Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 08, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 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, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 22,490 | $ 188,063 |
Prepaid expenses | 21,842 | 73,441 |
Total Current Assets | 44,332 | 261,504 |
Cash and investments held in Trust Account | 502,663,076 | 501,340,910 |
Total assets | 502,707,408 | 501,602,414 |
Current liabilities: | ||
Accounts payable | 831,407 | 75,671 |
Advances from Sponsor | 230,000 | 0 |
Total Current liabilities | 1,061,407 | 75,671 |
Deferred underwriting compensation | 19,500,000 | 19,500,000 |
Total liabilities | 20,561,407 | 19,575,671 |
Class A Ordinary shares subject to possible redemption; 47,714,600 shares and 47,702,674 shares at June 30, 2017 and December 31, 2016, respectively | 477,146,000 | 477,026,740 |
Shareholders' equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 4,337,409 | 4,456,671 |
Retained earnings | 661,113 | 541,852 |
Total shareholders' equity | 5,000,001 | 5,000,003 |
Total liabilities and shareholders' equity | 502,707,408 | 501,602,414 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Common Stock, Value, Issued | 229 | 230 |
Total shareholders' equity | 229 | 230 |
Common Class B [Member] | ||
Shareholders' equity: | ||
Common Stock, Value, Issued | 1,250 | 1,250 |
Total shareholders' equity | $ 1,250 | $ 1,250 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 47,714,600 | 47,702,674 |
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 | 2,285,400 | 2,297,326 |
Common Stock, Shares, Outstanding | 2,285,400 | 2,297,326 |
Redeemable Shares | 47,714,600 | 47,702,674 |
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 ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
General and administrative expenses | 871,490 | 127,551 | 1,202,906 | 405,025 |
Loss from operations | (871,490) | (127,551) | (1,202,906) | (405,025) |
Interest on Trust Account | 796,023 | 268,755 | 1,322,167 | 499,485 |
Net income (loss) attributable to ordinary shares | $ (75,467) | $ 141,204 | $ 119,261 | $ 94,460 |
Weighted average ordinary shares outstanding | ||||
Basic (in shares) | 14,777,937 | 14,858,112 | 14,787,471 | 14,855,890 |
Diluted (in shares) | 14,777,937 | 62,500,000 | 62,500,000 | 62,500,000 |
Net income (loss) per ordinary share | ||||
Basic (in dollars per share) | $ (0.01) | $ 0.01 | $ 0.01 | $ 0.01 |
Diluted (in dollars per share) | $ (0.01) | $ 0 | $ 0 | $ 0 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($) | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2016 | $ 5,000,003 | $ 230 | $ 1,250 | $ 4,456,671 | $ 541,852 |
Balance (in shares) at Dec. 31, 2016 | 2,297,326 | 12,500,000 | |||
Adjustment to ordinary shares subject to redemption | (119,263) | $ (1) | $ 0 | (119,262) | 0 |
Adjustment to ordinary shares subject to redemption (in shares) | (11,926) | 0 | |||
Net income | 119,261 | $ 0 | $ 0 | 0 | 119,261 |
Balance at Jun. 30, 2017 | $ 5,000,001 | $ 229 | $ 1,250 | $ 4,337,409 | $ 661,113 |
Balance (in shares) at Jun. 30, 2017 | 2,285,400 | 12,500,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income attributable to ordinary shares | $ 119,261 | $ 94,460 |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses | 51,597 | 0 |
Increase (decrease) in accounts payable | 755,736 | (107,821) |
Net cash provided by (used in) operating activities | 926,594 | (13,361) |
Cash flows from investing activities: | ||
Trust income retained in Trust account | (1,322,167) | (499,485) |
Net cash used in investing activities | (1,322,167) | (499,485) |
Cash flows from financing activities: | ||
Advances from Sponsor | 230,000 | 0 |
Net cash provided by financing activities | 230,000 | 0 |
Decrease in cash during period | (165,573) | (512,846) |
Cash at beginning of period | 188,063 | 1,007,861 |
Cash at end of period | $ 22,490 | $ 495,015 |
Organization and Business Opera
Organization and Business Operations | 6 Months Ended |
Jun. 30, 2017 | |
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's fiscal year end is December 31. 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 estate planning vehicles) purchased an aggregate of 19,500,000 warrants in a private placement at a price of $0.50 per warrant, generating gross proceeds, before expenses, of $9,750,000 (Note 4). Upon the closing of the Public Offering and the private placement, $500,000,000 was placed in a trust account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”) (discussed below). The closing of the Public Offering included an initial partial exercise (2,000,000 units) of the overallotment option granted to the underwriters. 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% of the Class A ordinary shares included in the Units sold in the Public Offering if the Company does not complete the Business Combination within 24 months from the closing of the Public Offering or (iii) the redemption of 100% of the Class A ordinary shares included in the Units sold in the Public Offering if the Company is unable to complete a Business Combination within 24 months from the closing of the Public Offering. Business Combination A Business Combination is subject to the following size, focus and shareholder approval provisions: Size/Control Focus Tender Offer/Shareholder Approval 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 and Going Concern The Company has 24 months from the closing of the Public Offering (until September 16, 2017) 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 of such net interest to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining shareholders, as part of its plan of dissolution and liquidation. The Sponsor, Harry E. Sloan and the Company’s executive officers and independent directors (the “initial shareholders”) have entered into letter agreements with the Company, pursuant to which they have waived their rights to participate in any redemption with respect to their Founder Shares (as defined below); however, if the initial shareholders or any of the Company’s officers, directors or affiliates acquire Class A ordinary shares in or after the Public Offering, they will be entitled to a pro rata share of the Trust Account upon the Company’s redemption or liquidation in the event the Company does not complete a Business Combination within the required time period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Public Offering. This mandatory liquidation and subsequent dissolution raises substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after September 16, 2017. As of June 30, 2017, the Company had approximately $22,500 in cash and a working capital deficit of approximately $1,017,100. It is anticipated that the Company may incur loans from the Sponsor, as permitted in the Initial Public Offering, for additional working capital for Company’s ordinary operations and in pursuit of a business combination. In the event of liquidation, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Public Offering. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the 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 an accounting 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 accounting standard at the time private companies adopt the new or revised standard. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 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 or 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 per share is computed by dividing net income (loss) per share by the weighted average number of ordinary shares outstanding (including shares subject to redemption), 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. An aggregate of 47,714,600 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. 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, 2017 and December 31, 2016, 47,714,600 50,000,000 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, 2017. 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, 2017 or December 31, 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company's financial statements. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. 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. |
