Document and Entity Information
Document and Entity Information - shares | 4 Months Ended | |
Jun. 30, 2016 | Aug. 05, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CF Corp | |
Entity Central Index Key | 1,668,428 | |
Trading Symbol | cfcou | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 84,000,000 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONDENSED BALANCE SHEET (Unaudi
CONDENSED BALANCE SHEET (Unaudited) | Jun. 30, 2016USD ($) | |
Current assets: | ||
Cash and cash equivalents | $ 1,335,633 | |
Prepaid expenses | 36,675 | |
Total current assets | 1,372,308 | |
Cash and cash equivalents held in Trust Account | 690,024,685 | |
Total Assets | 691,396,993 | |
Current liabilities: | ||
Accounts payable and accrued expenses | 614,149 | |
Accounts payable - related party | 10,000 | |
Due to related parties | 225,733 | |
Total current liabilities | 849,882 | |
Accrued legal costs | 708,478 | |
Deferred underwriting commissions and placement agent fees | 44,550,000 | |
Total Liabilities | 46,108,360 | |
Commitments | 0 | |
Class A ordinary shares subject to possible redemption, $0.0001 par value; 64,028,863 shares at redemption value at June 30, 2016 | 640,288,630 | |
Shareholders' Equity: | ||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at June 30, 2016 | 0 | |
Additional paid-in capital | 5,656,029 | |
Accumulated deficit | (658,023) | |
Total Shareholders' Equity | 5,000,003 | |
Total Liabilities and Shareholders' Equity | 691,396,993 | |
Ordinary Shares | Class A ordinary shares | ||
Current liabilities: | ||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 64,028,863 shares at redemption value at June 30, 2016 | 640,288,630 | |
Shareholders' Equity: | ||
Common stock value | 497 | |
Ordinary Shares | Class B ordinary shares | ||
Shareholders' Equity: | ||
Common stock value | $ 1,500 | [1] |
[1] | Share amounts have been retroactively restated to reflect the share capitalization of approximately 4.217 shares for each outstanding Class B ordinary share on April 21, 2016 (see Note 1). |
CONDENSED BALANCE SHEET (Unaud3
CONDENSED BALANCE SHEET (Unaudited) (Parentheticals) | 4 Months Ended | |
Jun. 30, 2016$ / sharesshares | ||
Number of shares subject to redemption | 64,028,863 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Ordinary Shares | Class A ordinary shares | ||
Class A ordinary shares subject to possible redemption, par value | $ / shares | $ 0.0001 | |
Number of shares subject to redemption | 64,028,863 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |
Common stock shares authorized | 400,000,000 | |
Common stock, shares, issued | 4,971,137 | |
Common stock, shares, outstanding | 4,971,137 | |
Ordinary Shares | Class B ordinary shares | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | [1] |
Common stock shares authorized | 50,000,000 | [1] |
Common stock, shares, issued | 15,000,000 | [1] |
Common stock, shares, outstanding | 15,000,000 | [1] |
[1] | Share amounts have been retroactively restated to reflect the share capitalization of approximately 4.217 shares for each outstanding Class B ordinary share on April 21, 2016 (see Note 1). |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 4 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | ||
Income Statement [Abstract] | |||
General and administrative expenses | $ 596,437 | $ 682,708 | |
Loss from operations | (596,437) | (682,708) | |
Interest income | 24,685 | 24,685 | |
Net loss | $ (571,752) | $ (658,023) | |
Weighted average shares outstanding, basic and diluted (in shares) | [1],[2] | 17,092,495 | 16,511,246 |
Basic and diluted net loss per share (in dollars per share) | $ (0.03) | $ (0.04) | |
[1] | Share amounts have been retroactively restated to reflect the share capitalization of approximately 4.217 shares for each outstanding Class B ordinary share on April 21, 2016 (see Note 1). | ||
[2] | This number excludes an aggregate of up to 64,028,863 shares subject to possible conversion at June 30, 2016 |
CONDENSED STATEMENTS OF OPERAT5
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Parentheticals) - $ / shares | 1 Months Ended | 4 Months Ended |
Apr. 21, 2016 | Jun. 30, 2016 | |
Number of shares subject to redemption | 64,028,863 | |
Class B ordinary shares | ||
Share capitalization ratio per share | $ 4.217 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 4 Months Ended |
Jun. 30, 2016 | |
Cash Flows from Operating Activities | |
Net loss | $ (658,023) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
Formation expenses paid by Sponsor | 5,000 |
Interest earned on cash and cash equivalents held in Trust Account | (24,685) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (36,675) |
Accounts payable and accrued expenses | 614,149 |
Accounts payable - related party | 10,000 |
Accrued legal costs | 708,478 |
Net cash provided by operating activities | 618,244 |
Cash Flows from Investing Activities | |
Principal deposited in Trust Account | (690,000,000) |
Net cash used in investing activities | (690,000,000) |
Cash Flows from Financing Activities | |
Proceeds received from loans to related parties | 225,733 |
Proceeds received from issuance of Class B ordinary shares to Anchor Investors | 7,251 |
Proceeds received from initial public offering, net of offering costs | 674,684,405 |
Proceeds from private placement | 15,800,000 |
Net cash provided by financing activities | 690,717,389 |
Net increase in cash and cash equivalents | 1,335,633 |
Cash and cash equivalents - beginning of the period | 0 |
Cash and cash equivalents - ending of the period | 1,335,633 |
Supplemental disclosure of noncash investing and financing activities: | |
Formation and offering costs paid by Sponsor in exchange for founder shares | 25,000 |
Value of Class A ordinary shares subject to possible redemption | 640,288,630 |
Deferred underwriting commissions in connection with the initial public offering | 24,150,000 |
