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CFFA CF Finance Acquisition

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Sep. 30, 2020Oct. 30, 2020
Document Information [Line Items]
Entity Registrant NameCF Finance Acquisition Corp.
Entity Central Index Key0001728041
Document Type10-Q
Document Period End DateSep. 30,
2020
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Reporting Status CurrentYes
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity Filer CategoryAccelerated Filer
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2020
Entity Shell Companytrue
Entity File Number001-38759
Entity Tax Identification Number47-3806343
Entity Address, Address Line One110 East 59th Street
Entity Address, City or TownNew York
Entity Address, State or ProvinceNY
Entity Address, Postal Zip Code10022
City Area Code212
Local Phone Number938-5000
Entity Interactive Data CurrentYes
Entity Incorporation, State or Country CodeDE
Document Quarterly Reporttrue
Document Transition Reportfalse
Common Stock Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding21,671,771
Title of 12(b) SecurityClass A common stock, par value $0.0001 per share
Trading SymbolCFFA
Security Exchange NameNASDAQ
Common Stock Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding7,064,603
Common Class A Units [Member]
Document Information [Line Items]
Title of 12(b) SecurityUnits, each consisting of one share of Class A common stock and three-quarters of one redeemable warrant
Trading SymbolCFFAU
Security Exchange NameNASDAQ
Common Class A Warrant [Member]
Document Information [Line Items]
Title of 12(b) SecurityRedeemable warrants, exercisable for Class A common stock at an exercise price of $11.50 per share
Trading SymbolCFFAW
Security Exchange NameNASDAQ

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)Sep. 30, 2020Dec. 31, 2019
Current assets
Cash $ 270,646 $ 14,304
Other assets19,250
Total current assets289,896 14,304
Cash and investments held in Trust Account218,717,961 291,761,159
Total assets219,007,857 291,775,463
Liabilities and Stockholders’ Equity
Sponsor loan – promissory notes6,065,665 2,825,841
Payables to related party128,246 37,030
Accrued liabilities227,389 1,389,962
Total liabilities6,421,300 4,252,833
Common stock subject to possible redemption, 20,371,594 and 27,972,537 shares, as of September 30, 2020 and December 31, 2019, respectively, at redemption value of $10.19 and $10.10, respectively207,586,553 282,522,624
Stockholders’ equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of September 30, 2020 and December 31, 2019
Additional paid-in-capital919,653 525,231
Retained earnings4,079,514 4,473,980
Total stockholders’ equity5,000,004 5,000,006
Total liabilities and stockholders’ equity219,007,857 291,775,463
Common Stock Class A [Member]
Stockholders’ equity
Common stock130 88
Total stockholders’ equity130 88
Common Stock Class B [Member]
Stockholders’ equity
Common stock707 707
Total stockholders’ equity $ 707 $ 707

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / sharesSep. 30, 2020Dec. 31, 2019
Common stock subject to possible redemption20,371,594 27,972,537
Common stock subject to possible redemption (in dollars per share) $ 10.19 $ 10.10
Preferred stock (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock authorized1,000,000 1,000,000
Preferred stock issued0 0
Preferred stock outstanding0 0
Common Stock Class A [Member]
Common stock subject to possible redemption20,371,594 27,972,537
Common stock (in dollars per share) $ 0.0001 $ 0.0001
Common stock authorized100,000,000 100,000,000
Common stock issued1,300,177 885,876
Common stock outstanding1,300,177 885,876
Common Stock Class B [Member]
Common stock (in dollars per share) $ 0.0001 $ 0.0001
Common stock authorized10,000,000 10,000,000
Common stock issued7,064,603 7,064,603
Common stock outstanding7,064,603 7,064,603

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Expense
Other expenses $ 378,512 $ 109,776 $ 1,035,930 $ 325,208
Loss from operations(378,512)(109,776)(1,035,930)(325,208)
Other income – Interest income on Trust Account7,243 1,608,191 715,458 4,933,471
(Loss) income before (benefit) provision for income taxes(371,269)1,498,415 (320,472)4,608,263
Income tax (benefit)/provision for income taxes(11,339)(143,494)73,994 967,736
Net (loss) income attributable to common stock $ (359,930) $ 1,641,909 $ (394,466) $ 3,640,527
Common Stock Class A Public Shares [Member]
Weighted average number of common stock outstanding:
Weighted average number of common stock outstanding (in shares)26,518,114 28,258,413 27,641,577 28,180,341
Basic and diluted net income (loss) per share:
Basic and diluted net income (loss) per share (in dollars per share) $ 0 $ 0.06 $ 0.02 $ 0.14
Common Stock Class A Private Placement [Member]
Weighted average number of common stock outstanding:
Weighted average number of common stock outstanding (in shares)600,000 600,000 600,000 600,000
Basic and diluted net income (loss) per share:
Basic and diluted net income (loss) per share (in dollars per share) $ (0.04) $ (0.01) $ (0.12) $ (0.04)
Common Stock Class B [Member]
Weighted average number of common stock outstanding:
Weighted average number of common stock outstanding (in shares)7,064,603 7,064,603 [1]7,064,603 7,045,085 [1]
Basic and diluted net income (loss) per share:
Basic and diluted net income (loss) per share (in dollars per share) $ (0.04) $ (0.01) $ (0.12) $ (0.04)
[1]On January 29, 2019, an aggregate of 122,897 shares held by the Sponsor were forfeited (see Note 7).

Condensed Statements of Opera_2

Condensed Statements of Operations (Parenthetical) - sharesJan. 29, 2019Sep. 30, 2019Sep. 30, 2019
Income Statement [Abstract]
Number of shares forfeited122,897 122,897 122,897

