Capitol Acquisition Corp III 10-Q 24 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Nov. 24, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CAPITOL ACQUISITION CORP. III
Entity Central Index Key	1,648,955
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		40,625,000

Condensed Balance Sheet (Unaudi

Condensed Balance Sheet (Unaudited)	Sep. 30, 2015USD ($)
ASSETS
Current assets - cash
Deferred offering costs	$ 284,021
Total assets	284,021
Current liabilities:
Accrued expenses	60,004
Note payable to related party	200,000
Total current liabilities	$ 260,004
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock, par value of $0.0001 per share, 1,000,000 shares authorized, no shares issues and outstanding
Common stock, par value of $0.0001 per share, 120,000,000 shares authorized, 10,062,500 shares issued and outstanding (1)	$ 1,006	[1]
Additional paid-in capital	23,994
Accumulated deficit	(983)
Total stockholders' equity	24,017
Total liabilities and stockholders' equity	$ 284,021
[1]	This number includes an aggregate of 1,312,500 shares that were subject to forfeiture if the overallotment option was not exercised by the underwriters. The over-allotment option was partially exercised by the underwriters (see note 1).

Condensed Balance Sheet (Parent

Condensed Balance Sheet (Parenthetical) (Unaudited)	Sep. 30, 2015$ / sharesshares
Balance Sheet [Abstract]
Preferred stock, par value | $ / shares	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value | $ / shares	$ 0.0001
Common stock, shares authorized	120,000,000
Common stock, shares, issued	10,062,500
Common stock, shares, outstanding	10,062,500
Forfeiture, shares	1,312,500

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited)	3 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Income Statement [Abstract]
Formation and operating costs	$ (983)
Net loss	$ (983)
Weighted average number of shares outstanding, basic and diluted (1) | shares	8,750,000	[1]
Basic and diluted net loss per share | $ / shares	$ 0
[1]	This number excludes an aggregate of 1,312,500 shares that were subject to forfeiture if the overallotment option was not exercised by the underwriters. The over-allotment option was partially exercised by the underwriters (see note 1).

Condensed Statement of Operati5

Condensed Statement of Operations (Parenthetical) (Unaudited)	3 Months Ended
	Sep. 30, 2015shares
Income Statement [Abstract]
Number of shares subjected to forfeit	1,312,500

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Sep. 30, 2015 - USD ($)		Total	Common Stock	Additional paid-in capital	Accumulated deficit
Beginning Balance at Jul. 12, 2015
Beginning Balance, Shares at Jul. 12, 2015
Common stock value	[1]	$ 25,000	$ 1,006	$ 23,994
Common stock issued, shares	[1]		10,062,500
Net loss		(983)			$ (983)
Ending Balance at Sep. 30, 2015		$ 24,017	$ 1,006	$ 23,994	$ (983)
Ending Balance, Shares at Sep. 30, 2015			10,062,500
[1]	This number includes an aggregate of 1,312,500 shares that were subject to forfeiture if the overallotment option was not exercised by the underwriters. The over-allotment option was partially exercised by the underwriters (see note 1).

Condensed Statement of Changes7

Condensed Statement of Changes in Stockholders' Equity (Parenthetical) (Unaudited)	3 Months Ended
	Sep. 30, 2015shares
Statement of Stockholders' Equity [Abstract]
Number of shares subjected to forfeit	1,312,500

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited)	3 Months Ended
	Sep. 30, 2015USD ($)
Cash flows from operating activities:
Net loss	$ (983)
Cash flows from financing activities
Proceeds from note payable to stockholder	200,000
Proceeds from issuance of common stock to initial stockholders	25,000
Payment of deferred offering costs	(224,017)
Net cash provided by financing activities	$ 983
Net change in cash
Cash at beginning of period
Cash at end of period
Supplemental disclosure of non-cash financing activities:
Accrual of deferred offering costs	$ 60,004

