GTY Technology (GTYH) 10-Q 12 Dec 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	2 Months Ended
	Sep. 30, 2016	Dec. 12, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	GTY Technology Holdings Inc.
Entity Central Index Key	1,682,325
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GTYHU
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,200,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,800,000

CONDENSED BALANCE SHEET

CONDENSED BALANCE SHEET	Sep. 30, 2016USD ($)
Assets
Deferred offering costs associated with initial public offering	$ 179,837
Total Assets	179,837
Current Liabilities:
Accounts payable and accrued expenses	78,803
Total Current Liabilities	78,803
Due to related party	92,718
Total Liabilities	171,521
Commitments
Shareholder's Equity:
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	0
Additional paid-in capital	23,620
Accumulated deficit	(16,684)
Total Shareholder's Equity	8,316
Total Liabilities and Shareholder's Equity	179,837
Common Class A [Member]
Shareholder's Equity:
CommonStockValue	0
Common Class B [Member]
Shareholder's Equity:
CommonStockValue	$ 1,380	[1]
[1]	This number has been retroactively restated to reflect the share capitalization of 2,875,000 shares on October 14, 2016 and the share capitalization of 2,300,000 shares on October 26, 2016 (see Note 4) and includes an aggregate of up to 1,800,000 Class B ordinary shares subject to surrender for no consideration if the over-allotment option was not exercised in full by the underwriters. On November 1, 2016, the underwriters exercised their over-allotment option, thus, these Class B ordinary shares were not forfeited.

CONDENSED BALANCE SHEET (Parent

CONDENSED BALANCE SHEET (Parenthetical) - $ / shares	1 Months Ended
	Oct. 26, 2016	Oct. 14, 2016	Sep. 30, 2016
Preferred Stock, Par or Stated Value Per Share			$ 0.0001
Preferred Stock, Shares Authorized			1,000,000
Preferred Stock, Shares Issued			0
Preferred Stock, Shares Outstanding			0
Common Class A [Member]
Common Stock, Par or Stated Value Per Share			$ 0.0001
Common Stock, Shares Authorized			400,000,000
Common Stock, Shares, Issued			0
Common Stock, Shares, Outstanding			0
Common Class B [Member]
Common Stock, Par or Stated Value Per Share			$ 0.0001
Common Stock, Shares Authorized			50,000,000
Common Stock, Shares, Issued			13,800,000
Common Stock, Shares, Outstanding			13,800,000
Common Class B [Member] | Subsequent Event [Member]
Common Stock, Shares, Issued	2,300,000	2,875,000
Common Stock, Shares, Outstanding	13,800,000	11,500,000
Number of Shares Held as Subject To Surrender	1,800,000

CONDENSED STATEMENT OF OPERATIO

CONDENSED STATEMENT OF OPERATIONS	2 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Formation and operating costs	$ 16,684
Net loss	$ (16,684)
Weighted average shares outstanding, basic and diluted | shares	12,000,000	[1]
Basic and diluted net loss per ordinary share | $ / shares	$ 0
[1]	This number has been retroactively restated to reflect the share capitalization of 2,875,000 shares on October 14, 2016 and the share capitalization of 2,300,000 shares on October 26, 2016 (see Note 4) and excludes an aggregate of up to 1,800,000 Class B ordinary shares subject to surrender for no consideration if the over-allotment option was not exercised in full by the underwriters. On November 1, 2016, the underwriters exercised their over-allotment option, thus, these Class B ordinary shares were not forfeited.

CONDENSED STATEMENT OF OPERATI5

CONDENSED STATEMENT OF OPERATIONS (Parenthetical) - Common Class B [Member] - shares	1 Months Ended
	Oct. 26, 2016	Oct. 14, 2016	Sep. 30, 2016
Common Stock, Shares, Issued			13,800,000
Subsequent Event [Member]
Common Stock, Shares, Issued	2,300,000	2,875,000
Number of Shares Held as Subject To Surrender	1,800,000