Public Offering
Public Offering | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 | |
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 6,109,375 12,500 25,000 665,500 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 Rights Voting Liquidation Private Placement Warrants The Sponsor, Harry E. Sloan and the Company’s independent directors (and/or one or more of their estate planning vehicles) 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. Advances from Sponsor During the period ended June 30, 2017, the Sponsor made advances to the Company totaling $ 230,000 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 90,000 |
Commitments & Contingencies
Commitments & Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 6. Trust Account and Fair Value Measurements As of June 30, 2017 and December 31, 2016, investment securities in the Company’s Trust Account consisted of $ 502,662,581 501,340,048 495 862 Carrying Gross Quoted prices U.S. Government Treasury Securities as of June 30, 2017(1) $ 502,662,581 $ 63,767 $ 502,726,348 U.S. Government Treasury Securities as of December 31, 2016(2) $ 501,340,048 $ (23,491) $ 501,316,557 (1) Maturity date July 2017. (2) Maturity dates ranging from January to February 2017. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Shareholders’ Equity Ordinary Shares Preferred Shares |
Significant Accounting Polici14
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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, 2017 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 or 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 per share is computed by dividing net income (loss) per share by the weighted average number of ordinary shares outstanding (including shares subject to redemption), 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. An aggregate of 47,714,600 |
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. |
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, 2017 and December 31, 2016, 47,714,600 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, 2017. 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, 2017 or December 31, 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. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company's financial statements. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
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, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Since all of the Company’s permitted investments consist of U.S. government treasury bills and cash, fair values of its investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets as follows: Carrying Gross Quoted prices U.S. Government Treasury Securities as of June 30, 2017(1) $ 502,662,581 $ 63,767 $ 502,726,348 U.S. Government Treasury Securities as of December 31, 2016(2) $ 501,340,048 $ (23,491) $ 501,316,557 (1) Maturity date July 2017. (2) Maturity dates ranging from January to February 2017. |
Organization and Business Ope16
Organization and Business Operations (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Sep. 16, 2015 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Organization And Business Operations [Line Items] | |||||
Net Tangible Assets Benchmark Value | $ 5,000,001 | ||||
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities | 100,000 | ||||
Cash and Cash Equivalents, at Carrying Value | 22,490 | $ 188,063 | $ 495,015 | $ 1,007,861 | |
Working Capital Deficit | $ 1,017,100 | ||||
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 | ||||
Payments to Acquire Restricted Certificates of Deposit | $ 500,000,000 | ||||
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 |
Significant Accounting Polici17
Significant Accounting Policies (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Significant Accounting Policies [Line Items] | ||
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 | 47,714,600 | 47,702,674 |
Redeemable Shares | 47,714,600 | 47,702,674 |
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, 2017 | Dec. 31, 2016 | |
Over-Allotment Option [Member] | |||
Public Offering [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,000,000 | ||
Common Class A [Member] | |||
Public Offering [Line Items] | |||
Shares Issued, Price Per Share | $ 12 | ||
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 | Aug. 27, 2015 | Jul. 29, 2015 | Jul. 01, 2015 | Jun. 30, 2017 | Jun. 30, 2016 |
Related Party Transaction [Line Items] | ||||||
Proceeds from Related Party Debt | $ 230,000 | $ 0 | ||||
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 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | |||||
Warrants and Rights Outstanding | $ 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 | $ 0.129 | |||||
Stock Issued During Period, Shares, Other | 13,800,000 | |||||
Common Class A [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shares Issued, Price Per Share | $ 12 | |||||
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 | $ 90,000 | $ 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 | 665,500 | 12,218,750 | ||||
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 | $ 0.002 |
Commitments & Contingencies (De
Commitments & Contingencies (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
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 Companys 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, 2017 | [1] | Dec. 31, 2016 | [2] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Held-to-maturity Securities, Carrying Value | $ 502,662,581 | $ 501,340,048 | ||
Held-to-maturity Securities, Unrecognized Holding Loss | 63,767 | (23,491) | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Held-to-maturity Securities | $ 502,726,348 | $ 501,316,557 | ||
[1] | Maturity date July 2017. | |||
[2] | Maturity dates ranging from January to February 2017. |
Trust Account and Fair Value 22
Trust Account and Fair Value Measurements (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | ||
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 | $ 495 | $ 862 | ||
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 | $ 502,662,581 | [1] | $ 501,340,048 | [2] |
[1] | Maturity date July 2017. | |||
[2] | Maturity dates ranging from January to February 2017. |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 47,714,600 | 47,702,674 |
Common Stock, Shares, Outstanding | 2,285,400 | 2,297,326 |
Common Class B [Member] | ||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Outstanding | 12,500,000 | 12,500,000 |