Organization and Plan of Busine

Organization and Plan of Business Operations	3 Months Ended
	Sep. 30, 2015
Organization and Plan of Business Operations [Abstract]
Organization and Plan of Business Operations	Note 1 – Organization and Plan of Business Operations Capitol Acquisition Corp. III (the “Company”) was incorporated in Delaware on July 13, 2015 as a blank check company whose objective is to acquire, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination, one or more businesses or entities (a “Business Combination”). At September 30, 2015, the Company had not yet commenced any operations. All activity through September 30, 2015 relates to the Company’s formation and the offering described below. The registration statement for the Company’s initial public offering was declared effective on October 13, 2015. The Company consummated a public offering of 32,500,000 units on October 19, 2015 (the “Offering”), including the exercise of the over-allotment option (“Overallotment”) to the extent of 2,500,000 units, generating gross proceeds of $325,000,000 and net proceeds of $317,729,177 after deducting $7,270,883 of transaction costs (up to an additional $11,375,000 of deferred underwriting expenses may be paid upon the completion of a business combination), which is discussed in Note 3. In addition, the Company generated gross and net proceeds of $8,250,000 from the private placement (the “Private Placement”) of 8,250,000 warrants (“Founders’ Warrants”) at a price of $1.00 per warrant to Capitol Acquisition Management 3 LLC and Capitol Acquisition Founder LLC (collectively, the “Sponsors”), entities affiliated with the Company’s executive officers, and the Company’s directors, which is described in Note 4. The units sold pursuant to the Offering (“Units”) were sold at an offering price of $10.00 per Unit. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering and Private Placement, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination. The Company’s Units are listed on the Nasdaq Capital Market (“NASDAQ”). Pursuant to the NASDAQ listing rules, the Company’s initial Business Combination must be with a target business or businesses whose collective fair market value is at least equal to 80% of the balance in the Trust Account (defined below), excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account, at the time of the execution of a definitive agreement for such Business Combination, although this may entail simultaneous acquisitions of several target businesses. There is no assurance that the Company will be able to effect a Business Combination successfully. Following the closing of the Offering and the Private Placement on October 19, 2015, an amount of $325,000,000 (or $10.00 per share sold to the public in the Offering included in the Units (“Public Shares”)) from the sale of the Units and Founders’ Warrants is being held in a trust account (“Trust Account”) and invested in U.S. “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 until the earlier of (i) the consummation of the Company’s first Business Combination and (ii) the Company’s failure to consummate a Business Combination within the prescribed time. The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. Additionally, the interest earned on the Trust Account balance may be released to the Company to pay the Company’s franchise and income tax obligations. Placing funds in the Trust Account may not protect those funds from third party claims against the Company. Although the Company will seek to have all vendors, service providers, prospective target businesses or other entities it engages, execute agreements with the Company waiving any claim of any kind in or to any monies held in the Trust Account, there is no guarantee that such persons will execute such agreements. The Company will seek shareholder approval of any Business Combination at a meeting called for such purpose at which shareholders may seek to convert their shares into their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid. Notwithstanding the foregoing, a Public Stockholder (defined below), together with any affiliate of his or any other person with whom he is acting in concert or as a “group” (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) will be restricted from seeking conversion rights with respect to 20% or more of the Public Shares without the Company’s prior written consent. The Company will proceed with a Business Combination only if it has net tangible assets of at least $5 million upon consummation of the Business Combination and a majority of the outstanding shares of common stock of the Company voted are voted in favor of the Business Combination. In connection with any shareholder vote required to approve any Business Combination, the Sponsors and other initial stockholders of the Company (collectively, the “Initial Stockholders”) have agreed (i) to vote any of their respective shares in favor of the initial Business Combination and (ii) not to convert any of their respective shares. Holders of warrants sold as part of the Units will not be entitled to vote on the proposed Business Combination and will have no conversion or liquidation rights with respect to their shares of common stock underlying such warrants. Pursuant to the Company’s Amended and Restated Certificate of Incorporation, if the Company is unable to complete its initial Business Combination by October 19, 2017, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of common stock and the Company’s board of directors, dissolve and liquidate. If the Company is unable to consummate an initial Business Combination and is forced to redeem 100% of the outstanding Public Shares for a pro rata portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not released to the Company to pay any of its franchise and income taxes. If the Company is unable to complete its initial Business Combination and expends all of the net proceeds of the Offering not deposited in the Trust Account, without taking into account any interest earned on the Trust Account, the Company expects that the initial per-share redemption price for common stock will be $10.00. The proceeds deposited in the Trust Account could, however, become subject to claims of the Company’s creditors that are in preference to the claims of the Company’s stockholders. In addition, if the Company is forced to file a bankruptcy case or an involuntary bankruptcy case is filed against it that is not dismissed, the proceeds held in the Trust Account could be subject to applicable bankruptcy law, and may be included in its bankruptcy estate and subject to the claims of third parties with priority over the claims of the Company’s common stockholders. Therefore, the actual per-share redemption price may be less than $10.00. The Company’s executive officers have agreed that they will be liable under certain circumstances to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or vendors or other entities that are owed money by the Company for services rendered, contracted for or products sold to the Company. However, there can be no assurance that they will be able to satisfy those obligations should they arise. The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and will remain such for up to five years. However, if the Company’s non-convertible debt issued within a three year period or the Company’s total revenues exceed $1 billion or the market value of the Company’s shares of common stock that are held by non-affiliates exceeds $700 million on the last day of the second fiscal quarter of any given fiscal year, the Company would cease to be an emerging growth company as of the following fiscal year. As an emerging growth company, the Company has elected, under Section 107(b) of the JOBS Act, to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Sep. 30, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 — Significant Accounting Policies Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s final prospectus as filed with the SEC and declared effective on October 13, 2015, as well as the Company’s Form 8-K, as filed with the SEC on October 23, 2015. The interim results for the period ended September 30, 2015 are not necessarily indicative of the results to be expected for the period from July 13, 2015 (inception) through December 31, 2015 or for any future interim periods. 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. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Cash and Cash Equivalents The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances that at times may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. 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, primarily due to their short-term nature. Deferred Offering Costs Deferred offering costs consist principally of legal, accounting and underwriting costs incurred through the balance sheet date that are directly related to the Offering. Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company is required to file income tax returns in the United States (federal) and in various state and local jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on July 13, 2015, the evaluation was performed for the upcoming 2015 tax year. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the period from July 13, 2015 (inception) through September 30, 2015. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position. Loss per Share Loss per share is computed by dividing net loss by the weighed-average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through November 24, 2015, the date these financial statements were issued, require potential adjustment to or disclosure in the financial statements and has concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

