with the net proceeds from its $400,000,000 Public Offering and its sale of $10,000,000 of Private Placement Warrants. Upon the Public Offering Closing Date and the sale of the Private Placement Warrants, an aggregate of $400,000,000 was placed in a Trust Account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”). Trust Account Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty (180) days or less or in money market funds meeting certain conditions under Rule 2a‑7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government obligations. As of June 30, 2017, the Trust Account consisted of cash and treasury bills compliant with Rule 2a‑7. The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay income taxes, if any, none of the funds held in trust will be released until the earliest of: (i) the completion of the Business Combination; or (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the Public Offering Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the Public Offering Closing Date, subject to the requirements of law and stock exchange rules. Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest income earned) at the time of the Company signing a definitive agreement in connection with the Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under NASDAQ rules. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. Currently, the Company will not redeem its public shares of common stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its public shares of common stock and the related Business Combination, and instead may search for an alternate Business Combination. As a result of the foregoing redemption provisions, the public shares of common stock will be recorded at the redemption amount and classified as temporary equity, in accordance with ASC 480, “ Distinguishing Liabilities from Equity ” (“ASC 480”) in subsequent periods. The Company will have 24 months from the Public Offering Closing Date to complete its Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including interest income, but less taxes payable (less up to $100,000 of such net interest income to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they waived their rights to participate in any redemption with respect to their Founder Shares (as defined below); however, if the Sponsor or any of the Company’s officers, directors or affiliates acquire public shares of common stock, they will be entitled to a pro rata share of the Trust Account in the event the Company does not complete a Business Combination within the required time period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Public Offering. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of June 30, 2017 and the results of operations and cash flows for the period presented. Operating results for the six months ended June 30, 2017 are not necessarily indicative of results that may be expected for the full year or any other period. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10‑K filed with the SEC on March 30, 2017 and the notes thereto included the current report Form 8-K dated January 19, 2017 by the Company filed with the SEC. Net Income/(Loss) Per Common Share The Company has two classes of shares, which are referred to as Class A common stock and Class F common stocks. Net income/(loss) per common stock is computed utilizing the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of common stock based on an allocation of undistributed earnings per the rights of each class. At June 30, 2017, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted net income/(loss) per common share is the same as basic net income/(loss) per common share for the period. The table below presents a reconciliation of the numerator and denominator used to complute basic and diluted net income/(loss) per share for each class of common stock: For the Three Months Ended June 30, 2017 For the Six Months Ended June 30, 2017 Class A Class F Class A Class F Basic and diluted net income/(loss) per share: Numerator: Allocation of net income/(loss) $ $ $ $ Denominator: Weighted-average shares outstanding Basic and diluted net income/(loss) per share $ 0.01 $ (0.00) $ 0.02 $ (0.01) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution and the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Offering Costs The Company complies with the requirements of the ASC 340‑10‑S99‑1 and SEC Staff Accounting Bulletin (SAB) Topic 5A — “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and were charged to stockholders’ equity upon the completion of the Public Offering. Accordingly, at June 30, 2017 and December 31, 2016, offering costs totaling approximately $22,721,646 and $414,606 respectively, (including $22,000,000 in underwriter’s fees), have been charged to stockholders’ equity. Redeemable Common Stock As discussed in Note 3, all of the 40,000,000 shares of class A common stocks sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s charter. In accordance with ASC 480, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital. Accordingly, at June 30, 2017, 38,295,593 of the 40,000,000 public shares are classified outside of permanent equity at its redemption value. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. For those liabilities or benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax liabilities as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2017. The Company may be subject to potential examination by U.S. federal, states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal, states or foreign tax laws. The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with and the credit quality of the financial institutions with which it invests. As of the balance sheet date, and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. Investments and Cash Held in Trust Account At June 30, 2017, the Company had $401,061,237 in the Trust Account which may be utilized for Business Combinations. At June 30, 2017, the Trust Account consisted of both cash and treasury bills. The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay taxes, if any, none of the funds held in trust will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the Public Offering Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the Public Offering Closing Date, subject to the requirements of law and stock exchange rules. Recently Adopted Accounting Pronouncements In November 2016, the FASB issued ASU No. 2016‑17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for consolidated financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has early adopted this guidance effective December 31, 2016 on a retrospective basis, the impact of which was not significant to the financial statements. Going Concern Consideration If the Company does not complete its Business Combination by January 19, 2019, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Public Offering. In addition if the Company fails to complete its Business Combination by January 19, 2019, there will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless. In addition, at June 30, 2017 and December 31, 2016, the Company had current liabilities of $442,748 and $434,186, respectively, and working capital of $894,698 and ($15,959), respectively, largely due to amounts owed to professionals, consultants, advisors and others who are working on seeking a Business Combination as described in Note 1. Such work is continuing after June 30, 2017 and amounts are continuing to accrue. |
Public Offering
Public Offering | 6 Months Ended |
Jun. 30, 2017 | |
Public Offering | |
Public Offering | 3. Public Offering Public Units On January 19, 2017, the Company sold 40,000,000 units at a price of $10.00 per unit (the “Units”), including 2,500,000 Units as a result of the underwriter’s partial exercise of their over-allotment option, generating gross proceeds of $400,000,000. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-third of one redeemable Class A common stock purchase warrant (the “Warrants”). Each Whole Warrant entitles the holder to purchase one share of Class A common stock for $11.50 per share. Each Warrant will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the Public Offering Closing Date and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete the Business Combination on or prior to the 24-month period allotted to complete the Business Combination, the Warrants will expire at the end of such period. The Warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and the Company. The Company did not register the shares of common stock issuable upon exercise of the Warrants under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities law. Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a registration statement under the Securities Act following the completion of the Business Combination covering the shares of common stock issuable upon exercise of the Warrants. The Company paid an upfront underwriting discount of 2.00% ($8,000,000) of the per Unit offering price to the underwriter at the Public Offering Closing Date, with an additional fee (the “Deferred Discount”) of 3.50% of the per Unit offering price payable upon the Company’s completion of a Business Combination. The Deferred Discount will become payable to the underwriter from the amounts held in the Trust Account solely in the event the Company completes a Business Combination. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions | |
Related Party Transactions | 4. Related Party Transactions Founder Shares On August 19, 2016, the Sponsor purchased 10,781,250 shares of Class F common stock (the “Founder Shares”) for an aggregate purchase price of $25,000, or approximately $0.002 per share. Subsequently, the Sponsor transferred an aggregate of 75,000 Founder Shares to the Company’s independent directors (together with the Sponsor, the “Initial Stockholders”). On February 27, 2017, the Sponsor forfeited 781,250 Founder Shares following the expiration of the unexercised portion of underwriter’s over-allotment option, so that the Founder Shares held by the Initial Stockholders would represent 20.0% of the outstanding shares of common stock following completion of the Public Offering. The Founder Shares are identical to the common stock included in the Units sold in the Public Offering except that the Founder Shares will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment as described in the Company’s amended and restated certificate of incorporation. Private Placement Warrants The Sponsor purchased from the Company an aggregate of 6,666,666 warrants at a price of $1.50 per warrant (a purchase price of $10,000,000) in a private placement that occurred simultaneously with the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock at $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering to be held in the Trust Account pending completion of the Business Combination. The Private Placement Warrants have terms and provisions that are identical to those of the Warrants sold as part of the Units in the Public Offering, except that the Private Placement Warrants may be net cash settled and are not redeemable so long as they are held by the Sponsor or its permitted transferees. If the Company does not complete a Business Combination, then the Private Placement Warrants proceeds will be part of the liquidation distribution to the public stockholders and the Private Placement Warrants will expire worthless. Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants issued upon conversion of working capital loans, if any, have registration rights (in the case of the Founder Shares, only after conversion of such shares to common shares) pursuant to a registration rights agreement entered into by the Company, the Sponsor and the other security holders named therein on January 12, 2017. These holders will also have certain demand and “piggy back” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Sponsor Loan On August 19, 2016, the Sponsor loaned the Company an aggregate of $150,000 by the issuance of an unsecured promissory note for $150,000 to cover expenses related to the Public Offering, and on January 11, 2017, the Sponsor loaned the Company an additional $150,000 by the issuance of a second unsecured promissory note for $150,000 to cover expenses related to the Public Offering (collectively, the “Notes”). These Notes were non-interest bearing and payable on the earlier of January 31, 2017 or the completion of the Public Offering. These Notes were repaid in full upon the completion of the Public Offering. Administrative Services Agreement The Company entered into an administrative services agreement on January 12, 2017, pursuant to which it agreed to pay to an affiliate of the Sponsor $20,000 a month for office space, utilities and secretarial support. Services commenced on the date the securities were first listed on the NASDAQ Capital Market and will terminate upon the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. For the period commencing January 12, 2017 through June 30, 2017 the Company has paid the affiliate $112,258. |
Deferred Underwriting Compensat
Deferred Underwriting Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Underwriting Compensation. | |
Deferred Underwriting Compensation | 5. Deferred Underwriting Compensation The Company is committed to pay a deferred underwriting discount totaling $14,000,000 or 3.50% of the gross offering proceeds of the Public Offering, to the underwriter upon the Company’s consummation of a Business Combination. The underwriter is not entitled to any interest accrued on the Deferred Discount, and no Deferred Discount is payable to the underwriter if there is no Business Combination. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes | |
Income Taxes | 6. Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the six months ended June 30, 2017 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 35% to pre-tax income primarily because of state income taxes and a full valuation allowance. The deferred tax assets and liabilities at June 30, 2017 consist of net operating income and unrealized gains. The Company has a net operating income of approximately $103,857 at June 30, 2017. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. The Company has evaluated tax positions taken or expected to be taken in the course of preparing the financial statements to determine if the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. The Company has concluded that there was no impact related to uncertain tax positions on the results of its operations for the period ended June 30, 2017. At June 30, 2017, the Company has no accrued interest or penalties related to uncertain tax positions. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations, and interpretations thereof. |
Investments and cash held in Tr
Investments and cash held in Trust | 6 Months Ended |
Jun. 30, 2017 | |
Investments and cash held in Trust | |
Investments and cash held in Trust | 7. Investments and cash held in Trust At June 30, 2017, investment securities in the Company’s Trust Account consist of $401,060,760 in United States Treasury Bills and $477 in cash. The Company classifies its United States Treasury and equivalent securities as held-to-maturity in accordance with FASB ASC 320, “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and adjusted for the amortization or accretion of premiums or discounts. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurement | |
Fair Value Measurement | 8. Fair Value Measurement The Company complies with FASB ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. ASC 820 determines fair value to be the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2017, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability: Significant Significant Other Other Quoted Prices in Observable Unobservable June 30, Active Markets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Investments and cash held in Trust Account 401,061,237 401,061,237 — — Total $ 401,061,237 $ 401,061,237 $ — $ — |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders’ Equity. | |
