Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 12, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Double Eagle Acquisition Corp. | |
Entity Central Index Key | 1,647,088 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | EAGL | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50,000,000 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,500,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current asset: | ||
Cash | $ 495,015 | $ 1,007,861 |
Cash and investments held in Trust Account | 500,589,167 | 500,089,682 |
Total assets | 501,084,182 | 501,097,543 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Current liabilities - Accounts payable and accrued offering costs | 25,639 | 133,460 |
Deferred underwriting compensation | 19,500,000 | 19,500,000 |
Total liabilities | 19,525,639 | 19,633,460 |
Class A ordinary shares subject to possible redemptions; 47,655,854 shares and 47,646,408 shares at June 30, 2016 and December 31, 2015, respectively | 476,558,540 | 476,464,080 |
Shareholders' equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 4,924,867 | 5,019,326 |
Retained earnings (accumulated deficit) | 73,652 | (20,808) |
Total shareholders' equity | 5,000,003 | 5,000,003 |
Total liabilities and shareholders' equity | 501,084,182 | 501,097,543 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Common Stock, Value, Issued | 234 | 235 |
Common Class B [Member] | ||
Shareholders' equity: | ||
Common Stock, Value, Issued | $ 1,250 | $ 1,250 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Class A [Member] | ||
Temporary Equity, Shares Outstanding | 47,655,854 | 47,646,408 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 380,000,000 | 380,000,000 |
Common Stock, Shares, Issued | 2,344,146 | 2,353,592 |
Common Stock, Shares, Outstanding | 2,344,146 | 2,353,592 |
Redeemable Shares | 47,646,408 | 47,646,408 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 12,500,000 | 12,500,000 |
Common Stock, Shares, Outstanding | 12,500,000 | 12,500,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2016 |
Revenue | $ 0 | $ 0 | $ 0 |
General and administrative expenses | 5,000 | 127,551 | 405,025 |
Loss from operations | (5,000) | (127,551) | (405,025) |
Other income - interest on Trust Account | 0 | 268,755 | 499,485 |
Net income (loss) attributable to ordinary shares | $ (5,000) | $ 141,204 | $ 94,460 |
Weighted average ordinary shares outstanding: | |||
Basic and diluted | 13,800,000 | 14,858,112 | 14,855,890 |
Net income (loss) per ordinary share: | |||
Basic and diluted | $ 0 | $ 0.01 | $ 0.01 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Class A [Member]Common Stock [Member] | Common Class B [Member]Common Stock [Member] |
Balance at Dec. 31, 2015 | $ 5,000,003 | $ 5,019,326 | $ (20,808) | $ 235 | $ 1,250 |
Balance (in shares) at Dec. 31, 2015 | 2,353,592 | 12,500,000 | |||
Adjustment to ordinary shares subject to redemption | (94,460) | (94,459) | 0 | $ (1) | $ 0 |
Adjustment to ordinary shares subject to redemption (in shares) | (9,446) | 0 | |||
Net income attributable to ordinary shares for the period ended June 30, 2016 | 94,460 | 94,460 | |||
Balance at Jun. 30, 2016 | $ 5,000,003 | $ 4,924,867 | $ 73,652 | $ 234 | $ 1,250 |
Balance (in shares) at Jun. 30, 2016 | 2,344,146 | 12,500,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | Jun. 30, 2015 | Jun. 30, 2016 |
Cash flows from operating activities: | ||
Net income (loss) attributable to ordinary shares | $ (5,000) | $ 94,460 |
Changes in operating assets and liabilities: | ||
Changes in operating assets and liabilities | (20,000) | |
Decreases in accounts payable and accrued offering costs | 25,000 | (107,821) |
Net cash used in operating activities | 0 | (13,361) |
Cash flows from investing activities: | ||
Trust income reinvested in trust | 0 | (499,485) |
Net cash used in investing activities | 0 | (499,485) |
Decrease in cash during period | 0 | (512,846) |
Cash at beginning of period | 0 | 1,007,861 |
Cash at end of period | 0 | 495,015 |
Supplemental Schedule of Non-Cash Financing Activities: | ||
Formation and offering costs paid by sponsor in exchange for founder shares | $ 25,000 | $ 0 |
Organization and Business Opera
Organization and Business Operations | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Business Operations Incorporation Double Eagle Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on June 26, 2015. The functional currency of the Company is the United States dollar. Sponsor The Company’s sponsor is Double Eagle Acquisition LLC, a Delaware limited liability company (the “Sponsor”). Fiscal Year End The Company has selected December 31 as its fiscal year end. Business Purpose The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more operating businesses that it has not yet selected (“Business Combination”). Financing The registration statement for the Company’s initial public offering (the “Public Offering”) (as described in Note 3) was declared effective by the United States Securities and Exchange Commission (the “SEC”) on September 10, 2015. The Company consummated the Public Offering on September 16, 2015, and, simultaneously with the closing of the Public Offering, the Sponsor, Harry E. Sloan and the Company’s independent directors (and/or one or more of their state planning vehicles) purchased an aggregate of 19,500,000 0.50 9,750,000 Upon the closing of the Public Offering and the private placement, $ 500,000,000 2,000,000 Trust Account The Trust Account can be invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. The Company’s amended and restated memorandum and articles of association provide that, other than the withdrawal of interest to pay income taxes, if any, none of the funds held in trust will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of any of the Class A ordinary shares included in the Units sold in the Public