Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PACIFIC SPECIAL ACQUISITION CORP. | |
Entity Central Index Key | 1,650,575 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,719,375 |
Condensed Balance Sheet (Unaudi
Condensed Balance Sheet (Unaudited) | Sep. 30, 2015USD ($) | |
ASSETS | ||
Current asset - cash and cash equivalents | $ 267,135 | |
Deferred offering costs | 145,807 | |
Total Assets | 412,942 | |
Current Liabilities | ||
Promissory note - related party | 300,000 | |
Advance from related party | 90,917 | |
Total Liabilities | $ 390,917 | |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Preferred shares, no par value; unlimited shares authorized, none issued and outstanding | ||
Ordinary shares, no par value; unlimited shares authorized; 1,437,500 shares issued and outstanding(1) | $ 25,000 | [1] |
Accumulated deficit | (2,975) | |
Total Shareholders' Equity | 22,025 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 412,942 | |
[1] | Includes an aggregate of 187,500 shares held by the sponsor that were subject to forfeiture to the extent that the underwriters' over-allotment was not exercised in full (see Note 5 and 7). |
Condensed Balance Sheet (Parent
Condensed Balance Sheet (Parenthetical) (Unaudited) | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Balance Sheet [Abstract] | |
Preferred stock, par value | $ / shares | |
Preferred stock, shares authorized | |
Preferred stock, shares issued | |
Preferred stock, shares outstanding | |
Common stock, par value | $ / shares | |
Common stock, shares authorized | |
Common stock, shares issued | 1,437,500 |
Common stock, shares outstanding | 1,437,500 |
Forfeiture of common stock by Sponsor | 187,500 |
Condensed Statement of Operatio
Condensed Statement of Operations (Unaudited) | 3 Months Ended | |
Sep. 30, 2015USD ($)$ / sharesshares | ||
Income Statement [Abstract] | ||
Formation and operating costs | $ 2,975 | |
Net Loss | $ (2,975) | |
Weighted average shares outstanding, basic and diluted(1) | shares | 1,250,000 | [1] |
Basic and diluted net loss per ordinary share | $ / shares | $ 0 | |
[1] | Excludes an aggregate of 187,500 shares held by the sponsor that were subject to forfeiture to the extent that the underwriters' over-allotment was not exercised in full (see Note 5 and 7). |
Condensed Statement of Operati5
Condensed Statement of Operations (Parenthetical) (Unaudited) | 3 Months Ended |
Sep. 30, 2015shares | |
Income Statement [Abstract] | |
Aggregate of shares held by the sponsor to forfeiture | 187,500 |
Condensed Statement of Changes
Condensed Statement of Changes in Shareholders' Equity (Unaudited) - 3 months ended Sep. 30, 2015 - USD ($) | Total | Ordinary Shares | Accumulated Deficit | ||
Beginning Balance at Jun. 30, 2015 | [1] | ||||
Beginning Balance (shares) at Jun. 30, 2015 | [1] | ||||
Issuance of ordinary shares | $ 25,000 | $ 25,000 | [1] | ||
Issuance of ordinary shares (in shares) | [1] | 1,437,500 | |||
Net loss | (2,975) | [1] | $ (2,975) | ||
Ending Balance at Sep. 30, 2015 | $ 22,025 | $ 25,000 | [1] | $ (2,975) | |
Ending Balance (shares) at Sep. 30, 2015 | [1] | 1,437,500 | |||
[1] | Includes an aggregate of 187,500 shares held by the sponsor that were subject to forfeiture to the extent that the underwriters' over-allotment was not exercised in full (see Note 5 and 7). |
Condensed Statement of Changes7
Condensed Statement of Changes in Shareholders' Equity (Parenthetical) (Unaudited) | 3 Months Ended |
Sep. 30, 2015shares | |
Statement of Stockholders' Equity [Abstract] | |
Aggregate of shares held by the sponsor to forfeiture | 187,500 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Cash Flows from Operating Activities: | |
Net loss | $ (2,975) |
Net cash used in operating activities | (2,975) |
Cash Flows from Financing Activities: | |
Proceeds from issuance of ordinary shares to initial shareholders | 25,000 |
Proceeds from promissory note - related party | 300,000 |
Proceeds from advances from related party | 3,417 |
Payment of offering costs | (58,307) |
Net cash provided by financing activities | 270,110 |
Net Change in Cash and Cash Equivalents | $ 267,135 |
Cash and Cash Equivalents - Beginning | |
Cash and Cash Equivalents - Ending | $ 267,135 |
Non-cash investing and financing activities: | |
Payment of offering costs through advances from related party | $ 87,500 |
Description of Organization and
Description of Organization and Business Operations | 3 Months Ended |
Sep. 30, 2015 | |
Description of Organization and Business Operations [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Pacific Special Acquisition Corp. (the “Company”) is a newly organized blank check company incorporated in the British Virgin Islands on July 1, 2015. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on businesses that have their primary operations located in Asia (with an emphasis on China). 