Deferred placement agent fees in connection with the forward purchase agreement | $ 20,400,000 |
Description of Organization and
Description of Organization and Business Operations | 4 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | Note 1 – Description of Organization and Business Operations CF Corporation (the “Company”) is a newly organized blank check company incorporated in the Cayman Islands on February 26, 2016. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“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 the financial, technology and services industries in the United States or globally. On April 21, 2016, the Company effected a share capitalization of approximately 4.217 shares for each outstanding Class B ordinary share, resulting in an aggregate of 15,000,000 Class B ordinary shares outstanding. All share amounts presented in the financial statements herein have been retroactively restated to reflect the share capitalization. All activity from February 26, 2016 (inception) through June 30, 2016 relates to the Company’s formation, commencement of the initial public offering (“Initial Public Offering”), forward purchase agreement, and, since the closing of the Initial Public Offering, the search for a Business Combination candidate described below. The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. In April 2016, the Company entered into forward purchase agreements pursuant to which certain investors (“Anchor Investors”) (including two affiliates of the Sponsor, as defined below) agreed to purchase an aggregate of 51,000,000 Class A ordinary shares (“forward purchase shares”), plus an aggregate of 19,083,333 redeemable warrants (“forward purchase warrants”) for $10.00 per Class A ordinary share, for an aggregate purchase price of $510 million, in a private placement to occur concurrently with the closing of the Business Combination. In connection with the forward purchase agreements, the Company agreed to compensate the placement agents an aggregate amount of up to $20.675 million, including deferred placement agent fees of $20.4 million and reimbursement of legal fees of $275,000, payable upon the consummation of the Business Combination (Note 6). As the placements agents already performed services related to the forward purchase shares and the closing of a Business Combination was deemed probable by the management, the Company accrued a deferred placement agent fee and reimbursement of legal fees in the accompanying Balance Sheet. The registration statement for the Company’s Initial Public Offering was declared effective on May 19, 2016. The Company consummated the Initial Public Offering of 60,000,000 units (“Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”) for $10.00 per Unit on May 25, 2016, generated gross proceeds of $600 million and, in connection therewith, incurred offering costs of approximately $34.5 million, inclusive of $33 million of underwriting commissions in connection with the Initial Public Offering. Each Unit consists of one Class A ordinary share, $0.0001 par value per share, and one–half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a purchase price of $11.50 per share, subject to adjustment, terms and limitations (“Public Warrant(s)”). The Company paid $12 million of underwriting commissions upon the closing of the Initial Public Offering and deferred $21 million of underwriting commissions until the consummation of its initial Business Combination (Note 3). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Initial Private Placement”) of 14,000,000 warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant with the Company’s sponsor, CF Capital Growth, LLC (“Sponsor”), generating gross proceeds of $14 million (Note 4). On June 29, 2016, the Company consummated the closing of the sale of 9,000,000 additional Units upon receiving notice of the underwriter’s election to fully exercise its over-allotment option (“Over-allotment”), generating additional gross proceeds of $90 million and, in connection therewith, paid additional offering costs of $1.8 million in underwriting commissions. Additional underwriting commissions of $3.15 million were deferred until the completion of the Company’s initial Business Combination. Simultaneously with the consummation of the Over-allotment, the Company consummated a private placement of an additional 1,800,000 Private Placement Warrants to the Sponsor (together with the Initial Private Placement, the “Private Placement”), generating gross proceeds of $1.8 million. Upon the closing of the Initial Public Offering, the Over-allotment, and the Private Placement, an amount of $690 million ($10.00 per Unit) from the net proceeds of the sale was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Trust Account”), and is invested in a money market fund selected by the Company until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account as described below. At June 30, 2016, the Company has approximately $1.3 million in cash held outside of the Trust Account. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering, the Over-allotment, and the Private Placement, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the trust account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act. The Company will provide the holders of its Public Shares (“public 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. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially estimated to be approximately $10.00 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). The per-share amount to be distributed to public shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination. If a shareholder vote is not required by the law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the proposed Business Combination is required by law, or the Company decides to obtain shareholder approval for business reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) and Anchor Investors have agreed to vote their founder shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of such Business Combination. In addition, the initial shareholders and Anchor Investors have agreed to waive their redemption rights with respect to their founder shares and, with respect to our initial shareholders only, Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provides that 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 redeeming its shares with respect to more than an aggregate of 20% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. If the Company is unable to complete a Business Combination by May 25, 2018 (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 ten 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 if the Company fails to complete a Business Combination prior to the expiration of the Combination Period, each public shareholder 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 to pay the Company’s taxes payable (less taxes payable and up to $100,000 of interest to pay dissolution expenses). The Company’s Sponsor, officers and directors (the “initial shareholders”) and Anchor Investors have agreed to waive their liquidation rights with respect to the founder shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by third parties, such as a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account below $10.00 per share. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (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. The Sponsor will not be required to indemnify the Trust Account with respect to any claims by a third party who executed such waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In addition, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. |
Basis of presentation
Basis of presentation | 4 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Basis of presentation | Note 2 – Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the period from February 26, 2016 (inception) to June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the balance sheet included in the Company’s Form 8-K as of May 25, 2016, filed with the Securities and Exchange Commission on June 1, 2016. Liquidity As of June 30, 2016, the Company had approximately $1.3 million in its operating bank account, approximately $690 million in cash and cash equivalents held in the Trust Account and working capital of approximately $522,000. Through June 30, 2016, the Company’s liquidity needs have been satisfied through receipt of a $25,000 capital contribution from the Sponsor in exchange for the issuance of the founder shares to the Sponsor, $225,733 in loans from the Sponsor, and the proceeds not held in Trust resulted from the consummation of the Private Placement. In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans will be repaid only out of funds held outside the Trust Account. In the event that the Company does not complete a Business Combination, 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 may be used to repay the Working Capital Loans, other than the interest on such proceeds that may be released to fund the Company’s tax obligations. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans will either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. Any such warrants would be identical to the Private Placement Warrants. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet the Company's needs through the earlier of consummation of a Business Combination or May 25, 2018. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective merger or acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. |
Significant Accounting Policies
Significant Accounting Policies | 4 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 - Significant Accounting Policies 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. Cash and Cash Equivalents Held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination. As of June 30, 2016, there was approximately $25,000 of interest income held in the Trust Account available to be released to the Company. 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. At June 30, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Ordinary shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “ Distinguishing Liabilities from Equity Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its Public Shares in an amount that would cause its net tangible assets (shareholders' equity) to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against additional paid-in capital. Accordingly, at June 30, 2016 64,028,863 Class A ordinary shares were classified outside of permanent equity at their redemption value. Offering costs Offering costs consisting principally of legal, accounting, underwriting commissions and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering totaled approximately $39.5 million, inclusive of $24.15 million in deferred underwriting commissions in connection with the Initial Public Offering. Offering costs were charged to shareholders’ equity upon the completion of the Initial Public Offering. In addition, an aggregate of approximately $20.4 million in deferred placement agent fees incurred through the balance sheet date that are directly related to the forward purchase agreements were also charged to shareholders’ equity upon the issuance of Class B shares to the Anchor Investors. Net Loss per Share Net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. An aggregate of 64,028,863 shares of Class A ordinary shares subject to possible redemption at June 30, 2016 have been excluded from the calculation of basic loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of the warrants sold in the Initial Public Offering (including the consummation of the over-allotment) and Private Placement to purchase 50,300,000 shares of the Company’s class A ordinary shares in the calculation of diluted loss per share, since their inclusion would be anti-dilutive. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: · Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; · Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair Value of Financial Instruments ASC 820, Fair Value Measurement and Disclosures Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s Balance Sheet. Subsequent Events The Company evaluates events that have occurred after the balance sheet date through the date, which these financial statements were issued. |