Offering properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to modify the substance or timing of the Company’s obligation to redeem 100 Business Combination A Business Combination is subject to the following size, focus and shareholder approval provisions: Size/Control Focus Tender Offer/Shareholder Approval 5,000,001 If the Company holds a shareholder vote in connection with a Business Combination, a public shareholder will have the right to redeem its Class A ordinary shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial business combination, including interest but less income taxes payable. As a result, such Class A ordinary shares have been recorded at redemption amount and classified as temporary equity, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” Liquidation The Company has 24 months from the closing of the Public Offering to complete its initial Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public shares for a per share pro rata portion of the Trust Account, including interest, but less income taxes payable (less up to $ 100,000 Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 registration statement under the Securities Act of 1933, as amended (the “Securities Act”), declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an 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 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 accountant standards used. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies The accompanying condensed financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America 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 the fair presentation of the financial position as of June 30, 2016 and the results of operations and cash flows for the periods presented. Certain information and disclosure normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. Basic net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. Diluted net income/loss per share is computed by dividing net income (loss) per share by the weighted average number of ordinary shares outstanding, plus, to the extent dilutive, the incremental number of ordinary shares to settle private placement warrants held by the Sponsor, as calculated using the treasury stock method. For the period presented, the weighted average of these shares was excluded from the calculation of diluted income (loss) per ordinary share because their inclusion would not have been dilutive. As a result, dilutive income (loss) per ordinary share is equal to basic income (loss) per ordinary share. The Company did not utilize the two class method to compute earnings per share as the Class A and Class B shareholders share equally in the losses of the Company. Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which may exceed the Federal depository insurance coverage of $ 250,000 The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet with the exception of investments in Trust, as they are carried at amortized cost. The preparation of the condensed financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of approximately $ 28,290,000 27,500,000 19,500,000 790,000 As discussed in Note 1, all of the 50,000,000 5,000,001 The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares shall be affected by charges against additional paid in capital. Accordingly, at June 30, 2016 and December 31, 2015, 47,655,854 47,646,408 50,000,000 The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. There were no unrecognized tax benefits as of June 30, 2016. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company could be subject to income tax examinations by major taxing authorities from inception. 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 financial statements. |
Public Offering
Public Offering | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Public Offering [Text Block] | 3. Public Offering On September 16, 2015, the Company sold 50,000,000 10.00 0.0001 Each Public Warrant entitles the holder to purchase one-half of one Class A ordinary share at a price of $ 5.75 11.50 The Company paid an upfront underwriting discount of $ 8,000,000 0.16 0.55 8,000,000 19,500,000 0.39 The closing of the Public Offering included an initial partial exercise ( 2,000,000 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 4. Related Party Transactions Founder Shares On July 1, 2015, the Sponsor purchased 12,218,750 25,000 002 6,109,375 12,500 25,000 665,500 129 13,800,000 2,000,000 1,300,000 1,271,771 18,524 3,235 20 The Founder Shares are identical to the Public Shares except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below. The initial shareholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the Company’s initial Business Combination, or earlier if, subsequent to the Company’s initial Business Combination, the closing price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, and (B) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property (the “Lock Up Period”). Rights Voting Liquidation Private Placement Warrants The Sponsor, Harry E. Sloan and the Company’s independent directors purchased from the Company 19,500,000 0.50 9.75 Each Private Placement Warrant entitles the holder to purchase one-half of one Class A ordinary share at $5.75 per one-half share ($11.50 per whole share). If the Company does not complete a Business Combination, then the proceeds will be part of the liquidating distribution to the public shareholders and the Private Placement Warrants will expire worthless. Registration Rights The initial shareholders and holders of the Private Placement Warrants will be entitled to registration rights pursuant to a registration rights agreement signed on September 10, 2015. The initial shareholders and holders of the Private Placement Warrants will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock Up Period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Administrative Services The Company will reimburse the Sponsor for office space, secretarial and administrative services provided to members of the Company’s management team by the Sponsor, members of the Sponsor, and the Company’s management team or their affiliates in an amount not to exceed $ 15,000 45,000 90,000 |