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 its Initial Public Offering, which is described below. The registration statement for the Company’s initial public offering (“Initial Public Offering”) was declared effective on October 14, 2015. On October 20, 2015, the Company consummated the Initial Public Offering of 5,000,000 units (“Units” and, with respect to the ordinary shares included in the Units, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $50,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 477,500 Units (the “Private Units” and, with respect to the ordinary shares included in the Private Units, the “Private Shares”), of which 452,500 Private Units were purchased by the Company’s sponsor and 25,000 Private Units were purchased by EBC, in each case, at a price of $10.00 per Unit in a private placement to the Company’s sponsor and EarlyBirdCapital, Inc. (“EBC”), generating gross proceeds of $4,775,000, which is described in Note 4. Following the closing of the Initial Public Offering on October 20, 2015, an amount of $52,000,000 ($10.40 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Units was placed in a trust account (“Trust Account”) and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “1940 Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the 1940 Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account as described below. On October 23, 2015, the underwriters elected to fully exercise their over-allotment option to purchase 750,000 Units (the “Over-allotment Units”) at a purchase price of $10.00 per Unit, generating gross proceeds of $7,500,000. In addition, on October 23, 2015, the Company consummated the sale of an additional 54,375 Private Units at a price of $10.00 per Unit, of which 45,171 Units were purchased by the Company’s sponsor and 9,204 Units were purchased by EBC, generating gross proceeds of $543,750. Following the closing, an additional $7,800,000 of net proceeds ($10.40 per Unit) was placed in the Trust Account, resulting in $59,800,000 ($10.40 per Unit) held in the Trust Account. Transaction costs amounted to $2,295,923, consisting of $1,868,750 of underwriting fees and $427,173 of Initial Public Offering costs. In addition, $722,827 of cash was held outside of the Trust Account (defined below) and was available for working capital purposes. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and Private Units, although substantially all of the net proceeds are intended to be applied generally 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 Business Combination must be with a target business or businesses whose collective fair market value is equal to at least 80% of the balance in the Trust Account at the time of the execution of a definitive agreement for such Business Combination. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.40 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations or working capital requirements). In such case, the Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the outstanding shares voted are voted in favor of the Business Combination. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. Notwithstanding the foregoing, a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15% or more of the ordinary shares sold in the Initial Public Offering without the Company’s prior written consent. The Company’s sponsor, officers and directors (the “initial shareholders”) have agreed (a) to vote their founder shares, Public Shares and private shares in favor of a Business Combination, (b) not to propose an amendment to the Company’s Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public shareholders with the opportunity to redeem their shares in conjunction with any such amendment; (c) not to redeem any shares (including the founder shares and Private Shares) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the Memorandum and Articles of Association relating to shareholders’ rights of pre-Business Combination activity and (d) that the founder shares and Private Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. If the Company is unable to complete a Business Combination within 18 months from the closing of the Initial Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of the outstanding Public Shares which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. In connection with the redemption of 100% of the Company’s outstanding Public Shares for a 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 previously released to the Company for its working capital requirements or necessary to pay the Company’s taxes payable. The initial shareholders have agreed to waive their redemption rights with respect to the founder shares and the Private Shares (i) in connection with the consummation of a Business Combination and (ii) if the Company fails to consummate a Business Combination within the Combination Period. However, if the Company’s initial shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to redemption rights with respect to such Public Shares if the Company fails to consummate a Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets initially $10.40) will be less than the Initial Public Offering price per Unit. Jian Tu, the President and Chairman of the Board of the Company has agreed that he will indemnify the Company to the extent necessary to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company, but only if such a vendor or prospective target business does not execute such a waiver. However, Mr. Tu may not be able to meet such obligation as the Company has not required Mr. Tu to retain any assets to provide for his indemnification obligations, nor has the Company taken any further steps to ensure that Mr. Tu will be able to satisfy any indemnification obligations that arise. Moreover, Mr. Tu will not be personally liable to the Company’s public shareholders if Mr. Tu should fail to satisfy his obligations under this agreement and instead will only be liable to the Company. The Company will seek to reduce the possibility that Mr. Tu will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Therefore, the distribution from the Trust Account to each holder of ordinary shares may be less than approximately $10.40. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s 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. 