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)TotalCommon Stock Class A [Member]Common Stock Class B [Member]Additional Paid-In Capital [Member]Retained Earnings (Deficit) [Member]
Balance at beginning at Dec. 31, 2018 $ 5,000,006 $ 130 $ 719 $ 4,808,810 $ 190,347
Balance at beginning (in shares) at Dec. 31, 20181,302,489 7,187,500 [1]
Sale of Class A common stock to the public7,584,130 $ 76 7,584,054
Sale of Class A common stock to the public (in shares)758,413
Forfeiture of common stock to sponsor $ (12)[2]12
Forfeiture of common stock to sponsor (in shares)(122,897)
Shares subject to possible redemption(11,224,657) $ (111)(11,224,546)
Shares subject to possible redemption (in shares)(1,111,352)
Net income (loss)3,640,527 3,640,527
Balance at ending at Sep. 30, 20195,000,006 $ 95 $ 707 1,168,330 3,830,874
Balance at ending (in shares) at Sep. 30, 2019949,550 7,064,603
Balance at beginning at Jun. 30, 20195,000,003 $ 111 $ 707 2,810,220 2,188,965
Balance at beginning (in shares) at Jun. 30, 20191,112,115 7,064,603
Shares subject to possible redemption(1,641,906) $ (16)(1,641,890)
Shares subject to possible redemption (in shares)(162,565)
Net income (loss)1,641,909 1,641,909
Balance at ending at Sep. 30, 20195,000,006 $ 95 $ 707 1,168,330 3,830,874
Balance at ending (in shares) at Sep. 30, 2019949,550 7,064,603
Balance at beginning at Dec. 31, 20195,000,006 $ 88 $ 707 525,231 4,473,980
Balance at beginning (in shares) at Dec. 31, 2019885,876 7,064,603
Shares subject to possible redemption394,464 $ 42 394,422
Shares subject to possible redemption (in shares)414,301
Net income (loss)(394,466)(394,466)
Balance at ending at Sep. 30, 20205,000,004 $ 130 $ 707 919,653 4,079,514
Balance at ending (in shares) at Sep. 30, 20201,300,177 7,064,603
Balance at beginning at Jun. 30, 20205,000,002 $ 114 $ 707 559,737 4,439,444
Balance at beginning (in shares) at Jun. 30, 20201,140,900 7,064,603
Shares subject to possible redemption359,932 $ 16 359,916
Shares subject to possible redemption (in shares)159,277
Net income (loss)(359,930)(359,930)
Balance at ending at Sep. 30, 2020 $ 5,000,004 $ 130 $ 707 $ 919,653 $ 4,079,514
Balance at ending (in shares) at Sep. 30, 20201,300,177 7,064,603
[1]Includes an aggregate of 312,500 shares that were subject to forfeiture as the underwriter’s over-allotment option was not exercised in full
[2]On January 29, 2019, an aggregate of 122,897 shares held by the Sponsor were forfeited (see Note 7).

Condensed Statements of Chang_2

Condensed Statements of Changes in Stockholders' Equity (Parenthetical) - Sponsor [Member] - Over-Allotment Option [Member] - sharesJan. 29, 2019Jan. 17, 2018
Number of shares subject to forfeited122,897
Common Stock Class B [Member]
Number of shares subject to forfeited122,897 312,500

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash flows from operating activities
Net (loss) income $ (394,466) $ 3,640,527
Adjustments to reconcile net (loss) income to net cash used in operating activities
Interest earned on investments held in Trust Account(715,458)(4,933,471)
Increase in operating assets
Other assets(19,250)(18,750)
Increase (decrease) in operating liabilities
Payable to related party91,216 50,506
Accrued liabilities(1,162,574)969,148
Net cash used in operating activities(2,200,532)(292,040)
Cash flows from investing activities
Proceeds deposited in Trust Account(2,489,824)(7,659,971)
Proceeds from Trust Account to pay tax1,706,874
Proceeds from Trust Account74,541,606
Net cash provided by (used in) investing activities73,758,656 (7,659,971)
Cash flows from financing activities
Redemption of units disbursement(74,541,606)
Proceeds from sale of units in the initial public offering, net of underwriting discount and offering cost paid7,584,128
Proceeds from related party promissory notes750,000
Proceeds from related party - Sponsor loan2,489,824 75,841
Payment of related party payable(100,000)
Net cash provided by (used in) financing activities(71,301,782)7,559,969
Net increase (decrease) in cash256,342 (392,042)
Cash at beginning of period14,304 560,027
Cash at end of period270,646 167,985
Supplemental disclosure of cash flow activities
Cash paid for income tax1,226,992
Supplemental disclosure of non-cash financing activities
Change in common stock subject to possible redemption $ (394,465) $ 11,224,655