Stockholders’ Equity | 9. Stockholders’ Equity Common Stock The Company is authorized to issue 220,000,000 shares of common stock, consisting of 200,000,000 shares of Class A common stock, par value $0.0001 per share and 20,000,000 shares of Class F common stock, par value $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share of common stock and vote together as a single class. At June 30, 2017, there were 40,000,000 shares of Class A common stock (inclusive of the 38,295,593 shares subject to redemption) and 10,000,000 shares of Class F common stock issued and outstanding. Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At June 30, 2017, there were no shares of preferred stock issued and outstanding. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events Management has performed an evaluation of subsequent events through the date of issuance of the condensed financial statements, noting no items which require adjustment or disclosure other than those set forth in the preceding notes to the condensed financial statements. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of June 30, 2017 and the results of operations and cash flows for the period presented. Operating results for the six months ended June 30, 2017 are not necessarily indicative of results that may be expected for the full year or any other period. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10‑K filed with the SEC on March 30, 2017 and the notes thereto included the current report Form 8-K dated January 19, 2017 by the Company filed with the SEC. |
Net Loss Per Common Share | Net Income/(Loss) Per Common Share The Company has two classes of shares, which are referred to as Class A common stock and Class F common stocks. Net income/(loss) per common stock is computed utilizing the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of common stock based on an allocation of undistributed earnings per the rights of each class. At June 30, 2017, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted net income/(loss) per common share is the same as basic net income/(loss) per common share for the period. The table below presents a reconciliation of the numerator and denominator used to complute basic and diluted net income/(loss) per share for each class of common stock: For the Three Months Ended June 30, 2017 For the Six Months Ended June 30, 2017 Class A Class F Class A Class F Basic and diluted net income/(loss) per share: Numerator: Allocation of net income/(loss) $ $ $ $ Denominator: Weighted-average shares outstanding Basic and diluted net income/(loss) per share $ 0.01 $ (0.00) $ 0.02 $ (0.01) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution and the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC 340‑10‑S99‑1 and SEC Staff Accounting Bulletin (SAB) Topic 5A — “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and were charged to stockholders’ equity upon the completion of the Public Offering. Accordingly, at June 30, 2017 and December 31, 2016, offering costs totaling approximately $22,721,646 and $414,606 respectively, (including $22,000,000 in underwriter’s fees), have been charged to stockholders’ equity. |
Redeemable Common Stock | Redeemable Common Stock As discussed in Note 3, all of the 40,000,000 shares of class A common stocks sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s charter. In accordance with ASC 480, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital. Accordingly, at June 30, 2017, 38,295,593 of the 40,000,000 public shares are classified outside of permanent equity at its redemption value. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. For those liabilities or benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax liabilities as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2017. The Company may be subject to potential examination by U.S. federal, states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income amounts in various tax jurisdictions and compliance with U.S. federal, states or foreign tax laws. The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with and the credit quality of the financial institutions with which it invests. As of the balance sheet date, and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. |
Investments and Cash Held in Trust Account | Investments and Cash Held in Trust Account At June 30, 2017, the Company had $401,061,237 in the Trust Account which may be utilized for Business Combinations. At June 30, 2017, the Trust Account consisted of both cash and treasury bills. The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay taxes, if any, none of the funds held in trust will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the Public Offering Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the Public Offering Closing Date, subject to the requirements of law and stock exchange rules. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2016, the FASB issued ASU No. 2016‑17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for consolidated financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has early adopted this guidance effective December 31, 2016 on a retrospective basis, the impact of which was not significant to the financial statements. |