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 14, 2015, as well as the Company’s Form 8-K, as filed with the SEC on October 26, 2015. The interim results for the period from July 1, 2015 (inception) through September 30, 2015 are not necessarily indicative of the results to be expected for the period from July 1, 2015 (inception) through December 31, 2015 or for any future interim periods. Use of estimates The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2015. Deferred offering costs Deferred offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $2,295,923 were charged to shareholders’ equity upon the completion of the Initial Public Offering. Income taxes The Company complies with the accounting and reporting requirements of ASC Topic 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 amount expected to be realized. ASC Topic 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’s management determined that the British Virgin Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of September 30, 2015. 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 may be subject to potential examination by U.S. federal, U.S. states or foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be immaterial for the period ended September 30, 2015. Net loss per share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by the initial shareholders. Weighted average shares were reduced for the effect of an aggregate of 187,500 ordinary shares that were subject to forfeiture if the over-allotment option was not exercised by the underwriters (see Note 7). At September 30, 2015, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At September 30, 2015, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recently issued accounting standards In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. Subsequent events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in 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 Pursuant to the Initial Public Offering, the Company sold 5,750,000 Units at a purchase price of $10.00 per Unit, inclusive of 750,000 Units sold to the underwriters on October 23, 2015 upon the underwriters election to fully exercise their over-allotment option. Each Unit consists of one ordinary share, no par value, one right (“Public Right”) and one redeemable warrant (“Public Warrant”). Each right will convert into one-tenth (1/10) of one ordinary share upon consummation of a Business Combination (see Note 7). Each warrant will entitle the holder to purchase one half of one ordinary share at an exercise price of $12.00 per whole share (see Note 7). |
Private Placement
Private Placement | 3 Months Ended |
Sep. 30, 2015 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the Initial Public Offering, the Company’s sponsor and EBC purchased an aggregate of 477,500 Private Units at $10.00 per Unit, of which 452,500 Private Units were purchased by the Company’s sponsor and 25,000 Private Units were purchased by EBC, in each case, at a price of $10.00 per Private Unit ($4,775,000 in the aggregate). In addition, on October 23, 2015, the Company consummated the sale of an additional 54,375 Private Units at a price of $10.00 per Unit, of which 45,171 Units were purchased by the Company’s sponsor and 9,204 Units were purchased by EBC, generating gross proceeds of $543,750. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In July 2015, the Company issued 1,437,500 ordinary shares to its initial shareholders (the “founder shares”) for an aggregate purchase price of $25,000. The founder shares are identical to the Public Shares sold in the Initial Public Offering, except that (1) the founder shares are subject to certain transfer restrictions, as described in more detail below, and (2) the initial shareholders have agreed (i) to waive their redemption rights with respect to their founder shares and Public Shares in connection with the consummation of Business Combination and (ii) to waive their liquidation rights with respect to their founder shares if the Company fails to complete a Business Combination within the Combination Period. The 1,437,500 founder shares included an aggregate of up to 187,500 shares subject to forfeiture by the sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the initial shareholders will collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding the sale of the Private Units). As a result of the underwriters’ election to fully exercise their over-allotment option, 187,500 founder shares are no longer subject to forfeiture. Additionally, the initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until, with respect to 50% of the founder shares, the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing after a Business Combination, with respect to the remaining 50% of the founder shares, upon one year after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Promissory Note — Related Party As of September 30, 2015, the Company’s sponsor loaned the Company $300,000. The loan was non-interest bearing, unsecured and due on the earlier of December 31, 2015 or the closing of the Initial Public Offering. The loan was repaid upon the consummation of the Initial Public Offering on October 20, 2015. Related Party Advances As of September 30, 2015, the Company’s sponsor advanced the Company an aggregate of $90,917 to be used for the payment of costs related to the Initial Public Offering. The advances were non-interest bearing, unsecured and due on demand. The advances were repaid upon the consummation of the Initial Public Offering on October 20, 2015. Administrative Services Arrangement The Company entered into an agreement with its Chairman whereby, commencing on October 20, 2015 through the earlier of the Company’s consummation of a Business Combination and its liquidation, an affiliate of the Chairman will make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. The Company has agreed to pay the affiliate of the Chairman $10,000 per month for these services. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Company’s sponsor or an affiliate of the sponsor, officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans, other than the interest on such proceeds that may be released for working capital purposes. Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $500,000 of notes may be converted upon consummation of a Business Combination into additional Private Units at a price of $10.00 per Unit. |
