Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 08, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DFB Healthcare Acquisitions Corp. | |
Entity Central Index Key | 1,725,255 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,250,000 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 988,718 | $ 119,821 |
Prepaid expenses | 287,734 | |
Total current assets | 1,276,452 | 119,821 |
Deferred offering costs associated with initial public offering | 190,795 | |
Cash and marketable securities held in Trust Account | 251,070,226 | |
Total assets | 252,346,678 | 310,616 |
Current liabilities: | ||
Accounts payable | 14,106 | 60,506 |
Accrued expenses | 20,609 | 51,563 |
Franchise tax payable | 63,005 | |
Notes payable - related parties | 174,240 | |
Total current liabilities | 97,720 | 286,309 |
Deferred underwriting commissions | 7,875,000 | |
Total liabilities | 7,972,720 | 286,309 |
Commitments and Contingencies | ||
Common stock, $0.0001 par value; 23,937,395 and -0- shares subject to possible redemption at June 30, 2018 and December 31, 2017, respectively | 239,373,950 | |
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value 1,000,000 shares authorized none issued and outstanding | ||
Common stock, $0.0001 par value; 200,000,000 shares authorized; 7,312,605 and 7,187,500 shares issued and outstanding (excluding 23,937,395 and -0- shares subject to possible redemption) at June 30, 2018 and December 31, 2017, respectively | 731 | 719 |
Additional paid-in capital | 4,089,807 | 24,281 |
Retained earnings (accumulated deficit) | 909,470 | (693) |
Total stockholders' equity | 5,000,008 | 24,307 |
Total Liabilities and Stockholders' Equity | $ 252,346,678 | $ 310,616 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Stockholders' Equity: | ||
Temporary stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Temporary stock, shares outstanding (in shares) | 23,937,395 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 7,312,605 | 7,187,500 |
Common stock, shares outstanding (in shares) | 7,312,605 | 7,187,500 |
CONDENSED INTERIM STATEMENTS OF
CONDENSED INTERIM STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
CONDENSED INTERIM STATEMENTS OF OPERATIONS | ||
General and administrative expenses | $ 162,633 | $ 213,342 |
State franchise taxes | 71,772 | 93,590 |
Loss from operations | (234,405) | (306,932) |
Interest income | 1,156,639 | 1,521,548 |
Income before income tax expense | 922,234 | 1,214,616 |
Income tax expense | (232,404) | (304,453) |
Net income | $ 689,830 | $ 910,163 |
Basic and diluted weighted average Public Shares (Note 3) outstanding | 25,000,000 | 25,000,000 |
Basic and diluted net income per Public Share | $ 0.03 | $ 0.04 |
Basic and diluted weighted average Founder Shares (Note 4) outstanding | 6,250,000 | 6,250,000 |
CONDENSED INTERIM STATEMENT OF
CONDENSED INTERIM STATEMENT OF CASH FLOWS | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Cash Flows from Operating Activities: | |
Net income | $ 910,163 |
Adjustments to reconcile net income to net cash used in operating activities: | |
Interest income in cash and marketable securities held in Trust Account | (1,521,548) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (287,734) |
Accounts payable | (46,400) |
Accrued expenses | (30,954) |
Franchise tax payable | 63,005 |
Net cash used in operating activities | (913,468) |
Cash Flows from Investing Activities | |
Principal deposited in Trust Account | (250,000,000) |
Interest released from Trust Account | 451,322 |
Net cash used in investing activities | (249,548,678) |
Cash Flows from Financing Activities: | |
Proceeds from notes payable to related parties | 96,291 |
Repayment of notes payable to related parties | (270,531) |
Proceeds received from initial public offering | 250,000,000 |
Payment of offering costs | (4,994,717) |
Proceeds received from private placement | 6,500,000 |
Net cash provided by financing activities | 251,331,043 |
Net increase in cash | 868,897 |
Cash - beginning of the period | 119,821 |
Cash - end of the period | 988,718 |
Supplemental disclosure of noncash investing and financing activities: | |
Deferred underwriting commissions charged to equity in connection with the initial public offering | 7,875,000 |
Deferred offering costs charged to equity upon completion of the initial public offering | 190,795 |
Change in value of common stock subject to possible redemption | 239,373,950 |
Founder shares forfeited | $ 94 |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended |
Jun. 30, 2018 | |
Description of Organization and Business Operations | |
Description of Organization and Business Operations | Note 1. Description of Organization and Business Operations DFB Healthcare Acquisitions Corp. (the “Company”) was incorporated in Delaware on November 22, 2017. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on the healthcare or healthcare related industries. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of June 30, 2018, the Company had not commenced any operations. All activity for the period from November 22, 2017 (inception) through June 30, 2018 relates to the Company’s formation, the Company’s initial public offering (the “Initial Public Offering”), and, since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company’s sponsor is Deerfield/RAB Ventures, LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on February 15, 2018. On February 21, 2018, the Company consummated its Initial Public Offering of 25,000,000 units (each, a “Unit” and collectively, the “Units”) sold to the public at the price of $10.00 per Unit, generating gross proceeds of $250 million and incurring offering costs of approximately $13.06 million, inclusive of $7.875 million in deferred underwriting commissions (Note 5). The underwriter was granted a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,750,000 additional Units to cover over-allotments, if any, at $10.00 per Unit. The over-allotment option was not exercised prior to its expiration on April 2, 2018. Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (the “Private Placement”) of 4,333,333 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $6.5 million (Note 4). The Sponsor had agreed that, had the over-allotment option been exercised, the Sponsor would have purchased up to an additional 500,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant. Upon the closing of the Initial Public Offering and the Private Placement, $250 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a trust account (the “Trust Account”), located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act (as defined below), 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 (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act (as defined below), 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. At June 30, 2018, the Company had approximately $989,000 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 the Initial Public Offering and the sale of the 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% 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 (the “Investment Company Act”). The Company will provide its holders of the outstanding shares of its common stock, par value $0.0001, sold in the Initial Public Offering (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares (as defined below in Note 3) upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially at $10.00 per Public Share). The per-share amount to be distributed to public stockholders 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 5). These Public Shares are recorded at a redemption value and classified as temporary equity in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” 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 and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company decides not to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transactions is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which will require insiders to: (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder 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 15% or more of the common stock sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial stockholders”) agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or February 21, 2020, (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest (less up to $50,000 of interest to pay dissolution expenses, which interest shall be net of taxes payable by the Company and any amounts released to the Company to fund working capital requirements, subject to an annual limit of $250,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders 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 stockholders 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 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 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 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. This liability will not apply with respect to any claims by a third party who executed a 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”). Moreover, 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. 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, 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. Liquidity As of June 30, 2018, the Company had approximately $989,000 in its operating bank account and working capital of approximately $1,179,000. 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”) (see Note 4). Through June 30, 2018, 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 (Note 5) to the Sponsor, $270,531 in loans from the Sponsor, the proceeds from the consummation of the Private Placement not held in the Trust Account, and interest withdrawn from the Trust Account of approximately $451,000 during the six months ended June 30, 2018 to pay for taxes. The Company fully repaid the loans from the Sponsor on February 21, 2018. 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 the consummation of a Business Combination or one year from the issuance of these financial statements. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim 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 condensed interim 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 three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018, or any future period. These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s final prospectus and Current Report on Form 8-K filed with the SEC on February 16, 2018 and February 27, 2018, respectively. Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 an emerging growth 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 an 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 that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations 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, 2018 and December 31, 2017, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented on the condensed balance sheets. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Offering Costs Offering costs, which consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering, totaled approximately $13.06 million, inclusive of $7.875 million in deferred underwriting commissions. Offering costs were charged to stockholders’ equity upon the completion of the Initial Public Offering. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “ Distinguishing Liabilities from Equity .” Shares of common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of common stock are classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2018, 23,937,395 shares of common stock subject to possible redemption at the redemption amount are presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets. Net Income per Share Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering (including the consummation of the over-allotment) and the Private Placement to purchase an aggregate of 12,666,666 shares of the Company’s common stock in the calculation of diluted income per share, since their inclusion would be anti-dilutive under the treasury stock method. The Company’s condensed interim statements of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of income per share. Net income per common share, basic and diluted for Public Shares is calculated by dividing the interest income earned on the Trust Account, net of applicable taxes and funds available to be withdrawn from the Trust Account for working capital purposes (subject to an annual limit of $250,000), by the weighted average number of Public Shares outstanding for the periods. Net income per common share, basic and diluted for Founder Shares for the three and six months ended June 30, 2018 are calculated by dividing the net income, less income attributable to Public Shares of approximately $1.1 million and $1.5 million, respectively, by the weighted average number of Founder Shares outstanding for the periods. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed immaterial as of June 30, 2018 and December 31, 2017. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2018 and December 31, 2017. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. 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 is subject to income tax examinations by major taxing authorities since inception. Recent Accounting Pronouncements The Company’s management does not believe that there are any recently issued, but not yet effective, accounting pronouncements, that, if currently adopted, would have a material effect on the Company’s financial statements. |