Description of Business and Ope

Description of Business and Operations9 Months Ended
Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Operations1. Description of Business and Operations Description of Business - CF Finance Acquisition Corp. (the “Company”) was incorporated in Delaware on July 9, 2014. 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”). Although the Company is not limited to a particular industry or sector for the purpose of consummating a Business Combination, the Company intends to focus its search on companies operating in the financial services or real estate industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2020, the Company had not yet commenced operations. All activity for the three and nine months ended September 30, 2020 and 2019 relates to the Company’s efforts toward locating and completing a suitable Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company has generated non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering. The Company has selected December 31 st The Company’s Sponsor is CF Finance Holdings, LLC (the “Sponsor”). The registration statement for the Public Offering (see Note 3) was declared effective by the United States Securities and Exchange Commission (the “SEC”) on December 12, 2018. The Company intends to finance a Business Combination with the proceeds of approximately $282,600,000 (approximately $208,100,000, as adjusted for the redemption described below) from the Public Offering, $6,000,000 from the Private Placement (see Note 4) and approximately $2,826,000 (approximately $5,315,700, as adjusted for the redemption described below) from the Sponsor loan (see Note 4). Offering costs for the Public Offering amounted to approximately $5,585,900, consisting of $5,100,000 of underwriting fees and approximately $485,900 of other costs. On June 15, 2020, the stockholders of the Company approved the extension of the termination of the Company from June 17, 2020 to September 17, 2020. In conjunction with the termination date extension vote, public stockholders exercised their right to elect to redeem 593,700 shares of Common Stock. $ 6,096,437 On September 10, 2020, the stockholders of the Company approved the extension of the termination of the Company from September 17, 2020 to December 17, 2020. In conjunction with the termination date extension vote, public stockholders exercised their right to elect to redeem 6,592,942 shares of Common Stock. $68,432,763 was withdrawn from the Trust Account in connection with the redemption of such shares. 1. Description of Business and Operations (continued) Initial Business Combination - The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Upon the closing of the Public Offering and the underwriter’s partial exercises of the over-allotment option, an amount equal to $10.10 per Unit sold in the Public Offering, including the proceeds of the Private Placement Units and Sponsor Loan (see Note 4), was held in a Trust Account, with Continental Stock Transfer & Trust Company acting as trustee. The proceeds are invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended Investment Company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company will provide its holders of the outstanding shares of its Class A common stock, par value $0.0001 (“Class A common stock”), sold in the Public Offering (the “public stockholders”) with the opportunity to redeem all or a portion of their public shares (the “Public Shares”) upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares (see Note 3) for a pro rata portion of the amount then in the Trust Account (initially $10.10 per Public Share).These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 Distinguishing Liabilities from Equity. 1. Description of Business and Operations (continued) Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Class A common stock sold in the Public Offering, without the prior consent of the Company. The initial stockholders, officers and directors have agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. On August 2, 2020, the Company entered into a Transaction Agreement (the “Transaction Agreement”) with CF Finance Intermediate Acquisition, LLC, a Delaware limited liability company and direct wholly owned subsidiary of the Company, Sponsor, Grosvenor Holdings, LLC, an Illinois limited liability company, Grosvenor Capital Management Holdings, LLLP, an Illinois limited liability limited partnership (“Grosvenor Capital”), GCM Grosvenor Management, LLC, a Delaware limited liability company, Grosvenor Holdings II, L.L.C., a Delaware limited liability company, GCMH GP, L.L.C., a Delaware limited liability company, GCM V, LLC, a Delaware limited liability company, and GCM Grosvenor Inc., a Delaware corporation and a direct wholly owned subsidiary of Grosvenor Capital (“GCM PubCo”). Pursuant to the Transaction Agreement, the Company will be merged (the “Merger”) with and into GCM PubCo, with GCM PubCo surviving the Merger, as a result of which GCM PubCo, as the surviving corporation in the Merger, will indirectly hold approximately 26.1% of the outstanding equity interests of Grosvenor Capital, assuming that no shares of the Company are redeemed in connection with the Merger . For more information about the business combination, see the definitive proxy statement/prospectus dated October 14, 2020 and filed with the SEC on October 15, 2020. In connection with the execution of the Transaction Agreement, on August 2, 2020, the Company entered into Subscription Agreements with certain investors (the “PIPE Investors”) pursuant to which, immediately following the consummation of the Merger, such PIPE Investors will purchase an aggregate of 19,500,000 shares of GCM PubCo Class A common stock at $10.00 per share for an aggregate purchase price of $195,000,000 (the “PIPE Transaction”). Forward Purchase Contract – In connection with the Public Offering, the Sponsor committed, pursuant to a forward purchase contract with the Company, to purchase, in a Private Placement for gross proceeds of $30,000,000 to occur concurrently with the consummation of an initial Business Combination, 3,000,000 of the Company’s Units on substantially the same terms as the sale of Units in the initial Public Offering at $10.00 per Unit, and 750,000 shares of Class A common stock. In connection with the execution of the Transaction Agreement regarding its initial Business Combination , on August 2, 2020, the Company and the Sponsor entered into Amendment No. 1 to Forward Purchase Contract, pursuant to which, among other things, the Sponsor agreed to purchase, s ubject to the Company’s consummation of a Business Combination with GCM PubCo and its affiliates , to a reduction in the total equity issuable under such contract to a total of 3,500,000 shares of GCM PubCo Class A common stock and 1,500,000 GCM PubCo common warrants, for the same $30,000,000 in gross proceeds . The funds from the sale of Company’s securities in the forward purchase contract, as amended, will be used as part of the consideration to the sellers in the initial Business Combination; any excess funds from this Private Placement will be used for working capital in the post-transaction company. This commitment is independent of the percentage of stockholders electing to redeem their Public Shares and provides the Company with a minimum funding level for the initial business combination. 1. Description of Business and Operations (continued) Failure to Consummate a Business Combination - If the Company is unable to complete a Business Combination by December 17, 2020 (which was originally June 17, 2020, but has been extended by two stockholder approvals) (or if such date is extended at a duly called meeting of our stockholders, such later date) (the “Combination Period”), 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 the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes (less up to $100,000 of interest 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 liquidating 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. The Combination Period extension from June 17, 2020 to September 17, 2020 was approved by stockholders at the stockholders’ meeting on June 15, 2020, and the Combination Period extension from September 17, 2020 to December 17, 2020 was approved by stockholders at the stockholders’ meeting on September 10, 2020. The initial stockholders, officers and directors have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders, officers and directors acquire Public Shares in or after the Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination 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 only $10.10 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, except for the Company’s independent registered public accounting firm, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. The Trust Account - The proceeds in the Trust Account will 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 which invest only in direct U.S. government obligations. Funds will remain in the Trust Account until the earlier of (i) the consummation of the Company’s initial Business Combination or (ii) the distribution of the Trust Account proceeds as described below. The remaining proceeds outside the Trust Account may be used to pay for business, legal and accounting due diligence expenses for prospective acquisition targets and continuing general and administrative expenses. As of September 30, 2020 and December 31, 2019, investment securities in the Trust Account consisted of $218,717,961 and $ 291,761,159 in money market funds. The 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 the Trust Account will be released until the earlier of: (i) the completion of the Business Combination; or (ii) the redemption of 100% of the Public Shares included in the Units being sold in the Public Offering if the Company is unable to complete a Business Combination by the Combination Period, subject to the requirements of law. 1. Description of Business and Operations (continued) During three and nine months ended September 30, 2020, $1,268,146 and $1,605,028 of the proceeds from the Trust Account were used to pay taxes, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies2. Summary of Significant Accounting Policies Basis of presentation - The unaudited condensed financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the 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 September 30, 2020 and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K filed by the Company with the SEC on March 6, 2020. In connection with the Company’s going concern considerations in accordance with ASU 2014-15, “ Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern Emerging growth company - The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. 2. Summary of Significant Accounting Policies (continued) Further, 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 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. This may make comparison of the Company’s unaudited condensed financial statements with another public company, which is neither an emerging growth company nor an emerging growth company, which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates - The preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and investments held in Trust Account - As of September 30, 2020 and December 31, 2019, the assets held in the Trust Account were held in money market funds. Income Taxes – Income taxes are accounted for under ASC Topic 740, Income Taxes , using the asset and liability method. 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 included the enactment date. To the extent that it is more likely than not that deferred tax assets will not be recognized, a valuation allowance would be established to offset their benefit. As of September 30, 2020 and December 31, 2019, the Company had no material deferred tax assets or liabilities. ASC Topic 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the unaudited condensed financial statements. The Company provides for uncertain tax positions based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties related to unrecognized tax benefits as provision for income taxes on the unaudited condensed statements of operations. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company may be subject to examination by federal, state and city taxing authorities in the areas of income taxes. The Company is currently not under examination by tax authorities and is not aware of any issues that may result in significant payments or accruals. Accordingly, the Company does not believe that the amounts of unrecognized tax benefits will materially change over the next twelve months. 2. Summary of Significant Accounting Policies (continued) Net Income (Loss) per Common Share - The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share . Net income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period, after deducting shares that are subject to forfeiture in connection with the Public Offering. As of September 30, 2020, the Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 21,643,809 shares of Class A common stock in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented. Net income per share, for Class A – public shares common stock is calculated by dividing the interest income earned on the Trust Account of approximately $7,000 and $715,000 for the three and nine months ended September 30, 2020, and $1,608,000 and $4,933,000 for the three and nine months ended September 30, 2019, respectively, less interest to pay taxes permitted to be withdrawn from the Trust Account by the weighted average number of Class A – public shares common stock outstanding for the period. Net income per share, Class A excludes the shares sold in the private placement because those shares do not have the same redemption rights as the Class A shares sold in the Public Offering. Net income (loss) per share, Class A – private placement and Class B common stock is calculated by dividing the net income, excluding interest income earned on the Trust Account and interest to pay taxes permitted to be withdrawn from the Trust Account, by the weighted average number of Class A – private placement and Class B common stock outstanding for the period. Concentration of Credit Risk - Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal depository insurance coverage of $250,000. As of September 30, 2020 and December 31, 2019, 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 Topic 820, Fair Value Measurements and Disclosures , approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. Recently Issued Accounting Pronouncements - The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