Initial Public Offering
Initial Public Offering | 4 Months Ended |
Jun. 30, 2016 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 4 – Initial Public Offering On May 25, 2016, the Company consummated the sale of 60,000,000 Units at a price of $10.00 per Unit in the Initial Public Offering. On June 29, 2016, the Company consummated the sale of 9,000,000 additional Units upon receiving notice of the underwriter’s election to fully exercise its over-allotment option. Each Unit consists of one Public Share, and one-half of one Public Warrant. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Company incurred approximately $39.5 million of offering costs in connection with the Initial Public Offering, inclusive of $24.15 million of deferred underwriting commissions payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes a Business Combination. The underwriters are not entitled to any interest accrued on the deferred discount. |
Private Placement
Private Placement | 4 Months Ended |
Jun. 30, 2016 | |
Private Placement [Abstract] | |
Private Placement | Note 5 – Private Placement Concurrently with the closing of the Initial Public Offering and the Over-allotment, the Sponsor purchased an aggregate of 15,800,000 Private Placement Warrants at $1.00 per Private Placement Warrant, generating gross proceeds of $15.8 million in the aggregate in a private placement. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share for $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. |
Related Party Transactions
Related Party Transactions | 4 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions Founder shares On March 2, 2016, the Company issued an aggregate of 15,000,000 Class B ordinary shares to the Sponsor in exchange for a capital contribution of $25,000. On April 19, 2016, the Sponsor surrendered 3,750,000 Class B ordinary shares to the Company for no consideration, which the Company cancelled. The Company then issued 3,750,000 Class B ordinary shares to the Anchor Investors for an aggregate price of approximately $7,000 in connection with the forward purchase agreements. The Sponsor and the Anchor Investors currently own 11,250,000 and 3,750,000 Class B ordinary shares, respectively (together, the “founder shares”). The founder shares will automatically convert into Class A ordinary shares upon the consummation of a Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of Class A ordinary shares outstanding upon completion of the Initial Public Offering, plus (ii) the sum of (a) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including forward purchase shares, but not forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor upon conversion of Working Capital Loans, minus (b) the number of Public Shares redeemed by public shareholders in connection with the initial Business Combination. The Sponsor, Chinh E. Chu and William P. Foley, II have agreed not to transfer, assign or sell any of their founder shares until the earliest of (a) one year after the completion of the initial Business Combination with respect 50% of their founder shares, (b) two years after the completion of the initial Business Combination with respect to the remaining 50% of their founder shares, and (c) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after an initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. The Anchor Investors have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property (except to certain permitted transferees). Any permitted transferees will be subject to the same restrictions and other agreements of the initial shareholders or Anchor Investors, as applicable, with respect to any founder shares. Notwithstanding the foregoing, if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, the founder shares held by investors other than the Sponsor, Chinh E. Chu and William P. Foley, II will be released from the lock-up. Private Placement Warrants On May 25, 2016 and June 29, 2016, the Sponsor purchased from the Company an aggregate of 15,800,000 Private Placement Warrants as described in Note 4. Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination, and they will be non-redeemable so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers of the Private Placement Warrants or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants and have no net cash settlement provisions. If the Company does not complete a Business Combination, then the proceeds of the sale of the Private Placement Warrants will be part of the liquidating distribution to the public shareholders and the Private Placement Warrants will expire worthless. Due to related party The Company’s Sponsor and other related parties have loaned the Company an aggregate amount of $225,733 to be used for the payment of costs related to the Initial Public Offering. These borrowings are non-interest bearing, unsecured and due upon the closing of the Initial Public Offering. The Company has not yet repaid this amount as of June 30, 2016. Administrative service fee The Company has agreed, commencing on May 25, 2016 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay an affiliate of the Sponsor a monthly fee of $10,000 for office space, and secretarial and administrative services. The Company recorded $10,000 during the three months ended June 30, 2016 and for the period from February 26, 2016 (inception) to June 30, 2016 in connection to this agreement in the accompanying unaudited condensed Statements of Operations. |