Commitments & Contingencies
Commitments & Contingencies | 3 Months Ended |
Sep. 30, 2015 | |
Commitments & Contingencies [Abstract] | |
COMMITMENTS & CONTINGENCIES | NOTE 6. COMMITMENTS & CONTINGENCIES Director Compensation The Company will pay each of its independent directors an annual retainer of $30,000 (to be prorated for a partial term), payable in arrears commencing on the first anniversary of the Initial Public Offering and ending on the earlier of a Business Combination and the Company’s liquidation. Registration Rights Pursuant to a registration rights agreement entered into on October 14, 2015, the holders of 25% of the founder shares and Private Units (and underlying securities) are entitled to registration rights. They are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. 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. Underwriters Agreement The Company granted the underwriters a 45-day option to purchase up to 750,000 additional Units to cover the over-allotment at the Initial Public Offering price less the underwriting discounts and commissions. On October 23, 2015, the underwriters elected to exercise their over-allotment option to purchase 750,000 Units at a purchase price of $10.00 per Unit. The underwriters were entitled to an underwriting discount of 3.25%, of which $1,868,750 was paid in cash on October 20, 2015 or shortly thereafter. Merger and Acquisition Agreement On October 14, 2015, the Company entered into a Merger and Acquisition Agreement with EBC wherein EBC will act as an advisor in connection with a Business Combination to assist the Company in holding meetings with its shareholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, assist the Company in obtaining shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee for such services upon the consummation of a Business Combination in an amount equal to $1,750,000 (exclusive of any applicable finders’ fees which might become payable). Such amount may be paid out of the funds held in the Trust Account. Unit Purchase Option On October 20, 2015, the Company sold to EBC, for $100, an option to purchase up to a total of 400,000 Units exercisable at $10.00 per Unit (or an aggregate exercise price of $4,000,000) commencing on the later of the first anniversary of the effective date of the registration statement related to the Initial Public Offering and the consummation of a Business Combination. The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires five years from the effective date of the registration statement related to the Initial Public Offering. The Units issuable upon exercise of this option are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to shareholders’ equity. The Company estimates that the fair value of this unit purchase option is approximately $1,315,901 (or $3.29 per Unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option to be granted to the underwriters is estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free interest rate of 1.40% and (3) expected life of five years. The option and such units purchased pursuant to the option, as well as the ordinary shares underlying such units, the rights included in such units, the ordinary shares that are issuable for the rights included in such units, the warrants included in such units, and the shares underlying such warrants, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA’s NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following the date of Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners. The option grants to holders demand and “piggy back” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of ordinary shares at a price below its exercise price. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7. STOCKHOLDERS’ EQUITY Preferred Shares Ordinary Shares exercise their over-allotment option to purchase 750,000 Units on October 23, 2015 (see Note 6), 187,500 founder shares were no longer subject to forfeiture. Rights Warrants The Company may call the warrants for redemption (excluding the Private Warrants but including any outstanding warrants issued upon exercise of the unit purchase option issued to EBC and/or its designees), in whole and not in part, at a price of $.01 per warrant: ● at any time while the Public Warrants are exercisable, ● upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder, ● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to Public Warrant holders, and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Private Warrants will be identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except the Private Warrants will be exercisable for cash (even if a registration statement covering the ordinary shares issuable upon exercise of such Private Warrants is not effective) or on a cashless basis, at the holder’s option, and will not redeemable by the Company, in each case so long as they are still held by the initial shareholders or their affiliates. Additionally, EBC has agreed that it and its designees will not be permitted to exercise any Private Warrants underlying the Private Units after the five year anniversary of the effective date of the Initial Public Offering. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Emerging growth company | Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s 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. |