CONDENSED STATEMENT OF CHANGE I

CONDENSED STATEMENT OF CHANGE IN SHAREHOLDER'S EQUITY - 2 months ended Sep. 30, 2016 - USD ($)	Total		Additional Paid-in Capital [Member]		Retained Earnings [Member]		Common Class A [Member]Common Stock [Member]	Common Class B [Member]Common Stock [Member]
Balance at Aug. 10, 2016	$ 0		$ 0		$ 0		$ 0	$ 0
Balance (In Shares) at Aug. 10, 2016							0	0
Issuance of Class B ordinary shares to Sponsor	25,000	[1]	23,620	[1]	0	[1]	$ 0	$ 1,380
Issuance of Class B ordinary shares to Sponsor (In Shares)							0	13,800,000
Net loss	(16,684)		0		(16,684)		$ 0	$ 0
Balance at Sep. 30, 2016	$ 8,316		$ 23,620		$ (16,684)		$ 0	$ 1,380
Balance (In Shares) at Sep. 30, 2016							0	13,800,000
[1]	This number has been retroactively restated to reflect the share capitalization of 2,875,000 shares on October 14, 2016 and the share capitalization of 2,300,000 shares on October 26, 2016 (see Note 4) and includes an aggregate of up to 1,800,000 Class B ordinary shares subject to surrender for no consideration if the over-allotment option was not exercised in full by the underwriters. On November 1, 2016, the underwriters exercised their over-allotment option, thus, these Class B ordinary shares were not forfeited.

CONDENSED STATEMENT OF CHANGE 7

CONDENSED STATEMENT OF CHANGE IN SHAREHOLDER'S EQUITY (Parenthetical) - Common Class B [Member] - shares	1 Months Ended
	Oct. 26, 2016	Oct. 14, 2016	Sep. 30, 2016
Common Stock, Shares, Issued			13,800,000
Subsequent Event [Member]
Common Stock, Shares, Issued	2,300,000	2,875,000
Number of Shares Held as Subject To Surrender	1,800,000

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS	2 Months Ended
	Sep. 30, 2016USD ($)
Cash Flows from Operating Activities
Net loss	$ (16,684)
Adjustments to reconcile net loss to net cash used in operating activities:
Formation and operating costs paid by Sponsor	5,726
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	10,958
Net cash used in operating activities	0
Cash and cash equivalents - beginning of the period	0
Cash and cash equivalents - ending of the period	0
Supplemental disclosure of noncash investing and financing activities:
Formation and offering costs paid by Sponsor in exchange for founder shares	25,000
Deferred offering costs included in accounts payable and accrued expenses	67,845
Deferred offering costs paid by Sponsor	$ 91,992

Organization and Business Opera

Organization and Business Operations	2 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Organization and Business Operations GTY Technology Holdings Inc. (the “Company”) is a newly organized blank check company incorporated in the Cayman Islands on August 11, 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 that the Company has not yet identified (“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 technology industry, including software and services. At September 30, 2016, the Company had not yet commenced operations. All activity through September 30, 2016 relates to the Company’s formation and the offering 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. The registration statement for the Company’s initial public offering (the “Initial Public Offering”) was declared effective on October 26, 2016. The Company consummated the Initial Public Offering of 55,200,000 7,200,000 10.00 552 31.06 30.36 11.04 19.32 Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 8,693,334 1.50 13.04 Upon the closing of the Initial Public Offering and Private Placement on November 1, 2016, an amount of $552 million ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Trust Account”). The Trust Account will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company 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 Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80 50 The Company provides its holders of the outstanding Class A ordinary shares sold in the Initial Public Offering (“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 approximately $ 10.00 Distinguishing Liabilities from Equity 5,000,001 Notwithstanding the foregoing, the Company’s second 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 The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Company’s second amended and restated memorandum and articles of association that would affect the substance or timing of the Company’s obligation to redeem 100 If the Company is unable to complete a Business Combination within 24 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 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 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 to pay the Company’s taxes payable (less taxes payable and up to $ 100,000 The initial shareholders 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 should 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 (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other 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 initially held in the Trust Account. 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 a third party (other than the Company's independent public accountants) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable. This liability will not apply with respect to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) 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”). 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	2 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the 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, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period from August 11, 2016 (inception) through September 30, 2016 are not necessarily indicative of the results that may be expected for the period from August 11, 2016 (inception) through December 31, 2016, or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements contained in the Company’s final prospectus and the Company’s Current Report on Form 8-K filed with the SEC on October 28, 2016 and November 7, 2016, respectively. The Company is an “emerging growth company,” as defined in Section 2(a) of 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. The preparation of the unaudited condensed interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements. 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 balance sheet, 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. Deferred offering costs of approximately $ 180,000 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. 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. Weighted average shares were reduced for the effect of an aggregate of 1,800,000 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 Cayman 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 and no amounts accrued for interest and penalties as of September 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company 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. Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

Initial Public Offering	2 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Initial Public Offering [Text Block]	Note 3. Initial Public Offering On November 1, 2016, the Company sold 55,200,000 10.00 7,200,000 11.50 The Company incurred offering costs of approximately $ 31.06 30.36 11.04 19.32