Commitments & Contingencies
Commitments & Contingencies | 4 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | Note 7 – Commitments & Contingencies Registration rights The Sponsor is entitled to registration rights pursuant to a registration rights agreement entered into on May 19, 2016 with respect to the founder shares and Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans). The Sponsor may make up to three demands, excluding short form demands, that the Company register such securities. In addition, the Sponsor has “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. Pursuant to the forward purchase agreements described below, the Company agreed to file within 30 days after the closing of the Business Combination a registration statement for a secondary offering of the forward purchase shares and the forward purchase warrants (and underlying Class A ordinary shares) and to maintain the effectiveness of such registration statement until the earliest of (A) the date on which the Anchor Investors cease to hold the securities covered thereby, (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and (C) the second anniversary of the date of effectiveness of such registration statement, subject to certain conditions and limitations set forth in the forward purchase agreements. Underwriting agreement The Company granted the underwriters a 45-day option to purchase up to 9,000,000 additional Units to cover over-allotments at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters fully exercised their over-allotment option on June 29, 2016, generating an additional gross proceeds of $90 million. The Company paid $0.20 per unit, or $13.8 million in the aggregate, to the underwriters, upon the closing of the Public Offering. $0.35 per unit, or $24.15 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Forward purchase agreements On April 19, 2016, the Company entered into forward purchase agreements pursuant to which the Anchor Investors agreed to purchase an aggregate of 51,000,000 Class A ordinary shares plus an aggregate of 19,083,333 redeemable warrants at $10.00 per Class A ordinary share for an aggregate purchase price of $510 million, in a private placement to occur concurrently with the closing of the Business Combination. In connection with these agreements, the Company issued an aggregate of 3,750,000 Class B ordinary shares to such investors. The shares issued to such investors are subject to similar contractual conditions and restrictions as the founder shares issued to the Sponsor. The Anchor Investors will have redemption rights with respect to any Public Shares they own. The forward purchase agreements also provide that the investors are entitled to a right of first offer to with respect to any proposed sale of additional equity or equity-linked securities by the Company for capital raising purposes in connection with the closing of the Business Combination (other than shares and warrants pursuant to forward purchase agreements) and registration rights with respect to the shares, warrants and Class A ordinary shares underlying the forward purchase warrants. On April 22, 2016, the Company entered into an agreement with Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC in connection with the forward purchase agreements described above, to act as placement agents (the “Placement Agents”) in the related private placement. In connection therewith, the Placement Agents are entitled to placement agent fees in an aggregate amount of: (i) up to 3.5% of the aggregate proceeds received from the forward purchase shares (or $17.85 million), contingently payable at the consummation of the Company’s Business Combination, (ii) an additional placement agent fee of 0.5% of the aggregate proceeds received from the sales of the forward purchase agreements (or $2.55 million) at the Company’s sole discretion as determined at the time of the consummation of a Business Combination, and (iii) reimbursement of reasonable legal counsel fees and expenses up to an aggregate amount of $275,000, which will be paid upon the earlier of the consummation of the Business Combination and December 1, 2017. |
Shareholders' Equity
Shareholders' Equity | 4 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 8 – Shareholders’ Equity Class A ordinary shares Class B ordinary shares As of June 30, 2016, the Company has 15,000,000 Class B ordinary shares issued and outstanding. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters submitted to a vote of shareholders except as required by law, except that prior to a Business Combination, only holders of Class B ordinary shares have the right to elect the Company’s directors. Preferred shares Warrants The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the initial shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may call the Public Warrants for redemption (except with respect to the Private Placement Warrants): · in whole and not in part; · at a price of $0.01 per warrant; · upon a minimum of 30 days prior written notice of redemption; and · if, and only if, the last reported closing 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 trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 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. In no event will the Company be required to net cash settle the warrants shares. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 4 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 - Fair Value Measurements The following table presents information about the Company’s assets that are measured on a recurring basis as of June 30, 2016 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Cash equivalents held in Trust Account $ 600,024,685 $ — $ — $90 million of the balance in the Trust Account was held in cash as of June 30, 2016. |