Initial Public Offering

Initial Public Offering	3 Months Ended
	Sep. 30, 2015
Initial Public Offering [Abstract]
Initial Public Offering	Note 3 — Initial Public Offering On October 19, 2015, the Company sold 32,500,000 Units at a price of $10.00 per unit in the Offering. Each Unit consists of one share of common stock and one half of one warrant (“Warrant”), each whole Warrant to purchase one share of common stock at a price of $11.50 per share. The Warrants are exercisable commencing on the later of 30 days after the Company’s completion of a Business Combination or October 19, 2016 and expire five years from the completion of a Business Combination. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days’ notice, only in the event that the last sale price of the shares of common stock is at least $18.00 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given. If the Company redeems the Warrants as described above, it will have the option to require any holder that wishes to exercise his Warrant to do so on a “cashless basis.” In accordance with the warrant agreement relating to the Warrants sold in the Offering, the Company is only required to use its best efforts to file the registration statement covering the shares underlying the Warrants within 90 days after the closing of the Business Combination and to maintain the effectiveness of such registration statement. If a registration statement is not effective within 90 days following the consummation of a 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 of 1933, as amended, or 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. If the Company is unable to consummate a Business Combination, the Company will redeem 100% of the Public Shares using the funds in the Trust Account as described in Note 1. In such event, the Warrants will be worthless.

Founders' Warrants

Founders' Warrants	3 Months Ended
	Sep. 30, 2015
Founders' Warrants [Abstract]
Founders' Warrants	Note 4 — Founders’ Warrants Simultaneously with the Offering, the Company’s Sponsors and directors purchased an aggregate of 8,250,000 Founders’ Warrants at $1.00 per Founder Warrant (for an aggregate purchase price of $8,250,000) from the Company. All of the proceeds received from these purchases were placed in the Trust Account. The Founders’ Warrants are identical to the Warrants included in the Units sold in the Offering except that the Founders’ Warrants: (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, as described in the registration statement relating to the Offering, so long as they are held by the initial purchasers or any of their permitted transferees. Additionally, the purchasers have agreed not to transfer, assign or sell any of the Founders’ Warrants, including the common stock issuable upon exercise of the Founders’ Warrants (except to certain permitted transferees), until 30 days after the completion of the Company’s initial Business Combination.