Public Offering

Public Offering9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Public Offering3. Public Offering The Company closed the Public Offering for the sale of approximately 28,260,000 (approximately 21,100,000 after the redemptions on June 15, 2020 and September 10, 2020) Units at a price of $10.00 per Unit, yielding gross proceeds of approximately $282,600,000 (approximately $208,100,000, as adjusted for redemptions on June 15, 2020 and September 10, 2020). In December 2018, the Company closed the Public Offering for the sale of 27,500,000 Units at a price of $10.00 per Unit, yielding proceeds of $275,000,000. The closings occurred on December 17, 2018 with respect to 25,000,000 Units and on December 31, 2018 with respect to 2,500,000 Units related to the partial exercise of the underwriter’s over-allotment option. In January 2019, the underwriter exercised the over-allotment option of 758,413 additional Units at $10.00 per Unit, yielding proceeds of $7,584,130. On June 15, 2020 and September 10, 2020, public shareholders exercised their right to redeem 593,700 and 6,592,942 Units at a redemption value of $6,108,843 (including the additional redemption value of $12,406 due to the change in estimated income tax), and $68,432,763, respectively. Each Unit consists of one share of Class A common stock, and three-quarters of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). Simultaneous with the closing of the Public Offering on December 17, 2018, the Sponsor purchased an aggregate of 600,000 Private Placement Units at a price of $10.00 per Unit ($6,000,000 in the aggregate) in a private placement. Each Unit consists of one share of Class A common stock and three-quarters of one warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). The Private Placement Units are not redeemable from funds deposited in the Trust Account. Upon the December 2018 and January 2019 closings of the Public Offering, and June 2020 termination extension vote (see Note 1), the Sponsor funded loans in the amount of $2,750,000, $75,841 and $2,489,824, respectively, pursuant to a promissory note issued by the Company. The promissory note is at nominal or no interest (see Note 4). Upon the closing of the Public Offering and the sale of the Private Placement Units, and taking into consideration the offering costs, an aggregate of approximately $286,000,000 (approximately $211,500,000 after the redemptions on June 15, 2020 and September 10, 2020) was deposited in the Trust Account.

Related Party Transactions

Related Party Transactions9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions4. Related Party Transactions Founder shares In July 2014, the Sponsor purchased 2,875,000 Founder Shares of the Company’s Class B common stock, par value $0.0001 (“Class B common stock”) for an aggregate price of $383. During 2015, the Sponsor contributed an additional $50,000 to the Company’s paid-in capital for no additional shares. The Founder Shares will automatically convert into shares of Class A common stock at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions (see Note 7). On January 17, 2018, the Sponsor effectuated a recapitalization of the Company, which included a 2.5-for-1 stock split resulting in an aggregate of 7,187,500 Founder Shares outstanding and held by the Sponsor Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment, at any time. In January 2019, 122,897 shares were forfeited by the Sponsor so that the Founder Shares represent 20% of the Company’s issued and outstanding shares after the Public Offering (not including the placement shares). The initial stockholders, officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Units Upon the December 17, 2018 closing of the Public Offering, the Sponsor paid the Company $6,000,000 for the purchase of the 600,000 Private Placement Units at a price of $10.00 per Private Placement Unit. Each Unit consists of one share of Class A common stock and three-quarters of one warrant. Each whole warrant sold as part of each Private Placement Unit is exercisable for one share of Class A common stock at a price of  $11.50 per share. The proceeds from the Private Placement Units were added to the proceeds from the Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the trust account will be used to fund the redemption of the Company’s Public Shares (subject to the requirements of applicable law). The warrants included in the Private Placement Units will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The warrants will expire five years after the completion of the Company’s Business Combination or earlier upon redemption or liquidation. The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units until 30 days after the completion of the initial Business Combination. Underwriter The underwriter is an affiliate of the Sponsor (see Note 5). 4. Related Party Transactions (continued) Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of  $1.00 per warrant. The warrants would be identical to the warrants included in the Private Placement Units. In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor has committed, in the form of a loan, up to $750,000 to be provided to the Company to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements prior to the Company’s initial Business Combination. Such loan may be convertible into warrants, at a price of $1.00 per warrant at the option of the Sponsor. As of September 30, 2020, the Company had $750,000 outstanding under the loan. As of December 31, 2019, the Company didn’t have any outstanding balance under the loan. The Sponsor pays expenses on the Company’s behalf. The Company reimburses the Sponsor. The unpaid balance is included in Payables to related parties on the accompanying condensed balance sheets. As of September 30, 2020 and as of December 31, 2019, the Company had accounts payable outstanding to Sponsor for such expenses paid on the Company’s behalf of approximately $128,000 and $37,000, respectively. Sponsor Loan Upon the closings of the Public Offering, the Sponsor funded loans in the amount of $2,750,000 in December 2018 and $75,841 in January 2019. In June 2020, the Sponsor funded an additional loan in the amount of $2,489,824 in conjunction with the termination date extension vote (see Note 1). The aggregate amount of the loans is $5,315,665, pursuant to promissory notes issued by the Company. The promissory notes are interest free. The proceeds of the Sponsor loans were deposited into the Trust Account and will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). The Sponsor loans shall be repaid or converted into units of the Company, at the Sponsor’s discretion, only upon consummation of the Business Combination. Such units would be identical to the Units sold in the Public Offering except that the Sponsor loan warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor loan was extended in order to ensure that the amount in the Trust Account was initially $10.10 and $10.19 after the additional loan funding in June 2020, per Public Share. If there is no Business Combination, the Sponsor loan will not be repaid and the loan’s proceeds will be distributed to the public stockholders. The Sponsor has waived any claims against the Trust Account in connection with the Sponsor loan.