Related Party Transactions

Related Party Transactions	2 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 4. Related Party Transactions Founder Shares In August 2016, the Company issued 8,625,000 25,000 11,500,000 13,800,000 1,800,000 In October 2016, the Sponsor transferred 25,000 founder shares to each of the Company’s independent director nominees at the same per-share purchase price paid by the Sponsor. The foregoing transfers of founder shares were made in reliance upon an exemption from the registration requirements of the Securities Act pursuant to the so-called 4(a)(1)-½ exemption. The founder shares will automatically convert into Class A ordinary shares upon the consummation of a Business Combination on a one-for-one basis, subject to adjustments. In the case that additional Class A ordinary shares, or equity-linked securities convertible or exercisable for Class A ordinary shares, are issued or deemed issued in excess of the amounts offered in the Company’s final prospectus and related to the closing of its initial Business Combination, the ratio at which founder shares will convert into Class A ordinary shares will be adjusted so that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate 20% of the sum of the ordinary shares outstanding upon the completion of the Initial Public Offering plus the number of Class A ordinary shares and equity-linked shares issued or deemed issued in connection with the initial Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor. The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier to occur of (i) one year after the completion of a Business Combination, or earlier if, subsequent to a Business Combination, the closing price of the Class A ordinary shares equals or exceeds $ 12.00 Private Placement Warrants Concurrently with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 8,693,334 1.50 13.04 Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $ 11.50 Due to Related Party The Company’s Sponsor has agreed to loan the Company in the form of a promissory note up to $ 200,000 93,000 In addition, 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 would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. 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. 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 would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1.5 1.50 Administrative Service Fee The Company has agreed, commencing on the effective date of the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination and its liquidation, to reimburse the Sponsor in an amount not to exceed $ 10,000

Commitments

Commitments	2 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	Note 5. Commitments Registration Rights The holders of the founder shares and Private Placement Warrants and warrants that maybe 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) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities 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. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of this prospectus to purchase up to 7,200,000 The Company paid an underwriting discount of $ 0.20 11.04 0.35 19.32

Shareholder's Equity

Shareholder's Equity	2 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 6. Shareholder’s Equity Class A Ordinary Shares The Company is authorized to issue 400,000,000 0.0001 Class B Ordinary Shares The Company is authorized to issue 50,000,000 0.0001 Prior to the initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the election of directors. Holders of Class A ordinary shares will not be entitled to vote on the election of directors during such time. These provisions of the Company’s second amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of the Company’s ordinary shares voting in a general meeting. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders except as required by law. As of September 30, 2016, the Company had 13,800,000 Preferred Shares The Company is authorized to issue 1,000,000 0.0001 Warrants Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60 th 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 • 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 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 exercise price and number of Class A ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A ordinary shares at a price below its exercise price. Additionally, 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.

Subsequent Events

Subsequent Events	2 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 7. Subsequent Events The Company has evaluated subsequent events through December 12, 2016, the date the balance sheet was available to be issued. Based on its evaluation no other material events have occurred that require disclosure.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	2 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the 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, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period from August 11, 2016 (inception) through September 30, 2016 are not necessarily indicative of the results that may be expected for the period from August 11, 2016 (inception) through December 31, 2016, or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements contained in the Company’s final prospectus and the Company’s Current Report on Form 8-K filed with the SEC on October 28, 2016 and November 7, 2016, respectively.
Start-up Activities, Cost Policy [Policy Text Block]	Emerging growth company The Company is an “emerging growth company,” as defined in Section 2(a) of 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.
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of the unaudited condensed interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited financial statements. 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 balance sheet, 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.
Deferred Charges, Policy [Policy Text Block]	Deferred offering costs Deferred offering costs of approximately $ 180,000
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under 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.
Earnings Per Share, Policy [Policy Text Block]	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. Weighted average shares were reduced for the effect of an aggregate of 1,800,000
Income Tax, Policy [Policy Text Block]	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 Cayman 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 and no amounts accrued for interest and penalties as of September 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Organization and Business Ope17

Organization and Business Operations (Details Textual) - USD ($)	Nov. 01, 2016	Sep. 30, 2016	Oct. 26, 2016
Organization and Business Operations [Line Items]
Payments for Underwriting Expense		$ 11,040,000
Deferred Offering Costs		$ 179,837
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.50
Subsequent Event [Member]
Organization and Business Operations [Line Items]
Temporary Equity, Redemption Price Per Share	$ 10
Temporary Equity Redemption, Restricted Percentage of Shares From Redemption	20.00%
Percentage of Public Shares To Be Redeemed	100.00%
Taxes Payable	$ 100,000
Dividend Distribution Terms, Description	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 initially held in the Trust Account. 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 a third party (other than the Company's independent public accountants) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable.
Subsequent Event [Member] | GTY Investors, LLC [Member]
Organization and Business Operations [Line Items]
Business Combination Aggregate Fair Market Value On Assets Held In Trust, Percentage	80.00%
Equity Method Investment, Ownership Percentage	50.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 5,000,001
Subsequent Event [Member] | IPO [Member]
Organization and Business Operations [Line Items]
Stock Issued During Period, Shares, New Issues	55,200,000
Shares Issued, Price Per Share	$ 10
Proceeds from Issuance Initial Public Offering	$ 552,000,000
Stock Offering Cost	$ 31,060,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.50		$ 11.50
Subsequent Event [Member] | Over-Allotment Option [Member]
Organization and Business Operations [Line Items]
Stock Issued During Period, Shares, New Issues	7,200,000
Payments for Underwriting Expense	$ 11,040,000
Deferred Offering Costs	19,320,000
Underwriting Fees	$ 30,360,000
Subsequent Event [Member] | Private Placement [Member]
Organization and Business Operations [Line Items]
Class of Warrant or Right, Number of Warrants Issued	8,693,334
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.50
Proceeds from Issuance of Warrants	$ 13,040,000