Public Offering
Public Offering | 6 Months Ended |
Jun. 30, 2018 | |
Public Offering | |
Public Offering | Note 3—Public Offering On February 21, 2018, the Company sold 25,000,000 Units at a price of $10.00 per Unit in the Initial Public Offering. Each Unit consists of one share of common stock (such shares of common stock included in the Units being offered, the “Public Shares”), and one-third of one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment (see Note 6). |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions | |
Related Party Transactions | Note 4—Related Party Transactions Founder Shares On December 15, 2017, the Sponsor purchased 7,187,500 shares (the “Founder Shares”) of the Company’s common stock, par value $0.0001 for an aggregate price of $25,000. In December 2017 and January 2018, the Sponsor transferred 100,000 Founder Shares to Christopher Wolfe, the Company’s Chief Financial Officer, and 30,000 Founder Shares to each of Steven Hochberg, Dr. Susan Weaver, Dr. Mohit Kaushal and Dr. Gregory Sorensen, the Company’s independent directors. The initial stockholders agreed to forfeit up to 937,500 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The forfeiture was to be adjusted to the extent that the over-allotment option was not exercised in full by the underwriters so that the Founder Shares represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering. On April 2, 2018, the over-allotment option expired and an aggregate of 937,500 shares were subsequently forfeited by the initial stockholders. The initial stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, 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, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Warrants Concurrently with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 4,333,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, generating gross proceeds of $6.5 million in the Private Placement. The Sponsor had agreed that if the over-allotment option was exercised, the Sponsor would have purchased up to an additional 500,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for additional gross proceeds of $750,000. Each Private Placement Warrant is exercisable for one share of common stock at a price of $11.50 per share. The proceeds from the Private Placement Warrants will be 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. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. An affiliate of Deerfield Management Company, L.P, a Delaware series limited partnership (“Deerfield Management”), which is a significant owner of the Sponsor, purchased 2,500,000 Units in the Initial Public Offering at $10.00 per Unit. The underwriters did not receive any underwriting discounts or commissions on the Units purchased by Deerfield Management’s affiliate. In addition, Deerfield Management has indicated an interest to purchase up to an aggregate of $100 million of the Company’s shares of common stock in a private placement that would occur concurrently with the consummation of the initial Business Combination. The funds from such private placement would be used as part of the consideration to the sellers in the initial Business Combination, and any excess funds from such private placement would be used for working capital in the post-transaction company. However, because indications of interest are not binding agreements or commitments to purchase, Deerfield Management may determine not to purchase any such shares, or to purchase fewer shares than they have indicated an interest in purchasing. Furthermore, the Company is not under any obligation to sell any such shares. Related Party Loans The Sponsor loaned the Company an aggregate of $270,531 to cover expenses related to the Initial Public Offering and working capital needs. The loan was non-interest bearing. The Company repaid this loan on February 21, 2018. 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 (the “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. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. 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 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. To date, the Company had no borrowings under the Working Capital Loans. |
Commitments & Contingencies
Commitments & Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments & Contingencies | |
Commitments & Contingencies | Note 5—Commitments & Contingencies Registration Rights The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of common stock) pursuant to a registration rights agreement to be signed upon consummation of the Initial Public Offering. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Administrative Support Agreement The Company entered into an agreement, commencing on the effective the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support. The Company is obligated to pay $7,500 per month to Mr. Wolfe, the Company’s Chief Financial Officer, for his services prior to the consummation of the initial Business Combination, subject to the terms of the strategic services agreement. The Sponsor, executive officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers, directors or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on the Company’s behalf. The Company recorded an aggregate of $52,500 and $78,000 in general and administrative expenses in connection with the related agreements in the accompanying condensed interim statements of operations during the three and six months ended June 30, 2018, respectively. Underwriting Agreement The Company granted the underwriters a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,750,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. The option expired on April 2, 2018. The underwriters were entitled to an underwriting discount of $0.20 per Unit, or $4.5 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per Unit, or $7.875 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters 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. The underwriters did not receive any underwriting discounts or commissions on the 2,500,000 Units purchased by Deerfield Management in the Initial Public Offering. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity | |
Stockholders' Equity | Note 6—Stockholders’ Equity Common Stock — On February 15, 2018, the Company filed its Amended and Restated Certificate of Incorporation to increase its number of authorized common stock to 200,000,000 shares with a par value of $0.0001 per share. Holders of common stock are entitled to one vote for each share. As of June 30, 2018 and December 31, 2017, there were 32,187,500 and 7,187,500 shares of common stock outstanding, including 23,937,395 and no shares of common stock subject to possible redemption, respectively, and an aggregate of up to 937,500 shares subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriters’ over-allotment option is not exercised in full or in part. On April 2, 2018, the over-allotment option expired, and 937,500 shares were forfeited accordingly. Preferred Stock —The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2018 and December 31, 2017, there were no shares of preferred stock issued or outstanding. 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 common stock 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 20 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 common stock 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 common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. 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 common stock 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 stockholders 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,” as described in the warrant agreement. The exercise price and number of common stock 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 common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrant 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 | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Measurements | |
Fair Value Measurements | Note 7 - Fair Value Measurements The following table presents information about the Company’s assets that are measured on a recurring basis as of June 30, 2018 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Quoted Prices Significant Other Significant Other in Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Cash and money market funds held in Trust Account $ Approximately $291 of the balance in the Trust Account was held in cash as of June 30, 2018. |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed interim 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 condensed interim 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 three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018, or any future period. These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s final prospectus and Current Report on Form 8-K filed with the SEC on February 16, 2018 and February 27, 2018, respectively. |
Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 an emerging growth 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 an 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 that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations 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, 2018 and December 31, 2017, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented on the condensed balance sheets. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Offering Costs | Offering Costs Offering costs, which consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering, totaled approximately $13.06 million, inclusive of $7.875 million in deferred underwriting commissions. Offering costs were charged to stockholders’ equity upon the completion of the Initial Public Offering. |
Common Stock Subject to Possible Redemption | Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “ Distinguishing Liabilities from Equity .” Shares of common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of common stock are classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2018, 23,937,395 shares of common stock subject to possible redemption at the redemption amount are presented as temporary equity, outside of the stockholders’ equity section of the Company’s condensed balance sheets. |
Net Income per Share | Net Income per Share Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering (including the consummation of the over-allotment) and the Private Placement to purchase an aggregate of 12,666,666 shares of the Company’s common stock in the calculation of diluted income per share, since their inclusion would be anti-dilutive under the treasury stock method. The Company’s condensed interim statements of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of income per share. Net income per common share, basic and diluted for Public Shares is calculated by dividing the interest income earned on the Trust Account, net of applicable taxes and funds available to be withdrawn from the Trust Account for working capital purposes (subject to an annual limit of $250,000), by the weighted average number of Public Shares outstanding for the periods. Net income per common share, basic and diluted for Founder Shares for the three and six months ended June 30, 2018 are calculated by dividing the net income, less income attributable to Public Shares of approximately $1.1 million and $1.5 million, respectively, by the weighted average number of Founder Shares outstanding for the periods. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets were deemed immaterial as of June 30, 2018 and December 31, 2017. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2018 and December 31, 2017. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. 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 is subject to income tax examinations by major taxing authorities since inception. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s management does not believe that there are any recently issued, but not yet effective, accounting pronouncements, that, if currently adopted, would have a material effect on the Company’s financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Measurements | |