Commitments & Contingencies
Commitments & Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 5. Commitments & Contingencies The Company is committed to pay the Deferred Discount totaling $ 19,500,000 3.9% of the gross offering proceeds of the Public Offering, to the underwriters upon the Company’s consummation of a Business Combination |
Trust Account and Fair Value Me
Trust Account and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Trust Account and Fair Value Measurements As of June 30, 2016 and December 31, 2015, investment securities in the Company Trust Account consisted of $ 500,588,638 500,080,274 529 9,408 Carrying Value Gross unrealized Quoted prices in U.S. Government Treasury Securities as of June 30, 2016(1) $ 500,588,638 $ 17,885 $ 500,606,523 U.S. Government Treasury Securities as of December 31, 2015(2) $ 500,080,274 $ 20,595 $ 500,100,869 (1) Maturity dates ranging from July 7, 2016 to July 21, 2016 (2) Maturity dated March 31, 2016 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Shareholders’ Equity Ordinary Shares 400,000,000 380,000,000 20,000,000 50,000,000 47,655,854 47,646,408 12,500,000 Preferred Shares 1,000,000 |
Significant Accounting Polici14
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying condensed financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America 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 the fair presentation of the financial position as of June 30, 2016 and the results of operations and cash flows for the periods presented. Certain information and disclosure normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Ordinary Share Basic net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. Diluted net income/loss per share is computed by dividing net income (loss) per share by the weighted average number of ordinary shares outstanding, plus, to the extent dilutive, the incremental number of ordinary shares to settle private placement warrants held by the Sponsor, as calculated using the treasury stock method. For the period presented, the weighted average of these shares was excluded from the calculation of diluted income (loss) per ordinary share because their inclusion would not have been dilutive. As a result, dilutive income (loss) per ordinary share is equal to basic income (loss) per ordinary share. The Company did not utilize the two class method to compute earnings per share as the Class A and Class B shareholders share equally in the losses of the Company. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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 may exceed the Federal depository insurance coverage of $ 250,000 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet with the exception of investments in Trust, as they are carried at amortized cost. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the condensed financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Offering Costs Policy [Policy Text Block] | The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of approximately $ 28,290,000 27,500,000 19,500,000 790,000 |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Redeemable Ordinary Shares As discussed in Note 1, all of the 50,000,000 5,000,001 The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable Class A ordinary shares shall be affected by charges against additional paid in capital. Accordingly, at June 30, 2016 and December 31, 2015, 47,655,854 47,646,408 50,000,000 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. There were no unrecognized tax benefits as of June 30, 2016. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company could be subject to income tax examinations by major taxing authorities from inception. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements 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 financial statements. |
Trust Account and Fair Value 15
Trust Account and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents fair value information as of June 30, 2016 and December 31, 2015 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In addition, the table presents the carrying value (held to maturity), excluding accrued interest income and gross unrealized holding gain. Carrying Value Gross unrealized Quoted prices in U.S. Government Treasury Securities as of June 30, 2016(1) $ 500,588,638 $ 17,885 $ 500,606,523 U.S. Government Treasury Securities as of December 31, 2015(2) $ 500,080,274 $ 20,595 $ 500,100,869 (1) Maturity dates ranging from July 7, 2016 to July 21, 2016 (2) Maturity dated March 31, 2016 |
Organization and Business Ope16
Organization and Business Operations (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended |
Sep. 16, 2015 | Jun. 30, 2016 | |
Organization And Business Operations [Line Items] | ||
Payments to Acquire Restricted Certificates of Deposit | $ 500,000,000 | |
Net Tangible Assets Benchmark Value | 5,000,001 | |
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities | $ 100,000 | |
Common Class A [Member] | ||
Organization And Business Operations [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Private Placement [Member] | ||
Organization And Business Operations [Line Items] | ||
Warrants Issued During Period | 19,500,000 | |
Warrants Issued During Period Price Per Warrant | $ 0.50 | |
Proceeds from Issuance of Warrants | $ 9,750,000 | |
Over-Allotment Option [Member] | ||
Organization And Business Operations [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,000,000 | 2,000,000 |
Significant Accounting Polici17
Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||
Offering Costs | $ 28,290,000 | |
Underwriter Discounts | 27,500,000 | |
Deferred Offering Costs | 19,500,000 | |
Public Offering Fee | 790,000 | |
Net Tangible Assets Benchmark Value | $ 5,000,001 | |
Common Class A [Member] | ||
Significant Accounting Policies [Line Items] | ||
Common Stock Outstanding Including Temporary Equity | 50,000,000 | 50,000,000 |
Temporary Equity, Shares Outstanding | 47,655,854 | 47,646,408 |
Redeemable Ordinary Shares [Member] | ||
Significant Accounting Policies [Line Items] | ||
Net Tangible Assets Benchmark Value | $ 5,000,001 | |
Credit Concentration Risk [Member] | ||
Significant Accounting Policies [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 |
Public Offering (Details Textua
Public Offering (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |
Sep. 16, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Public Offering [Line Items] | |||
Deferred Offering Costs | $ 19,500,000 | ||
Over-Allotment Option [Member] | |||
Public Offering [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,000,000 | 2,000,000 | |
Common Class A [Member] | |||
Public Offering [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Share Price Per One Half Share | 5.75 | ||
Share Price | $ 11.50 | ||
Capital Units [Member] | |||
Public Offering [Line Items] | |||
Shares, Issued | 50,000,000 | ||
Shares Issued, Price Per Share | $ 10 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||
Payments of Stock Issuance Costs | $ 8,000,000 | ||
Aggregate Upfront Underwriting Discount Paid Per Unit Sold | $ 0.16 | ||
Upfront Underwriting Discount Paid Per Unit Sold | $ 0.55 | ||
Upfront Underwriting Discount Paid At Closing | $ 8,000,000 | ||
Deferred Offering Costs | $ 19,500,000 | ||
Deferred Discount Per Unit Sold | $ 0.39 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Sep. 10, 2015 | Jul. 01, 2015 | Aug. 27, 2015 | Jul. 29, 2015 | Jun. 30, 2016 | Jun. 30, 2016 |
Director [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,235 | |||||
Over-Allotment Option [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | |||||
Private Placement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 19,500,000 | 19,500,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | $ 0.50 | ||||
Warrants and Rights Outstanding | $ 9,750,000 | $ 9,750,000 | ||||
Sale of Stock, Description of Transaction | Each Private Placement Warrant entitles the holder to purchase one-half of one Class A ordinary share at $5.75 per one-half share ($11.50 per whole share). | |||||
Common Class B [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shares Issued, Price Per Share | $ 129 | |||||
Stock Issued During Period, Shares, Other | 13,800,000 | 12,500,000 | ||||
Founder Shares [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 25,000 | |||||
Portion Of Founder Shares Forfeited | 20.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,300,000 | |||||
Sponsor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 45,000 | $ 90,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,271,771 | |||||
Sponsor [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 15,000 | |||||
Sponsor [Member] | Founder Shares [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 12,218,750 | 665,500 | ||||
Stock Issued During Period, Value, New Issues | $ 25,000 | |||||
Harry E Sloan [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 18,524 | |||||
Harry E Sloan [Member] | Founder Shares [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 6,109,375 | |||||
Stock Issued During Period, Value, New Issues | $ 12,500 | |||||
Shares Issued, Price Per Share | $ 2 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Other Commitments [Line Items] | |
Other Commitment, Total | $ 19,500,000 |
Other Commitments, Description | 3.9% of the gross offering proceeds of the Public Offering, to the underwriters upon the Company’s consummation of a Business Combination. |
Trust Account and Fair Value 21
Trust Account and Fair Value Measurements (Details) - US Treasury Securities [Member] - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | [1] | Dec. 31, 2015 | [2] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Held-to-maturity Securities, Carrying Value | $ 500,588,638 | $ 500,080,274 | ||
Held-to-maturity Securities, Gross unrealized Holding Gains | 17,885 | 20,595 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Held-to-maturity Securities | $ 500,606,523 | $ 500,100,869 | ||
[1] | Maturity dates ranging from July 7, 2016 to July 21, 2016 | |||
[2] | Maturity dated March 31, 2016 |
Trust Account and Fair Value 22
Trust Account and Fair Value Measurements (Details Textual) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | ||
Cash and Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Held-to-maturity Securities, Sold Security, at Carrying Value | $ 529 | $ 9,408 | ||
US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Held-to-maturity Securities, Sold Security, at Carrying Value | $ 500,588,638 | [1] | $ 500,080,274 | [2] |
[1] | Maturity dates ranging from July 7, 2016 to July 21, 2016 | |||
[2] | Maturity dated March 31, 2016 |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - shares | Sep. 10, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Common Stock [Member] | |||
Common Stock, Shares Authorized | 400,000,000 | ||
Common Class A [Member] | |||
Common Stock, Shares Authorized | 380,000,000 | 380,000,000 | |
Common Stock Outstanding Including Temporary Equity | 50,000,000 | 50,000,000 | |
Temporary Equity, Shares Outstanding | 47,655,854 | 47,646,408 | |
Common Stock, Shares, Outstanding | 2,344,146 | 2,353,592 | |
Common Class B [Member] | |||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | |
Common Stock, Shares, Outstanding | 12,500,000 | 12,500,000 | |
Stock Issued During Period, Shares, Other | 13,800,000 | 12,500,000 |