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended
	Oct. 26, 2016	Sep. 30, 2016
Deferred Offering Costs		$ 179,837
Common Class B [Member] | Subsequent Event [Member]
Weighted Average Number Diluted Shares Outstanding Adjustment	1,800,000

Initial Public Offering (Detail

Initial Public Offering (Details Textual) - USD ($)	Nov. 01, 2016	Sep. 30, 2016	Oct. 26, 2016
Initial Public Offering [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.50
Payments for Underwriting Expense		$ 11,040,000
Deferred Offering Costs		$ 179,837
Subsequent Event [Member] | IPO [Member]
Initial Public Offering [Line Items]
Stock Issued During Period, Shares, New Issues	55,200,000
Shares Issued, Price Per Share	$ 10
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.50		$ 11.50
Stock Offering Cost	$ 31,060,000
Subsequent Event [Member] | Over-Allotment Option [Member]
Initial Public Offering [Line Items]
Stock Issued During Period, Shares, New Issues	7,200,000
Payments for Underwriting Expense	$ 11,040,000
Deferred Offering Costs	19,320,000
Underwriting fees	$ 30,360,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)		Nov. 01, 2016	Oct. 26, 2016	Aug. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Oct. 14, 2016
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Issued for Services	[1]				$ 25,000
Share Price					$ 18
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.50
Due to Related Parties					$ 92,718
Debt Conversion, Original Debt, Amount					1,500,000
General and Administrative Expense					$ 10,000
Subsequent Event [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 200,000
Common Class B [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Issued for Services				8,625,000
Stock Issued During Period, Value, Issued for Services				$ 25,000
Common Stock, Shares, Outstanding					13,800,000
Common Class B [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding			13,800,000				11,500,000
Number of Shares Held as Subject To Surrender			1,800,000
Common Class A [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding					0
Share Price					$ 12
IPO [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 11.50	$ 11.50
Private Placement [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Warrants Issued		8,693,334
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.50
Proceeds from Issuance of Warrants		$ 13,040,000
[1]	This number has been retroactively restated to reflect the share capitalization of 2,875,000 shares on October 14, 2016 and the share capitalization of 2,300,000 shares on October 26, 2016 (see Note 4) and includes an aggregate of up to 1,800,000 Class B ordinary shares subject to surrender for no consideration if the over-allotment option was not exercised in full by the underwriters. On November 1, 2016, the underwriters exercised their over-allotment option, thus, these Class B ordinary shares were not forfeited.

Commitments (Details Textual)

Commitments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2016	Sep. 30, 2016
Commitments [Line Items]
Underwriting Discount Paid Per Unit		$ 0.20
Underwriting Discount Payable Per Unit		$ 0.35
Deferred Underwriting fees Payable		$ 19,320
Payments for Underwriting Expense		$ 11,040
Over-Allotment Option [Member] | Subsequent Event [Member]
Commitments [Line Items]
Payments for Underwriting Expense	$ 11,040
Stock Issued During Period, Shares, New Issues	7,200,000

Shareholder's Equity (Details T

Shareholder's Equity (Details Textual)	2 Months Ended
	Sep. 30, 2016$ / sharesshares
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	1,000,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001
Call Price Per Warrant | $ / shares	$ 0.01
Common Stock, Voting Rights	Holders of Class A ordinary shares will not be entitled to vote on the election of directors during such time. These provisions of the Company’s second amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of the Company’s ordinary shares voting in a general meeting.
Share Price | $ / shares	$ 18
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	400,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001
Common Stock, Shares, Issued	0
Common Stock, Shares, Outstanding	0
Share Price | $ / shares	$ 12
Common Class B [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	50,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001
Common Stock, Shares, Issued	13,800,000
Common Stock, Shares, Outstanding	13,800,000