Note Payable and Advances from

Note Payable and Advances from Stockholders	3 Months Ended
	Sep. 30, 2015
Note Payable and Advances from Stockholders [Abstract]
Note Payable and Advances from Stockholders	Note 5 — Note Payable and Advances from Stockholders The Company issued a $200,000 principal amount unsecured promissory note to an affiliate of the Company’s Chief Executive Officer (“Affiliate”) on July 31, 2015. The note was non-interest bearing and payable on the earlier of (i) August 1, 2016, (ii) the consummation of the Offering or (iii) the date on which the Company determined not to proceed with the Offering. This loan was repaid upon the consummation of the Offering. In October 2015, the Affiliate and the Company’s Chief Financial Officer advanced the Company an aggregate of $80,000 for the payment of offering costs. These advances were repaid upon the consummation of the Offering.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2015
Commitments And Contingencies [Abstract]
Commitments and Contingencies	Note 6 — Commitments and Contingencies On October 13, 2015, the Company entered into an agreement with the underwriters of the Offering (“Underwriting Agreement”). Pursuant to the Underwriting Agreement, the Company paid 2.0% of the gross proceeds of the Offering as an underwriting discount. The Company will also pay the underwriters in the Offering an additional deferred underwriting discount of up to 3.5% of the gross proceeds of the Offering. The Underwriting Agreement provides that the deferred underwriting discount will only be payable if the Company successfully completes its initial Business Combination. Effective October 13, 2015, affiliates of the Company’s Chief Executive Officer and Chief Financial Officer have agreed that until the Company consummates a Business Combination, they will make available to the Company certain office space and administrative and support services as may be required by the Company from time to time. The Company will pay such affiliates an aggregate of $10,000 per month for such services. The Initial Stockholders and the holders of the Founders’ Warrants (or underlying shares of common stock) are entitled to registration rights with respect to their initial shares and the Founders’ Warrants (or underlying shares of common stock) pursuant to an agreement dated as of October 13, 2015. The holders of the majority of the Initial Shares are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary of the consummation of a Business Combination. The holders of the Founders’ Warrants (or underlying shares of common stock) are entitled to demand that the Company register these securities at any time after the Company consummates a Business Combination. In addition, the Initial Stockholders and holders of the Founders’ Warrants (or underlying shares of common stock) have certain “piggy-back” registration rights on registration statements filed after the Company’s consummation of a Business Combination.

Stockholder Equity

Stockholder Equity	3 Months Ended
	Sep. 30, 2015
Stockholder' Equity [Abstract]
Stockholder Equity	Note 7 — Stockholders’ Equity 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 designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2015, there are no shares of preferred stock issued or outstanding. Common Stock The Company is authorized to issue 120,000,000 shares of common stock with a par value of $0.0001 per share. In connection with the organization of the Company, on July 13, 2015, a total of 10,062,500 shares of the Company’s common stock were sold to the Sponsors at a price of approximately $0.0025 per share for an aggregate of $25,000. On October 13, 2015, the Sponsors contributed back to the Company’s capital, for no additional consideration, an aggregate of 1,437,500 shares, leaving an aggregate of 8,625,000 shares outstanding. This number included an aggregate of 1,125,000 shares that were subject to forfeiture if the over-allotment option was not exercised in full by the underwriters. An aggregate of 500,000 shares were forfeited based on the amount of Units sold pursuant to the overallotment. On closing of the Offering, the remaining shares were placed into an escrow account and will not be transferred, assigned, sold or released from escrow until one year after the date of the consummation of an initial Business Combination or earlier if, subsequent to an initial Business Combination, (i) the last sales price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Significant Accounting Polici16

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2015
Significant Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s final prospectus as filed with the SEC and declared effective on October 13, 2015, as well as the Company’s Form 8-K, as filed with the SEC on October 23, 2015. The interim results for the period ended September 30, 2015 are not necessarily indicative of the results to be expected for the period from July 13, 2015 (inception) through December 31, 2015 or for any future interim periods.
Concentration of credit risk	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. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances that at times may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.
Fair value of financial instruments	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, primarily due to their short-term nature.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist principally of legal, accounting and underwriting costs incurred through the balance sheet date that are directly related to the Offering.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company is required to file income tax returns in the United States (federal) and in various state and local jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on July 13, 2015, the evaluation was performed for the upcoming 2015 tax year. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the period from July 13, 2015 (inception) through September 30, 2015. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.
Loss per Share	Loss per Share Loss per share is computed by dividing net loss by the weighed-average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.
Subsequent Events	Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through November 24, 2015, the date these financial statements were issued, require potential adjustment to or disclosure in the financial statements and has concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