Significant Accounting Polici16
Significant Accounting Policies (Policies) | 4 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
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. |
Cash and Cash Equivalents Held in Trust Account | Cash and Cash Equivalents Held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination. As of June 30, 2016, there was approximately $25,000 of interest income held in the Trust Account available to be released to the Company. |
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. At June 30, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Ordinary shares Subject to Possible Redemption | Ordinary shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “ Distinguishing Liabilities from Equity Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its Public Shares in an amount that would cause its net tangible assets (shareholders' equity) to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against additional paid-in capital. Accordingly, at June 30, 2016 64,028,863 Class A ordinary shares were classified outside of permanent equity at their redemption value. |
Offering costs | Offering costs Offering costs consisting principally of legal, accounting, underwriting commissions and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering totaled approximately $39.5 million, inclusive of $24.15 million in deferred underwriting commissions in connection with the Initial Public Offering. Offering costs were charged to shareholders’ equity upon the completion of the Initial Public Offering. In addition, an aggregate of approximately $20.4 million in deferred placement agent fees incurred through the balance sheet date that are directly related to the forward purchase agreements were also charged to shareholders’ equity upon the issuance of Class B shares to the Anchor Investors. |
Net Loss per Share | Net Loss per Share Net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. An aggregate of 64,028,863 shares of Class A ordinary shares subject to possible redemption at June 30, 2016 have been excluded from the calculation of basic loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of the warrants sold in the Initial Public Offering (including the consummation of the over-allotment) and Private Placement to purchase 50,300,000 shares of the Company’s class A ordinary shares in the calculation of diluted loss per share, since their inclusion would be anti-dilutive. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: · Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; · Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, Fair Value Measurement and Disclosures |
Recent accounting pronouncements | Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s Balance Sheet. |
Subsequent Events | Subsequent Events The Company evaluates events that have occurred after the balance sheet date through the date, which these financial statements were issued. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 4 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured on a recurring basis and fair value hierarchy of the valuation techniques | Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Cash equivalents held in Trust Account $ 600,024,685 $ — $ — |
Description of Organization a18
Description of Organization and Business Operations (Detail Textuals) | 1 Months Ended | 2 Months Ended | 4 Months Ended | ||
Apr. 22, 2016USD ($) | Apr. 21, 2016$ / sharesshares | Apr. 19, 2016USD ($)Affiliate$ / sharesshares | Apr. 19, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Total gross proceeds from private placement | $ 15,800,000 | ||||
Class B ordinary shares | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Share capitalization ratio per share | $ / shares | $ 4.217 | ||||
Common stock shares outstanding | shares | 15,000,000 | ||||
Class B ordinary shares | Anchor Investors | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of shares owned | shares | 3,750,000 | ||||
Forward purchase agreements | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Reimbursement of legal counsel fees and expenses | $ 275,000 | ||||
Forward purchase agreements | Anchor Investors | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of affiliate | Affiliate | 2 | ||||
Additional deferred placement agent fees | $ 20,400,000 | $ 20,400,000 | |||
Reimbursement of legal counsel fees and expenses | 275,000 | ||||
Total placement agent fees in connection with forward purchase agreements | $ 20,675,000 | ||||
Forward purchase agreements | Class A ordinary shares | Anchor Investors | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of shares owned | shares | 51,000,000 | ||||
Number of forward purchase warrants | shares | 19,083,333 | ||||
Number of forward purchase shares, price per share | $ / shares | $ 10 | $ 10 | |||
Total gross proceeds from private placement | $ 510,000,000 | ||||
Forward purchase agreements | Class B ordinary shares | Anchor Investors | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of shares owned | shares | 3,750,000 |
Description of Organization a19
Description of Organization and Business Operations (Detail Textuals 1) - USD ($) | 1 Months Ended | 4 Months Ended | |
Jun. 29, 2016 | May 25, 2016 | Jun. 30, 2016 | |
Initial Public Offering [Line Items] | |||
Net proceeds received | $ 674,684,405 | ||
Total gross proceeds from private placement | 15,800,000 | ||
Underwriting Agreement | |||
Initial Public Offering [Line Items] | |||
Number of additional units issued | 9,000,000 | ||
Net proceeds received | $ 90,000,000 | ||
Total offering costs | 1,800,000 | ||
Deferred underwriting fees | $ 3,150,000 | ||
Initial Public Offering | |||
Initial Public Offering [Line Items] | |||
Number of additional units issued | 60,000,000 | ||