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies5. Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Units (and component securities) and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock). The registration rights agreement was signed on December 12, 2018. These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements. In connection with the Business Combination, the registration rights agreement is being amended to provide that GCM Pubco will register for resale certain shares of common stock and other equity securities that are held by the parties thereto from time to time. Underwriting Agreement Cantor Fitzgerald & Co., the underwriter of the Public Offering and an affiliate of the Sponsor, purchased approximately 3,260,000 additional Units to cover over-allotments, at the Public Offering price less the underwriting discounts and commissions. The underwriter was entitled to an underwriting discount of $0.20 per Unit, or $5,000,000 in the aggregate, even if the underwriter’s over-allotment was exercised in full. The underwriter has paid approximately $32,600,000 for 3,260,000 Units. The Company also engaged a qualified independent underwriter to participate in the preparation of the registration statement and exercise the usual standards of “due diligence” in respect thereto. The Company paid the independent underwriter a fee of $100,000 upon the completion of the Public Offering in consideration for its services and expenses as the qualified independent underwriter. The independent underwriter will receive no other compensation. The fee was charged directly to stockholders’ equity upon completion of the IPO. Business Combination Marketing Agreement and Additional Fees Payable to Affiliates The Company has engaged Cantor Fitzgerald & Co. as an advisor in connection with the Company’s initial Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay Cantor Fitzgerald & Co. a cash fee for such services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the Public Offering, including any proceeds from the partial exercise of the underwriters’ over-allotment option. In addition, upon completion of the Business Combination, and assuming no change in the amount of the PIPE Transaction, an aggregate amount of approximately $7.8 million in advisory fees and placement agent fees will be payable to Cantor Fitzgerald & Co., an affiliate of ours and the Sponsor.

Fair Value Measurement

Fair Value Measurement9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement6. Fair Value Measurement Fair Value – U.S. GAAP defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and requires certain disclosures about such fair value measurements. The Company follows the guidance in ASC 820 for its financial assets that are re-measured and reported at fair value at each reporting period. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 measurements – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 measurements – Quoted prices in markets that are not active or financial instruments for which all-significant inputs are observable, either directly or indirectly.

Level 3 measurements – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. As required by U.S. GAAP guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Assets at Fair Value at September 30, 2020
Description
Level 1
Level 2
Level 3
Total
Cash and investments held in Trust Account
Money market fund
$
218,717,961
$

$

$
218,717,961
Total
$
218,717,961
$

$

$
218,717,961
Assets at Fair Value at December 31, 2019
Description
Level 1
Level 2
Level 3
Total
Cash and investments held in Trust Account
Money market fund
$
291,761,159
$

$

$
291,761,159
Total
$
291,761,159
$

$

$
291,761,159

Stockholders' Equity

Stockholders' Equity9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity7. Stockholders’ Equity Class A Common Stock - The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of  $0.0001 per share. As of September 30, 2020 and December 31, 2019, there were 21,671,771 and 28,858,413 shares of Class A common stock issued and outstanding including 20,371,594 and 27,972,537 of shares subject to redemption, respectively. Class A Common Stock includes 600,000 shares sold in a Private Placement. The shares sold in the Private Placement do not contain the same redemption feature contained in the shares sold in the Public Offering. Class B Common Stock - The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of  $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. As of September 30, 2020 and December 31, 2019, there were 7,064,603 shares of Class B common stock outstanding, respectively, of which none were subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriter’s over-allotment option is not exercised in full, so that the initial stockholders, officers and directors will collectively own 20% of the Company’s issued and outstanding common stock after the Public Offering, not including the Private Placement Units. Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. Upon the final exercise of the underwriters' over-allotment option in January 2019, the Sponsor forfeited 122,897 shares of Class B common stock. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the initial Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Public Offering, not including the Private Placement Units, plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. Preferred stock - The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of  $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2020 and December 31, 2019, there were no shares of preferred stock issued or outstanding. 7. Stockholders’ Equity (continued) Warrants - Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of  (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its commercially reasonable best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The warrants included in the Private Placement Units are identical to the Public Warrants underlying the Units being sold in the Public Offering, except that the warrants included in the Private Placement Units and the Class A common stock issuable upon the exercise of the warrants included in the Private Placement Units are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the warrants included in the Private Placement Units will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the warrants included in the Private Placement Units are held by someone other than the initial purchasers or their permitted transferees, the warrants included in the Private Placement Units will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The warrants will expire five years after the completion of the Company’s Business Combination or earlier upon redemption or liquidation. 7. Stockholders’ Equity (continued) The Company may redeem the Public Warrants (except with respect to the warrants included in the Private Placement Units):

in whole and not in part;

at a price of $0.01 per warrant;

at any time during the exercise period;

upon a minimum of 30 days’ prior written notice of redemption;

if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and

if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis”, as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. On January 17, 2018, the Sponsor effectuated a recapitalization of the Company, which included a 2.5-for-1 stock forfeited were 122,897). Information