Organization and Plan of Busi17

Organization and Plan of Business Operations (Details) - Subsequent Event [Member]	1 Months Ended
	Oct. 19, 2015USD ($)$ / sharesshares
Organization and Plan of Business Operations (Textual)
Public offering units | shares	32,500,000
Exercise shares of over-allotment option | shares	2,500,000
Gross proceeds	$ 325,000,000
Net proceeds	317,729,177
Transaction costs	7,270,883
Underwriting expenses	11,375,000
Net tangible assets	$ 5,000,000
Public offering price per unit | $ / shares	$ 10
Conversion rights percentage	20.00%
Government securities maturity day	180 days or less or in money market funds meeting certain conditions
Business combination description	Pursuant to the Company's Amended and Restated Certificate of Incorporation, if the Company is unable to complete its initial Business Combination by October 19, 2017, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of common stock and the Company's board of directors, dissolve and liquidate. If the Company is unable to consummate an initial Business Combination and is forced to redeem 100% of the outstanding Public Shares for a pro rata portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not released to the Company to pay any of its franchise and income taxes.
Private Placement [Member]
Organization and Plan of Business Operations (Textual)
Gross and net proceeds	$ 8,250,000
Warrants issued in private placement | shares	8,250,000
Price per Warrant | $ / shares	$ 1

Significant Accounting Polici18

Significant Accounting Policies (Details)	3 Months Ended
	Sep. 30, 2015USD ($)
Significant Accounting Policies [Abstract]
Federal depository insurance coverage	$ 250,000

Initial Public Offering (Detail

Initial Public Offering (Details) - $ / shares	1 Months Ended	3 Months Ended
	Oct. 19, 2015	Sep. 30, 2015
Investment Holdings [Line Items]
Offering price per unit		$ 10
Share of Public Shares redeemed		100.00%
Subsequent event [Member]
Investment Holdings [Line Items]
Company sold units	32,500,000
Offering price per unit	$ 10
Redemption price per warrant	$ 0.01
Description of business combination	The Warrants are exercisable commencing on the later of 30 days after the Company's completion of a Business Combination or October 19, 2016 and expire five years from the completion of a Business Combination. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days' notice, only in the event that the last sale price of the shares of common stock is at least $18.00 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given. If the Company redeems the Warrants as described above, it will have the option to require any holder that wishes to exercise his Warrant to do so on a ''cashless basis.'' In accordance with the warrant agreement relating to the Warrants sold in the Offering, the Company is only required to use its best efforts to file the registration statement covering the shares underlying the Warrants within 90 days after the closing of the Business Combination and to maintain the effectiveness of such registration statement. If a registration statement is not effective within 90 days following the consummation of a 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 of 1933, as amended, or the Securities Act, provided that such exemption is available.
Common Stock [Member] | Subsequent event [Member]
Investment Holdings [Line Items]
Warrant exercise price	$ 11.50
Common share price for warrant redemption	$ 18

Founders' Warrants (Details)

Founders' Warrants (Details)	3 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Founders' Warrants [Abstract]
Proceeds from issuance of warrant | $	$ 8,250,000
Price per Warrant | $ / shares	$ 1
Warrants issued	8,250,000

Note Payable and Advances fro21

Note Payable and Advances from Stockholders (Details) - Chief executive officer [Member] - USD ($)	1 Months Ended
	Jul. 31, 2015	Oct. 31, 2015
Note Payable And Advances From Stockholders [Line Items]
Principal amount of unsecured promissory note	$ 200,000
Maturity Date	Aug. 1, 2016
Subsequent event [Member]
Note Payable And Advances From Stockholders [Line Items]
Payments from affiliates aggregate amount		$ 80,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Subsequent Event [Member]	Oct. 13, 2015USD ($)
Commitments (Textual)
Underwriting discount percentage	2.00%
Deferred underwriting discount percentage	3.50%
Payments from affiliates aggregate amount	$ 10,000

Stockholder Equity (Details)

Stockholder Equity (Details)	3 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Stockholder' Equity (Textual)
Preferred stock, shares authorized	1,000,000
Preferred stock, par value | $ / shares	$ 0.0001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized	120,000,000
Common stock, par value | $ / shares	$ 0.0001
Common stock sold to sponsors, Shares	10,062,500
Common stock sold to sponsors, value | $	$ 25,000
Price per share | $ / shares	$ 0.0025
Number of shares subjected to forfeiture	1,312,500
Business combination, Description	(i) The last sales price of the Company's common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company's stockholders having the right to exchange their shares of common stock for cash, securities or other property.
Forfeited, restricted shares	500,000
Shares contributed back by Sponsors	1,437,500
Shares outstanding	8,625,000