Price per unit | $ 10 | ||
Net proceeds received | $ 600,000,000 | 69,000,000 | |
Total offering costs | 34,500,000 | 39,500,000 | |
Deferred underwriting fees | 33,000,000 | ||
Payment of underwriting fees | 12,000,000 | ||
Deferred underwriting fees payable | $ 21,000,000 | $ 24,150,000 | |
Description of unit | Each Unit consists of one Class A ordinary share, $0.0001 par value per share, and one-half of one redeemable warrant. | ||
Common stock, par value (in dollars per share) | $ 0.0001 | ||
Exercise price of warrant | $ 11.50 | ||
Private Placement | |||
Initial Public Offering [Line Items] | |||
Number of private placement warrants issued | 1,800,000 | 14,000,000 | |
Gross proceeds from warrants | $ 1,800,000 | $ 14,000,000 | |
Exercise price of warrant | $ 1 |
Description of Organization a20
Description of Organization and Business Operations (Detail Textuals 2) - USD ($) | 1 Months Ended | 4 Months Ended | |
Jun. 29, 2016 | May 25, 2016 | Jun. 30, 2016 | |
Subsidiary, Sale of Stock [Line Items] | |||
Minimum per share amount in the Trust Account | $ 10 | ||
Net proceeds received | $ 674,684,405 | ||
Cash held outside of Trust Account | $ 1,300,000 | ||
Minimum aggregate fair market value | 80.00% | ||
Percentage of outstanding voting securities | 50.00% | ||
Assets held in trust per share | $ 10 | ||
Minimum net tangible asset | $ 5,000,001 | ||
Interest to pay dissolution expenses | $ 100,000 | ||
Private Placement | Class A ordinary shares | |||
Subsidiary, Sale of Stock [Line Items] | |||
Maximum percentage of restriction on redemption of shares | 20.00% | ||
Initial Public Offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Minimum per share amount in the Trust Account | $ 10 | ||
Net proceeds received | $ 600,000,000 | $ 69,000,000 | |
Percentage of outstanding public shares | 100.00% |
Basis of presentation (Detail T
Basis of presentation (Detail Textuals) - USD ($) | 4 Months Ended | |
Jun. 30, 2016 | Feb. 25, 2016 | |
Basis Of Presentation [Abstract] | ||
Cash in operating bank account | $ 1,335,633 | $ 0 |
Cash and cash equivalents held in trust account | 690,024,685 | |
Working capital | $ 522,000 |
Basis of presentation (Detail22
Basis of presentation (Detail Textuals 1) | 4 Months Ended |
Jun. 30, 2016USD ($)$ / shares | |
Basis Of Presentation [Line Items] | |
Maximum amount of loan from sponsor | $ 225,733 |
Sponsor | |
Basis Of Presentation [Line Items] | |
Proceeds from capital contribution | 25,000 |
Maximum amount of loan from sponsor | 225,733 |
Maximum amount of working capital loans | $ 1,500,000 |
Conversion price per warrant of working capital loans converted into warrants | $ / shares | $ 1 |
Significant Accounting Polici23
Significant Accounting Policies (Detail Textuals) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended |
May 25, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | |
Accounting Policies [Line Items] | |||
Interest income held in the Trust Account | $ 24,685 | $ 24,685 | |
Federal depository insurance coverage | 250,000 | 250,000 | |
Minimum net tangible asset | 5,000,001 | $ 5,000,001 | |
Number of shares subject to redemption | 64,028,863 | ||
Ordinary Shares | Class A ordinary shares | |||
Accounting Policies [Line Items] | |||
Number of shares subject to redemption | 64,028,863 | ||
Antidilutive securities excluded from computation of earnings per share, amount | 50,300,000 | ||
Initial Public Offering | |||
Accounting Policies [Line Items] | |||
Offering cost | $ 34,500,000 | 39,500,000 | $ 39,500,000 |
Total underwriting fees | 33,000,000 | ||
Deferred underwriting fees payable | $ 21,000,000 | 24,150,000 | |
Deferred placement agent fees in connection with the forward purchase agreements | $ 20,400,000 | $ 20,400,000 |
Initial Public Offering (Detail
Initial Public Offering (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | |
Jun. 29, 2016 | May 25, 2016 | Jun. 30, 2016 | |
Underwriting Agreement | |||
Initial Public Offering [Line Items] | |||
Number of additional units issued | 9,000,000 | ||
Total offering costs | $ 1,800 | ||
Initial Public Offering | |||
Initial Public Offering [Line Items] | |||
Number of additional units issued | 60,000,000 | ||
Share price | $ 10 | ||
Total offering costs | $ 39,500 | ||
Deferred underwriting fees payable | $ 24,150 |
Private Placement (Detail Textu
Private Placement (Detail Textuals) - Private Placement - Sponsor - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 4 Months Ended | |
Jun. 29, 2016 | May 25, 2016 | Jun. 30, 2016 | |
Subsidiary, Sale of Stock [Line Items] | |||
Number of warrant issued | 15,800,000 | 14,000,000 | 15,800,000 |
Warrant issued, price per share | $ 1 | ||
Gross proceeds from warrants | $ 15.8 | ||
Class A ordinary shares | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued on conversion of warrants | 1 | ||
Exercise price of warrant | $ 11.50 |
Related Party Transactions (Det
Related Party Transactions (Detail Textuals) - USD ($) | Mar. 02, 2016 | Jun. 29, 2016 | May 25, 2016 | Apr. 19, 2016 | Apr. 19, 2016 | Jun. 30, 2016 | Jun. 30, 2016 |
Related Party Transaction [Line Items] | |||||||
Maximum amount of loan from sponsor | $ 225,733 | ||||||
Class A ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Conversion percentage | 20.00% | ||||||
Adjusted closing price description | Class A ordinary shares equals or exceeds $12.00 per share | ||||||
Sponsor | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from capital contribution | 25,000 | ||||||
Percentage of founder shares for one year after completion of the initial business combination | 50.00% | ||||||
Percentage of remaining founder shares for two years | 50.00% | ||||||
Maximum amount of loan from sponsor | 225,733 | ||||||
Monthly fee to an affiliate of the sponsor | $ 10,000 | $ 10,000 | $ 10,000 | ||||
Sponsor | Private Placement | |||||||