Subsequent Events

Subsequent Events9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events8. Subsequent Events The Company has evaluated subsequent events through the date the unaudited condensed financial statements were issued. There have been no material subsequent events that would require recognition in these unaudited condensed financial statements or disclosure in the notes to the unaudited condensed financial statements , except as outlined below. On October 1, 2020, the Company issued a press release announcing that it has established October 8, 2020 as the record date for the special meeting of stockholders to be held with respect to the previously announced business combination with GCM PubCo. (see Note 1). In addition, on October 15, 2020, the Company filed a definitive proxy statement announcing that the stockholders meeting to approve the Transaction Agreement will be held on November 3, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Basis of PresentationBasis of presentation - The unaudited condensed financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the 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 September 30, 2020 and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K filed by the Company with the SEC on March 6, 2020. In connection with the Company’s going concern considerations in accordance with ASU 2014-15, “ Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern
Emerging growth companyEmerging growth company - The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. 2. Summary of Significant Accounting Policies (continued) Further, 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 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. This may make comparison of the Company’s unaudited condensed financial statements with another public company, which is neither an emerging growth company nor an emerging growth company, which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of EstimatesUse of Estimates - The preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and investments held in Trust AccountCash and investments held in Trust Account - As of September 30, 2020 and December 31, 2019, the assets held in the Trust Account were held in money market funds.
Income TaxesIncome Taxes – Income taxes are accounted for under ASC Topic 740, Income Taxes , using the asset and liability method. 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 included the enactment date. To the extent that it is more likely than not that deferred tax assets will not be recognized, a valuation allowance would be established to offset their benefit. As of September 30, 2020 and December 31, 2019, the Company had no material deferred tax assets or liabilities. ASC Topic 740 prescribes a recognition threshold that a tax position is required to meet before being recognized in the unaudited condensed financial statements. The Company provides for uncertain tax positions based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties related to unrecognized tax benefits as provision for income taxes on the unaudited condensed statements of operations. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company may be subject to examination by federal, state and city taxing authorities in the areas of income taxes. The Company is currently not under examination by tax authorities and is not aware of any issues that may result in significant payments or accruals. Accordingly, the Company does not believe that the amounts of unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) per Common Share2. Summary of Significant Accounting Policies (continued) Net Income (Loss) per Common Share - The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share . Net income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period, after deducting shares that are subject to forfeiture in connection with the Public Offering. As of September 30, 2020, the Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 21,643,809 shares of Class A common stock in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented. Net income per share, for Class A – public shares common stock is calculated by dividing the interest income earned on the Trust Account of approximately $7,000 and $715,000 for the three and nine months ended September 30, 2020, and $1,608,000 and $4,933,000 for the three and nine months ended September 30, 2019, respectively, less interest to pay taxes permitted to be withdrawn from the Trust Account by the weighted average number of Class A – public shares common stock outstanding for the period. Net income per share, Class A excludes the shares sold in the private placement because those shares do not have the same redemption rights as the Class A shares sold in the Public Offering. Net income (loss) per share, Class A – private placement and Class B common stock is calculated by dividing the net income, excluding interest income earned on the Trust Account and interest to pay taxes permitted to be withdrawn from the Trust Account, by the weighted average number of Class A – private placement and Class B common stock outstanding for the period.
Concentration of Credit RiskConcentration of Credit Risk - Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal depository insurance coverage of $250,000. As of September 30, 2020 and December 31, 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Financial InstrumentsFinancial Instruments - The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurements and Disclosures , approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.
Recently Issued Accounting PronouncementsRecently Issued Accounting Pronouncements - The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

Fair Value Measurement (Policie

Fair Value Measurement (Policies)9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value MeasurementFair Value – U.S. GAAP defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and requires certain disclosures about such fair value measurements. The Company follows the guidance in ASC 820 for its financial assets that are re-measured and reported at fair value at each reporting period. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 measurements – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 measurements – Quoted prices in markets that are not active or financial instruments for which all-significant inputs are observable, either directly or indirectly.

Level 3 measurements – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. As required by U.S. GAAP guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring BasisThe following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Assets at Fair Value at September 30, 2020
Description
Level 1
Level 2
Level 3
Total
Cash and investments held in Trust Account
Money market fund
$
218,717,961
$

$

$
218,717,961
Total
$
218,717,961
$

$

$
218,717,961
Assets at Fair Value at December 31, 2019
Description
Level 1
Level 2
Level 3
Total
Cash and investments held in Trust Account
Money market fund
$
291,761,159
$

$

$
291,761,159
Total
$
291,761,159
$

$

$
291,761,159

Description of Business and O_2

Description of Business and Operations (Details Narrative) - USD ($)Sep. 10, 2020Aug. 02, 2020Jun. 17, 2020Jun. 15, 2020Dec. 17, 2018Sep. 30, 2020Sep. 30, 2020Sep. 30, 2019Dec. 31, 2018Dec. 17, 2018Sep. 16, 2020Dec. 31, 2019
Subsidiary Sale Of Stock [Line Items]
Date of incorporationJul. 9,
2014
Proceeds from issuance of public offering $ 7,584,128
Proceeds from sponsor loan $ 2,826,000
Redeemable common stock shares6,592,942 593,700
Amount withdrawn with regard to redemption $ 68,432,763 $ 6,108,843 $ 12,406
Contribution Per Remaining Public Share To The Trust Account $ 0.09
Investments maturity period180 days
Description of restriction of stockthat a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Class A common stock sold in the Public Offering, without the prior consent of the Company
Percentage of public shares to be redeemed in case of not completing business combination100.00%100.00%
Proceeds from sale of units in the initial public offering, net of underwriting discount and offering cost paid $ 7,584,128
Description of failure to consummate business combinationunable to complete a Business Combination by December 17, 2020 (which was originally June 17, 2020, but has been extended by two stockholder approvals) (or if such date is extended at a duly called meeting of our stockholders, such later date) (the “Combination Period”), 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 the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes (less up to $100,000 of interest 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 liquidating 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.
Deposit in Trust Account [Member]
Subsidiary Sale Of Stock [Line Items]
Adjusted for Redemption from proceed from public offering $ 211,500,000 $ 211,500,000
Proceeds from issuance of private Placement $ 286,000,000
Common stock, conversion price (in dollars per share) $ 10.10
Common Stock Class A [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock (in dollars) $ 0.0001 0.0001 $ 0.0001
Purchase of aggregate price per share $ 11.50 $ 11.50
Minimum [Member]
Subsidiary Sale Of Stock [Line Items]
Percentage of outstanding voting securities of target to complete business acquisition50.00%50.00%
Net tangible assets $ 5,000,001 $ 5,000,001
Minimum [Member] | Common Stock Class A [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock redemption percentage20.00%
Maximum [Member]
Subsidiary Sale Of Stock [Line Items]
Interest to pay dissolution expenses $ 100,000
Sponsor [Member]
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of private Placement $ 6,000,000 6,000,000 $ 6,000,000
Adjusted for Redemption from proceed from private placement $ 5,315,700
Grosvenor Holdings LLC [Member] | Transaction Agreement [Member]
Subsidiary Sale Of Stock [Line Items]
Outstanding equity interests26.10%
PIPE Investors [Member] | Transaction Agreement [Member]
Subsidiary Sale Of Stock [Line Items]
Purchase of aggregate price per share $ 10
Purchase of aggregate price $ 195,000,000
Purchase of aggregate shares19,500,000
Trust Account [Member]
Subsidiary Sale Of Stock [Line Items]
Contributions to Trust Account $ 2,489,824
Sale of stock, price per share (in dollars per share) $ 10.10 $ 10.10
Proceeds from trust account used to pay franchise tax. $ 1,268,146 $ 1,605,028
Trust Account [Member] | Money Market Funds [Member]
Subsidiary Sale Of Stock [Line Items]
Investment securities in trust account $ 218,717,961 $ 218,717,961 $ 291,761,159
Trust Account [Member] | Minimum [Member]
Subsidiary Sale Of Stock [Line Items]
Minimum percentage of aggregate fair market value of assets to be held for business acquisition80.00%80.00%
Trust Account [Member] | Sponsor [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of stock, price per share (in dollars per share) $ 10.10 $ 10.10
Public Offering [Member]
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of public offering $ 282,600,000 $ 275,000,000
Adjusted for Redemption from proceed from public offering208,100,000
Offering costs5,585,900
Underwriting fees5,100,000
Other offering costs $ 485,900
Sale of stock, price per share (in dollars per share)10 $ 10 $ 10
Number of shares issued in transaction28,260,000 27,500,000
Proceeds from sale of units in the initial public offering, net of underwriting discount and offering cost paid $ 282,600,000 $ 275,000,000
Private Placement [Member] | Sponsor [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of stock, price per share (in dollars per share) $ 10 $ 10
Purchase of aggregate price per share $ 11.50 $ 11.50
Number of shares issued in transaction600,000 600,000
Private Placement [Member] | Sponsor [Member] | Forward Purchase Contract [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of stock, price per share (in dollars per share) $ 10 $ 10
Gross proceeds from issuance offering $ 30,000,000
Number of shares issued in transaction3,000,000
Private Placement [Member] | Sponsor [Member] | Forward Purchase Contract [Member] | GCM PubCo [Member]
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of public offering $ 30,000,000
Proceeds from sale of units in the initial public offering, net of underwriting discount and offering cost paid $ 30,000,000
Private Placement [Member] | Sponsor [Member] | Forward Purchase Contract [Member] | GCM PubCo [Member] | Warrants [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction1,500,000
Private Placement [Member] | Sponsor [Member] | Common Stock Class A [Member] | Forward Purchase Contract [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction750,000
Private Placement [Member] | Sponsor [Member] | Common Stock Class A [Member] | Forward Purchase Contract [Member] | GCM PubCo [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction3,500,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Description of liquidation periodwithin ten business days
Unrecognized tax benefits $ 0 $ 0 $ 0
Accrual for interest and penalties0 0 $ 0
Credit Risk Contract [Member] | Federal Depository Insurance Coverage [Member]
Summary Of Significant Accounting Policies [Line Items]
Increase in cash accounts in financial institution250,000
Common Stock Class A [Member] | Trust Account [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest income on trust account $ 7,000 $ 1,608,000 $ 715,000 $ 4,933,000
Warrant [Member] | Common Stock Class A [Member] | Public Offering And Private Placement [Member]
Summary Of Significant Accounting Policies [Line Items]
Ant-dilutive earnings per share21,643,809
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest to pay dissolution expenses $ 100,000
Sponsor [Member]
Summary Of Significant Accounting Policies [Line Items]
Related party transaction750,000
Sponsor [Member] | Related Party Loan [Member]
Summary Of Significant Accounting Policies [Line Items]
Related party transaction $ 1,500,000