Going Concern Consideration | Going Concern Consideration If the Company does not complete its Business Combination by January 19, 2019, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Public Offering. In addition if the Company fails to complete its Business Combination by January 19, 2019, there will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless. In addition, at June 30, 2017 and December 31, 2016, the Company had current liabilities of $442,748 and $434,186, respectively, and working capital of $894,698 and ($15,959), respectively, largely due to amounts owed to professionals, consultants, advisors and others who are working on seeking a Business Combination as described in Note 1. Such work is continuing after June 30, 2017 and amounts are continuing to accrue. |
Significant Accounting Polici19
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Significant Accounting Policies | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, 2017 For the Six Months Ended June 30, 2017 Class A Class F Class A Class F Basic and diluted net income/(loss) per share: Numerator: Allocation of net income/(loss) $ $ $ $ Denominator: Weighted-average shares outstanding Basic and diluted net income/(loss) per share $ 0.01 $ (0.00) $ 0.02 $ (0.01) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurement | |
Schedule of assets measured at fair value on a recurring basis | Significant Significant Other Other Quoted Prices in Observable Unobservable June 30, Active Markets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Investments and cash held in Trust Account 401,061,237 401,061,237 — — Total $ 401,061,237 $ 401,061,237 $ — $ — |
Organization and Business Ope21
Organization and Business Operations (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Proceeds from sale of Units in initial public offering | $ 400,000,000 |
Proceeds from sale of Private Placement Warrants to Sponsor | 10,000,000 |
Amount placed in trust account | $ 400,000,000 |
Maximum maturity period (in days) | 180 days |
Redemption percentage for release of Trust Account funds | 100.00% |
Redemption percentage if business combination is not completed | 100.00% |
Number of days to seek shareholder approval for redemption of shares | 2 days |
Number of days to provide opportunity to shareholders to sell their shares | 2 days |
Dissolution expenses, maximum allowed | $ 100,000 |
Minimum | |
Percentage of fair market value | 80.00% |
Threshold net tangible assets | $ 5,000,001 |
Maximum | |
Number of months to complete Business Combination | 24 months |
Number of days to redeem the shares if Business combination is not completed | 10 days |
Significant Accounting Polici22
Significant Accounting Policies (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)item$ / sharesshares | Dec. 31, 2016USD ($)shares | |
Net Loss per Common Share | |||
Number of classes of shares | item | 2 | ||
Shares subject to possible redemption, issued | shares | 38,295,593 | 38,295,593 | 0 |
Accrued interest and penalties related to unrecognized tax liabilities | $ 0 | $ 0 | |
Investments and cash held in Trust Account | $ 401,061,237 | $ 401,061,237 | |
Redemption percentage for release of Trust Account funds | 100.00% | ||
Redemption percentage if business combination is not completed | 100.00% | 100.00% | |
Dissolution expenses, maximum allowed | $ 100,000 | ||
Current liabilities | $ 442,748 | 442,748 | $ 434,186 |
Working capital | 894,698 | 894,698 | (15,959) |
Minimum | |||
Net Loss per Common Share | |||
Threshold net tangible assets | $ 5,000,001 | ||
Maximum | |||
Net Loss per Common Share | |||
Number of months to complete Business Combination | 24 months | ||
Number of days to redeem the shares if Business combination is not completed | 10 days | ||
IPO | |||
Net Loss per Common Share | |||
Offering costs charged to stockholders' equity to date | 22,721,646 | $ 22,721,646 | $ 414,606 |
Underwriter's fees | 22,000,000 | 22,000,000 | |
Class A | |||
Net Loss per Common Share | |||
Allocation of net income (loss) | $ 579,124 | $ 775,725 | |
Weighted average common shares outstanding, Basic & Diluted | shares | 40,000,000 | 36,000,000 | |
Basic and diluted net loss per common share | $ / shares | $ 0.01 | $ 0.02 | |
Common stock, shares outstanding | shares | 1,704,407 | 1,704,407 | |
Class A | IPO | |||
Net Loss per Common Share | |||
Sale of common stock (in shares) | shares | 40,000,000 | ||
Class F | |||
Net Loss per Common Share | |||
Allocation of net income (loss) | $ (37,180) | $ (82,185) | |
Weighted average common shares outstanding, Basic & Diluted | shares | 10,000,000 | 10,247,422 | |
Basic and diluted net loss per common share | $ / shares | $ 0 | $ (0.01) | |
Common stock, shares outstanding | shares | 10,000,000 | 10,000,000 | 10,000,000 |
Public Offering - (Details)
Public Offering - (Details) - USD ($) | Jan. 19, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Public Offering | |||
Units sold | 40,000,000 | ||
Share price per unit (in dollars per share) | $ 10 | ||
Gross proceeds | $ 400,000,000 | ||
Upfront underwriting discount | $ 8,000,000 | ||
Percentage of deferred underwriting discount | 3.50% | ||
Class A | |||
Public Offering | |||
Share price per unit (in dollars per share) | $ 10 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of shares that contribute each unit | 1 | ||
Number of shares warrant may be converted | 1 | ||
Warrants exercise price (in dollars per share) | $ 11.50 | ||
Warrant | |||
Public Offering | |||
Number of shares that contribute each unit | 0.33 | ||