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 14, 2015, as well as the Company’s Form 8-K, as filed with the SEC on October 26, 2015. The interim results for the period from July 1, 2015 (inception) through September 30, 2015 are not necessarily indicative of the results to be expected for the period from July 1, 2015 (inception) through December 31, 2015 or for any future interim periods. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2015. |
Deferred offering costs | Deferred offering costs Deferred offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $2,295,923 were charged to shareholders’ equity upon the completion of the Initial Public Offering. |
Income taxes | Income taxes The Company complies with the accounting and reporting requirements of ASC Topic 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 amount expected to be realized. ASC Topic 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’s management determined that the British Virgin Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of September 30, 2015. 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 may be subject to potential examination by U.S. federal, U.S. states or foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be immaterial for the period ended September 30, 2015. |
Net loss per share | Net loss per share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by the initial shareholders. Weighted average shares were reduced for the effect of an aggregate of 187,500 ordinary shares that were subject to forfeiture if the over-allotment option was not exercised by the underwriters (see Note 7). At September 30, 2015, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At September 30, 2015, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
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 ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Recently issued accounting standards | Recently issued accounting standards In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. |
Subsequent events | Subsequent events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Description of Organization a17
Description of Organization and Business Operations (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Oct. 23, 2015 | Oct. 20, 2015 | Sep. 30, 2015 | |
Description of Organization and Business Operations (Textual) | |||
Business combination net tangible assets description | At least $5,000,001 | ||
Redemption of the outstanding public shares | 100.00% | ||
Description of proposed offering | (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of the outstanding Public Shares which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company's board of directors | ||
Deferred offering costs | $ 145,807 | ||
IPO [Member] | Subsequent Event [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Share per unit | $ 10 | ||
Gross proceeds on stock transaction | $ 50,000,000 | ||
Sale of Initial Public Offering | 427,173 | ||
Amount placed in trust account | $ 52,000,000 | ||
Sale of stock, price per unit | $ 10.40 | ||
Payments for Underwriting Expense | $ 1,868,750 | ||
Aggregate private units purchased | 750,000 | ||
Deferred offering costs | $ 2,295,923 | ||
Working capital deficit | $ 722,827 | ||
Over-Allotment Option [Member] | Subsequent Event [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Share per unit | $ 10 | ||
Gross proceeds on stock transaction | $ 7,500,000 | ||
Amount placed in trust account | $ 59,800,000 | ||
Sale of stock, price per unit | $ 10.40 | ||
Additional of net proceeds amount | $ 7,800,000 | ||
Private Placement [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Proposed of initial public offering shares | 477,500 | ||
Share per unit | $ 10 | ||
Gross proceeds on stock transaction | $ 4,775,000 | ||
Aggregate private units purchased | 477,500 | ||
Private Placement [Member] | Subsequent Event [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Share per unit | $ 10 | ||
Gross proceeds on stock transaction | $ 543,750 | ||
Sale of stock, price per unit | $ 10 | ||
Aggregate private units purchased | 54,375 | ||
Private Placement [Member] | Sponsor [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Sale of stock, price per unit | $ 10 | ||
Aggregate private units purchased | 452,500 | ||
Private Placement [Member] | Sponsor [Member] | Subsequent Event [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Aggregate private units purchased | 45,171 | ||
Private Placement [Member] | EBC [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Sale of stock, price per unit | $ 10 | ||
Aggregate private units purchased | 25,000 | ||
Private Placement [Member] | EBC [Member] | Subsequent Event [Member] | |||
Description of Organization and Business Operations (Textual) | |||
Aggregate private units purchased | 9,204 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Sep. 30, 2015USD ($)shares | |
Significant Accounting Policies (Textual) | |
Aggregate number of shares subject to forfeiture | shares | 187,500 |
Federal depository insurance amount | $ 250,000 |