Public Offering (Details Narrat

Public Offering (Details Narrative) - USD ($)Sep. 10, 2020Jun. 15, 2020Dec. 17, 2018Jan. 31, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2018Dec. 17, 2018Sep. 16, 2020Jun. 30, 2020
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of public offering $ 7,584,128
Redeemable common stock shares6,592,942 593,700
Amount withdrawn with regard to redemption $ 68,432,763 $ 6,108,843 $ 12,406
Additional amount withdrawn with regard to redemption12,406
Deposit in Trust Account [Member]
Subsidiary Sale Of Stock [Line Items]
Adjusted for Redemption from proceed from public offering $ 211,500,000 211,500,000
Proceeds from issuance of private placement $ 286,000,000
Common Stock Class A [Member]
Subsidiary Sale Of Stock [Line Items]
Purchase of aggregate price per share $ 11.50
Public Offering [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction28,260,000 27,500,000
Sale of stock number of shares issued in transaction after redemption21,100,000
Stock price (in dollars per share) $ 10 $ 10
Proceeds from issuance of public offering $ 282,600,000 $ 275,000,000
Adjusted for Redemption from proceed from public offering $ 208,100,000
Sale of stock, description of transactionEach Unit consists of one share of Class A common stock, and three-quarters of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7).
Underwriter's [Member] | Over-Allotment Option [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction25,000,000 758,413 2,500,000
Stock price (in dollars per share) $ 10
Proceeds from issuance of public offering $ 7,584,130
Sponsor [Member]
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of private placement $ 6,000,000 $ 6,000,000 $ 6,000,000
Sponsor [Member] | Promissory Note [Member]
Subsidiary Sale Of Stock [Line Items]
Face value of loan $ 5,315,665 $ 75,841 $ 2,750,000 $ 2,489,824
Sponsor [Member] | Private Placement [Member]
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction600,000 600,000
Stock price (in dollars per share) $ 10 $ 10
Purchase of aggregate price per share $ 11.50 $ 11.50
Sponsor [Member] | Private Placement [Member] | Common Stock Class A [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of stock, description of transactionEach Unit consists of one share of Class A common stock and three-quarters of one warrant.