Warrant exercisable term if business combination is completed | 30 days | ||
Warrant exercisable term from the closing of public offer | 12 months | ||
Warrant expiration term | 5 years | ||
Number of months to complete Business Combination | 24 months | ||
IPO | |||
Public Offering | |||
Gross proceeds | $ 400,000,000 | ||
Upfront underwriting discount (as a percent) | 2.00% | ||
Upfront underwriting discount | $ 8,000,000 | ||
Percentage of deferred underwriting discount | 3.50% | ||
IPO | Class A | |||
Public Offering | |||
Sale of common stock (in shares) | 40,000,000 | ||
Over-Allotment Option | |||
Public Offering | |||
Units sold | 2,500,000 |
Related Party Transactions - (D
Related Party Transactions - (Details) - USD ($) | Jan. 12, 2017 | Jan. 11, 2017 | Aug. 19, 2016 | Jun. 30, 2017 | Jan. 19, 2017 |
Related Party Transaction [Line Items] | |||||
Sale of common stock, value | $ 400,000,000 | ||||
Number of warrants sold | 6,666,666 | ||||
Warrants sold, price per warrant | $ 1.50 | ||||
Proceeds from sale of Private Placement Warrants to Sponsor | $ 10,000,000 | ||||
Class A | |||||
Related Party Transaction [Line Items] | |||||
Number of shares warrant may be converted | 1 | ||||
Warrants exercise price (in dollars per share) | $ 11.50 | ||||
IPO | Class A | |||||
Related Party Transaction [Line Items] | |||||
Sale of common stock (in shares) | 40,000,000 | ||||
Founder Shares | |||||
Related Party Transaction [Line Items] | |||||
Outstanding shares of common stock held by the initial stockholders (as a percent) | 20.00% | ||||
Founder Shares | Class A | |||||
Related Party Transaction [Line Items] | |||||
Conversion ratio | 1 | ||||
Private Placement Warrants | |||||
Related Party Transaction [Line Items] | |||||
Warrants exercise price (in dollars per share) | $ 11.50 | ||||
Private Placement Warrants | Class A | |||||
Related Party Transaction [Line Items] | |||||
Number of shares warrant may be converted | 1 | ||||
Sponsor Loan | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from Promissory Note to related party | $ 150,000 | $ 150,000 | |||
Transactions during the period | $ 150,000 | $ 150,000 | |||
Sponsor [Member] | Founder Shares | |||||
Related Party Transaction [Line Items] | |||||
Number of shares forfeited | 781,250 | ||||
Sponsor [Member] | Founder Shares | Class F | |||||
Related Party Transaction [Line Items] | |||||
Sale of common stock (in shares) | 10,781,250 | ||||
Sale of common stock, value | $ 25,000 | ||||
Share price | $ 0.002 | ||||
Sponsor [Member] | Private Placement Warrants | |||||
Related Party Transaction [Line Items] | |||||
Number of warrants sold | 6,666,666 | ||||
Warrants sold, price per warrant | $ 1.50 | ||||
Proceeds from sale of Private Placement Warrants to Sponsor | $ 10,000,000 | ||||
Sponsor [Member] | Administrative Service Agreement | |||||
Related Party Transaction [Line Items] | |||||
Monthly charge for administrative services | $ 20,000 | ||||
Transactions during the period | $ 112,258 | ||||
Director | Founder Shares | |||||
Related Party Transaction [Line Items] | |||||
Number of shares transferred | 75,000 |
Deferred Underwriting Compens25
Deferred Underwriting Compensation - (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Deferred Underwriting Compensation. | |
Deferred underwriting discount payable if business combination is completed | $ 14,000,000 |
Percentage of deferred underwriting discount | 3.50% |
Deferred underwriting discount if business combination not completed | $ 0 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Income Taxes | |
Federal income tax rate | 35.00% |
Deferred tax asset | |
Cumulative net operating income | $ 103,857 |
Impact of uncertain tax positions on results of operations | 0 |
Accrued interest and penalties related to unrecognized tax liabilities | $ 0 |
Investments and cash held in 27
Investments and cash held in Trust - (Details) | Jun. 30, 2017USD ($) |
Investments and cash held in Trust Account | $ 401,061,237 |
US Treasury Securities [Member] | |
Investments and cash held in Trust Account | 401,060,760 |
Cash [Member] | |
Investments and cash held in Trust Account | $ 477 |
Fair Value Measurement (Details
Fair Value Measurement (Details) | Jun. 30, 2017USD ($) |
Quoted Prices in Active Markets (Level 1) | |
Measured at fair value on recurring basis | |
Investments and cash held in Trust Account | $ 401,061,237 |
Total | 401,061,237 |
Recurring | |
Measured at fair value on recurring basis | |
Investments and cash held in Trust Account | 401,061,237 |
Total | $ 401,061,237 |
Stockholders_ Equity - (Details
Stockholders’ Equity - (Details) | Jun. 30, 2017Vote$ / sharesshares | Jan. 19, 2017$ / shares | Dec. 31, 2016$ / sharesshares |
Common Stock | |||
Common stock, shares authorized | 220,000,000 | ||
Number of votes per share | Vote | 1 | ||
Number of shares subject to possible redemption | 38,295,593 | 0 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Class A | |||
Common Stock | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, inclusive of shares subject to redemption, number of shares issued and outstanding | 40,000,000 | ||
Common stock, shares issued | 1,704,407 | ||
Common stock, shares outstanding | 1,704,407 | ||
Class F | |||
Common Stock | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Common stock, shares issued | 10,000,000 | 10,000,000 | |
Common stock, shares outstanding | 10,000,000 | 10,000,000 |