Deferred offering costs | $ 145,807 |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | 1 Months Ended | |
Oct. 23, 2015 | Jul. 31, 2015 | |
Initial Public Offering (Textual) | ||
Sale of common shares | 1,437,500 | |
Over-allotment option [Member] | Subsequent Event [Member] | ||
Initial Public Offering (Textual) | ||
Sale of common shares | 5,750,000 | |
Sale of stock, price per unit | $ 10 | |
Initial public offering shares proposed | 750,000 | |
Warrant description | Each Unit consists of one ordinary share, no par value, one right ("Public Right") and one redeemable warrant ("Public Warrant"). Each right will convert into one-tenth (1/10) of one ordinary share upon consummation of a Business Combination (see Note 7). Each warrant will entitle the holder to purchase one half of one ordinary share at an exercise price of $12.00 per whole share. | |
Exercise price of warrant | $ 12 |
Private Placement (Details)
Private Placement (Details) - Private Placement [Member] - USD ($) | 1 Months Ended | 3 Months Ended |
Oct. 23, 2015 | Sep. 30, 2015 | |
Private Placement (Textual) | ||
Aggregate private units purchased | 477,500 | |
Gross proceeds on stock transaction | $ 4,775,000 | |
Subsequent Event [Member] | ||
Private Placement (Textual) | ||
Aggregate private units purchased | 54,375 | |
Sale of stock, price per unit | $ 10 | |
Gross proceeds on stock transaction | $ 543,750 | |
Sponsor [Member] | ||
Private Placement (Textual) | ||
Aggregate private units purchased | 452,500 | |
Sale of stock, price per unit | $ 10 | |
Sponsor [Member] | Subsequent Event [Member] | ||
Private Placement (Textual) | ||
Aggregate private units purchased | 45,171 | |
EBC [Member] | ||
Private Placement (Textual) | ||
Aggregate private units purchased | 25,000 | |
Sale of stock, price per unit | $ 10 | |
EBC [Member] | Subsequent Event [Member] | ||
Private Placement (Textual) | ||
Aggregate private units purchased | 9,204 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Jul. 31, 2015 | Sep. 30, 2015 | |
Related Party Transactions (Textual) | ||
General and administrative expense | $ 10,000 | |
Promissory note - related party | 300,000 | |
Advance from related party | 90,917 | |
Issuance of ordinary shares | $ 25,000 | 25,000 |
Debt conversion, amount | $ 500,000 | |
Forfeiture of common stock by Sponsor | 187,500 | |
Business combination share price | $ 12.50 | |
Percentage of founder shares | 50.00% | |
Issuance of ordinary shares | 1,437,500 | |
Debt instrument conversion price | $ 10 | |
Percentage of shares issued and outstanding | 20.00% |
Commitments & Contingencies (De
Commitments & Contingencies (Details) | Oct. 14, 2015USD ($) | Oct. 23, 2015$ / sharesshares | Oct. 20, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) |
Commitments and contingencies (Textual) | ||||
Expected life | 5 years | |||
Subsequent Event [Member] | ||||
Commitments and contingencies (Textual) | ||||
Registration rights, description | The holders of 25% of the founder shares and Private Units (and underlying securities) are entitled to registration rights. | |||
Underwriting discount | 3.25% | |||
Additonal compensation | $ 100,000 | |||
Registration rights agreement percent | 25 | |||
EBC [Member] | Subsequent Event [Member] | ||||
Commitments and contingencies (Textual) | ||||
Consummation of business combination amount | $ 1,750,000 | |||
Additonal compensation | 100,000 | |||
Stock option exercise price | $ 4,000,000 | |||
Stock option, shares | shares | 400,000 | |||
Exercise price per share | $ / shares | $ 10 | |||
Underwriting commitments, description | The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires five years from the effective date of the registration statement related to the Initial Public Offering. The Units issuable upon exercise of this option are identical to those offered in the Initial Public Offering. | |||
Share price | $ / shares | $ 3.29 | |||
Fair value of option purchased | $ 1,315,901 | |||
Expected volatility | 35.00% | |||
Risk-free interest rate | 1.40% | |||
Over-Allotment Option [Member] | Subsequent Event [Member] | ||||
Commitments and contingencies (Textual) | ||||
Initial public offering shares proposed | shares | 750,000 | |||
Share price | $ / shares | $ 10 | |||
IPO [Member] | Subsequent Event [Member] | ||||
Commitments and contingencies (Textual) | ||||
Initial public offering shares proposed | shares | 5,000,000 | |||
Payments for Underwriting Expense | $ 1,868,750 | |||
Director [Member] | ||||
Commitments and contingencies (Textual) | ||||
Direcotor's annual retainer payable | $ 30,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | ||
Oct. 23, 2015 | Jul. 31, 2015 | Sep. 30, 2015 | ||
Stockholders' Equity [Line Items] | ||||
Issuance of ordinary shares | 1,437,500 | |||
Forfeiture of common stock | 187,500 | |||
Percentage of shares issued and outstanding | 20.00% | |||
Price per warrant | $ 12 | |||
Over-allotment option [Member] | Subsequent event [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Issuance of ordinary shares | 5,750,000 | |||
Forfeiture of common stock | 187,500 | |||
Initial public offering shares proposed | 750,000 | |||
Selling price of the ordinary shares | $ 10.40 | |||
Ordinary Shares [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Issuance of ordinary shares | [1] | 1,437,500 | ||
Warrant [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Price per warrant | $ 0.01 | |||
Selling price of the ordinary shares | $ 18 | |||
[1] | Includes an aggregate of 187,500 shares held by the sponsor that were subject to forfeiture to the extent that the underwriters' over-allotment was not exercised in full (see Note 5 and 7). |