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)Jan. 29, 2019Dec. 17, 2018Jan. 17, 2018Jul. 31, 2014Sep. 30, 2020Dec. 31, 2018Dec. 17, 2018Dec. 31, 2015Jun. 30, 2020Jun. 15, 2020Dec. 31, 2019Jan. 31, 2019
Related Party Transaction [Line Items]
Sale of stock price per share after funded an additional loan $ 10.19
Trust Account [Member]
Related Party Transaction [Line Items]
Sale of stock, price per share (in dollars per share)10.10
Minimum [Member]
Related Party Transaction [Line Items]
Sale price of class A common stock on which founder shares not to transfer assign or sale $ 12
Founder Shares [Member]
Related Party Transaction [Line Items]
Description of restriction on sale of stockThe initial stockholders, officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.
Warrants [Member] | Working Capital Loans [Member]
Related Party Transaction [Line Items]
Exercise price (in dollars per share) $ 1
Common Stock Class A [Member]
Related Party Transaction [Line Items]
Common stock (in dollars per share) $ 0.0001 $ 0.0001
Common stock outstanding1,300,177 885,876
Common Stock Class B [Member]
Related Party Transaction [Line Items]
Common stock (in dollars per share) $ 0.0001 $ 0.0001
Common stock outstanding7,064,603 7,064,603
Sponsor [Member]
Related Party Transaction [Line Items]
Stock split2.5-for-12.5-for-1
Proceeds from issuance of private placement $ 6,000,000 $ 6,000,000 $ 6,000,000
Related party transaction $ 750,000
Sponsor [Member] | Trust Account [Member]
Related Party Transaction [Line Items]
Sale of stock, price per share (in dollars per share) $ 10.10
Sponsor [Member] | Working Capital Loans [Member]
Related Party Transaction [Line Items]
Restriction on transfer or sale of stock term $ 1,500,000
Warrants and Rights Outstanding750,000
Sponsor [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Amount payable to related parties128,000 $ 37,000
Face value of loan $ 2,750,000 $ 2,489,824 $ 5,315,665 $ 75,841
Funded An additional loan $ 2,489,824
Sponsor [Member] | Founder Shares [Member]
Related Party Transaction [Line Items]
Ownership percentage20.00%
Sponsor [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Number of common stock issued, value $ 50,000
Sponsor [Member] | Warrants [Member]
Related Party Transaction [Line Items]
Exercise price (in dollars per share) $ 1
Sponsor [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Number of shares issued in transaction600,000 600,000
Sale of stock, price per share (in dollars per share) $ 10 $ 10
Warrant term5 years
Sponsor [Member] | Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Common stock outstanding7,187,500
Number of shares subject to forfeited122,897
Sponsor [Member] | Common Stock Class A [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Number of common stock issued (in shares)2,875,000
Number of common stock issued, value $ 383
Sale of stock, description of transactionEach Unit consists of one share of Class A common stock and three-quarters of one warrant.
Exercise price (in dollars per share) $ 11.50 $ 11.50
Sponsor [Member] | Common Stock Class B [Member]
Related Party Transaction [Line Items]
Common stock (in dollars per share) $ 0.0001
Sponsor [Member] | Common Stock Class B [Member] | Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Number of shares subject to forfeited122,897 312,500
Sponsor, Officers And Directors [Member] | | Private Placement [Member]
Related Party Transaction [Line Items]
Restriction on transfer or sale of stock term30 days

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - Cantor Fitzgerald And Co [Member]9 Months Ended
Sep. 30, 2020USD ($)$ / sharesshares
Other Commitments [Line Items]
Underwriter fee $ 100,000
Advisory Fees and Placement Agent Fees Payable Amount $ 7,800,000
Over-Allotment Option [Member] | Underwriting Agreement [Member]
Other Commitments [Line Items]
Stock price (in dollars per share) | shares3,260,000
Stock price (in dollars per share) | $ / shares $ 0.20
Underwriter discount for underwriter over allotment exercise $ 5,000,000
Terms of cash underwriting discountThe underwriter was entitled to an underwriting discount of $0.20 per Unit, or $5,000,000 in the aggregate, even if the underwriter’s over-allotment was exercised in full. The underwriter has paid approximately $32,600,000 for 3,260,000 Units.
Underwriting commitments, paid amount $ 32,600,000

Fair Value Measurement (Details

Fair Value Measurement (Details) - Fair Value Measurement Recurring [Member] - USD ($)Sep. 30, 2020Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment held in trust account, fair value $ 218,717,961 $ 291,761,159
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment held in trust account, fair value218,717,961 291,761,159
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment held in trust account, fair value218,717,961 291,761,159
Level 1 [Member] | Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment held in trust account, fair value $ 218,717,961 $ 291,761,159

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative)Jan. 29, 2019sharesJan. 17, 2018sharesSep. 30, 2019sharesSep. 30, 2020$ / sharessharesSep. 30, 2019sharesDec. 31, 2019$ / sharessharesDec. 17, 2018$ / sharesJul. 31, 2014$ / shares
Class Of Stock [Line Items]
Number of shares forfeited122,897 122,897 122,897
Preferred stock, authorized1,000,000 1,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001
Preferred stock, issued0 0
Preferred stock, outstanding0 0
Description of warrantThe Company may redeem the Public Warrants (except with respect to the warrants included in the Private Placement Units):




 



in whole and not in part;




 



at a price of $0.01 per warrant;




 



at any time during the exercise period;




 



upon a minimum of 30 days’ prior written notice of redemption;




 



if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and




 



if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.
Sponsor [Member]
Class Of Stock [Line Items]
Stock split2.5-for-12.5-for-1
Stock split, conversion ratio2.5
Common Stock Class A [Member]
Class Of Stock [Line Items]
Common stock, shares authorized100,000,000 100,000,000
Common stock, par value | $ / shares $ 0.0001 $ 0.0001
Common stock issued including stock subject to redemption21,671,771 28,858,413
Common stock, outstanding including stock subject to redemption21,671,771 28,858,413
Common stock, subject to redemption20,371,594 27,972,537
Common stock, issued1,300,177 885,876
Common stock, outstanding1,300,177 885,876
Common Stock Class B [Member]
Class Of Stock [Line Items]
Common stock, shares authorized10,000,000 10,000,000
Common stock, par value | $ / shares $ 0.0001 $ 0.0001
Common stock, issued7,064,603 7,064,603
Common stock, voting rightsHolders of Class B common stock are entitled to one vote for each share.
Common stock, outstanding7,064,603 7,064,603
Common Stock Class B [Member] | Sponsor [Member]
Class Of Stock [Line Items]
Common stock, par value | $ / shares $ 0.0001
Common Stock Class B [Member] | Stockholders, Officers and Directors [Member]
Class Of Stock [Line Items]
Percentage owned in common stock20.00%
Private Placement [Member]
Class Of Stock [Line Items]
Class of warrant or right warrants par value | $ / shares $ 0.01
Private Placement [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Exercise price (in dollars per share) | $ / shares $ 18
Private Placement [Member] | Minimum [Member]
Class Of Stock [Line Items]
Number of trading days20 days
Private Placement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Number of trading days30 days
Private Placement [Member] | Common Stock Class A [Member]
Class Of Stock [Line Items]
Common stock, issued600,000 600,000
Private Placement [Member] | Common Stock Class A [Member] | Sponsor [Member]
Class Of Stock [Line Items]
Exercise price (in dollars per share) | $ / shares $ 11.50
Over-Allotment Option [Member] | Sponsor [Member]
Class Of Stock [Line Items]
Common stock, outstanding7,187,500
Number of shares subject to forfeited122,897
Number of shares forfeited312,500
Over-Allotment Option [Member] | Common Stock Class B [Member] | Sponsor [Member]
Class Of Stock [Line Items]
Number of shares subject to forfeited122,897 312,500
Number of shares forfeited0

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)Oct. 15, 2020
Subsequent Event
Subsequent Event [Line Items]
Sale of Stock, Transaction DateNov. 3,
2020