Related Party Transaction [Line Items] | |||||||
Number of warrant issued | 15,800,000 | 14,000,000 | 15,800,000 | ||||
Sponsor | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Stock issued during period in exchange for capital contribution | 15,000,000 | ||||||
Proceeds from capital contribution | $ 25,000 | ||||||
Number of shares surrendered | 3,750,000 | ||||||
Number of shares owned | 11,250,000 | ||||||
Sponsor | Class A ordinary shares | Private Placement | |||||||
Related Party Transaction [Line Items] | |||||||
Number of warrant entitles the holder to purchase ordinary shares | 1 | ||||||
Exercise price of warrant | $ 11.50 | ||||||
Anchor Investors | Class B ordinary shares | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares issued | 3,750,000 | ||||||
Value of shares issued | $ 7,000 | ||||||
Number of shares owned | 3,750,000 |
Commitments & Contingencies (De
Commitments & Contingencies (Detail Textuals) - USD ($) | 1 Months Ended | 4 Months Ended |
Jun. 29, 2016 | Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Net proceeds received | $ 674,684,405 | |
Underwriting Agreement | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Number of additional units issued | 9,000,000 | |
Net proceeds received | $ 90,000,000 | |
Underwriting discount, per share | $ 0.20 | |
Underwriting fees paid | $ 13,800,000 | |
Deferred underwriting commissions, per share | $ 0.35 | |
Deferred underwriting commission on option over allotment | $ 24,150,000 |
Commitments & Contingencies (28
Commitments & Contingencies (Detail Textuals 1) - USD ($) | 1 Months Ended | 2 Months Ended | 4 Months Ended |
Apr. 19, 2016 | Apr. 19, 2016 | Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Total gross proceeds from private placement | $ 15,800,000 | ||
Class B ordinary shares | Anchor Investors | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Number of shares owned | 3,750,000 | ||
Forward purchase agreements | Class A ordinary shares | Anchor Investors | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Number of shares owned | 51,000,000 | ||
Number of forward purchase warrants | 19,083,333 | ||
Number of forward purchase shares, price per share | $ 10 | $ 10 | |
Total gross proceeds from private placement | $ 510,000,000 | ||
Forward purchase agreements | Class B ordinary shares | Anchor Investors | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Number of shares owned | 3,750,000 |
Commitments & Contingencies (29
Commitments & Contingencies (Detail Textuals 2) - Forward purchase agreements | 1 Months Ended |
Apr. 22, 2016USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | |
Maximum placement agent fees percentage | 3.50% |
Placement agent fees amount | $ 17,850,000 |
Additional placement agent fee percent | 0.50% |
Additional placement agent fee amount | $ 2,550,000 |
Reimbursement of legal counsel fees and expenses | $ 275,000 |
Shareholders' Equity (Detail Te
Shareholders' Equity (Detail Textuals) | 4 Months Ended | ||
Jun. 30, 2016$ / shares$ / warrantsshares | Apr. 21, 2016shares | ||
Shareholders Equity [Line Items] | |||
Number of shares subject to redemption | 64,028,863 | ||
Preferred stock, shares authorized | 1,000,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Warrants redemption price per share | $ / warrants | 0.01 | ||
Share price to trigger redemption feature for Public Warrants | $ / shares | $ 18 | ||
Class B ordinary shares | |||
Shareholders Equity [Line Items] | |||
Common stock, shares, outstanding | 15,000,000 | ||
Ordinary Shares | Class A ordinary shares | |||
Shareholders Equity [Line Items] | |||
Common stock shares authorized | 400,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||
Common stock voting rights | one vote | ||
Common stock shares issued including shares subject to redemption | 69,000,000 | ||
Common stock shares outstanding including shares subject to redemption | 69,000,000 | ||
Common stock, shares, issued | 4,971,137 | ||
Common stock, shares, outstanding | 4,971,137 | ||
Number of shares subject to redemption | 64,028,863 | ||
Ordinary Shares | Class B ordinary shares | |||
Shareholders Equity [Line Items] | |||
Common stock shares authorized | [1] | 50,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | [1] | $ 0.0001 | |
Common stock voting rights | one vote | ||
Common stock, shares, issued | [1] | 15,000,000 | |
Common stock, shares, outstanding | [1] | 15,000,000 | |
Common stock conversion basis | 20% of the sum of (i) the total number of Class A ordinary shares outstanding upon the completion of the Initial Public Offering (including pursuant to the underwriters' over-allotment option), plus (ii) the sum of (a) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including forward purchase shares, but not forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor upon conversion of Working Capital Loans, minus (b) the number of Public Shares redeemed by Public Shareholders in connection with the initial Business Combination. | ||
[1] | Share amounts have been retroactively restated to reflect the share capitalization of approximately 4.217 shares for each outstanding Class B ordinary share on April 21, 2016 (see Note 1). |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring basis | Jun. 30, 2016USD ($) |
Quoted Prices in Active Markets (Level 1) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents held in Trust Account | $ 600,024,685 |
Significant Other Observable Inputs (Level 2) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents held in Trust Account | 0 |
Significant Other Unobservable Inputs (Level 3) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents held in Trust Account | $ 0 |
Fair Value Measurements (Deta32
Fair Value Measurements (Detail Textuals) $ in Millions | 4 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value Disclosures [Abstract] | |
Cash investment held in trust account | $ 90 |