Schedule of financial assets measured at fair value | The following table presents information about the Company’s assets that are measured on a recurring basis as of June 30, 2018 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. Quoted Prices Significant Other Significant Other in Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Cash and money market funds held in Trust Account $ |
Description of Organization a15
Description of Organization and Business Operations (Details) - USD ($) | Feb. 21, 2018 | Jun. 30, 2018 | Feb. 15, 2018 | Dec. 31, 2017 |
Description of Organization and Business Operations | ||||
Offer price (in dollars per unit) | $ 10 | |||
Proceeds received from initial public offering | $ 250,000,000 | |||
Offering costs | 13,060,000 | |||
Deferred underwriting commissions | 7,875,000 | |||
Net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement | $ 250,000,000 | |||
Cash held outside of the Trust Account | $ 989,000 | |||
Aggregate fair value of assets held in Trust Account (as a percent) | 80.00% | |||
Acquisition of outstanding voting securities (as a percent) | 50.00% | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Redemption obligation of shares upon non completion of business combination (as a percent) | 100.00% | |||
Term to complete business combination | 24 months | |||
Number of business days to redeem public shares | 10 days | |||
Maximum reduction in interest to pay dissolution expenses | $ 50,000 | |||
Annual limit of amount released to the Company to fund working capital requirements | $ 250,000 | |||
Redemption price (in dollars per share) | $ 10 | |||
Cash in operating bank account | $ 988,718 | $ 119,821 | ||
Working Capital | 1,179,000 | |||
Capital contribution from the Sponsor | 25,000 | |||
Loans from the Sponsor | 270,531 | |||
Interest withdrawn from Trust Account | $ 451,322 | |||
IPO | ||||
Description of Organization and Business Operations | ||||
Units issued | 25,000,000 | |||
Offer price (in dollars per unit) | $ 10 | |||
Proceeds received from initial public offering | $ 250,000,000 | |||
Offering costs | 13,060,000 | |||
Deferred underwriting commissions | $ 7,875,000 | |||
Restriction on redemption of common stock sold (as a percent) | 15.00% | |||
Private Placement Warrants | ||||
Description of Organization and Business Operations | ||||
Units issued | 4,333,333 | |||
Offer price (in dollars per unit) | $ 1.50 | |||
Gross proceeds from warrants | $ 6,500,000 | |||
Over-Allotment Option | ||||
Description of Organization and Business Operations | ||||
Offer price (in dollars per unit) | $ 10 | |||
Underwriting option term | 45 days | 45 days | ||
Maximum | Private Placement Warrants | ||||
Description of Organization and Business Operations | ||||
Number of additional warrants to be purchased upon exercise of over-allotment | 500,000 | |||
Maximum | Over-Allotment Option | ||||
Description of Organization and Business Operations | ||||
Number of additional units to be purchased to cover over-allotment | 3,750,000 | |||
Minimum | ||||
Description of Organization and Business Operations | ||||
Net tangible assets | $ 5,000,001 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Concentration of Credit Risk | |||
Federal Depository Insurance Coverage | $ 250,000 | $ 250,000 | |
Offering Costs | |||
Offering costs | 13,060,000 | ||
Deferred underwriting commissions | $ 7,875,000 | $ 7,875,000 | |
Common Stock Subject to Possible Redemption | |||
Common stock subject to possible redemption | 23,937,395 | 23,937,395 | 0 |
Net Income per Share | |||
Number of warrants excluded in the calculation of diluted income per share | 12,666,666 | ||
Annual limit of amount released to the Company to fund working capital requirements | $ 250,000 | ||
Income attributable to Public Shares | $ 1,100,000 | 1,500,000 | |
Income Taxes | |||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Public Offering (Details)
Public Offering (Details) | Feb. 21, 2018$ / sharesshares |
Public Offering | |
Units sold | 25,000,000 |
Price per unit | $ / shares | $ 10 |
Number of common shares comprised in each unit | 1 |
Number of warrants comprised in each unit | 0.33 |
Common stock exercisable for each warrant | 1 |
Exercise price of warrants | $ / shares | $ 11.50 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Apr. 02, 2018 | Feb. 21, 2018 | Jan. 31, 2018 | Jun. 30, 2018 | Feb. 15, 2018 | Dec. 31, 2017 | Dec. 15, 2017 |
Related Party Transactions | |||||||
Sponsor purchased shares | 7,312,605 | 7,187,500 | |||||
common stock par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Maximum shares subject to forfeiture | 937,500 | ||||||
Common stock exercisable for each warrant | 1 | ||||||
Exercise price of warrants | $ 11.50 | ||||||
Units sold | 25,000,000 | ||||||
Price per unit | $ 10 | ||||||
Founder Shares | Sponsor | |||||||
Related Party Transactions | |||||||
Sponsor purchased shares | 7,187,500 | ||||||
common stock par value | $ 0.0001 | ||||||
aggregate price | $ 25,000 | ||||||
Maximum shares subject to forfeiture | 937,500 | ||||||
Forfeiture adjusted percentage to issued and outstanding shares | 20.00% | ||||||
Number of shares forfeited | 937,500 | ||||||
Founder Shares | Initial Stockholders | |||||||
Related Party Transactions | |||||||
Minimum period for not to transfer, assign or sell of any shares | 1 year | ||||||
Minimum price for not to transfer, assign or sell of any founder shares | $ 12 | ||||||
Number of trading days considered in a period of 30 trading days for minimum price alternative | 20 days | ||||||
Minimum period for considering price per share alternative | 150 days | ||||||
Founder Shares | Dr. Christopher Wolfe | |||||||
Related Party Transactions | |||||||
Number of shares transferred by sponsor | 100,000 | ||||||
Founder Shares | Company's Independent Directors | |||||||
Related Party Transactions | |||||||
Number of shares transferred by sponsor | 30,000 | ||||||
Private Placement Warrants | Sponsor | |||||||
Related Party Transactions | |||||||
Number of warrants issued | 4,333,333 | ||||||
Price Per Warrant | $ 1.50 | ||||||
Gross proceeds | $ 6,500,000 | ||||||
Agreed additional number of warrants to be purchased | 500,000 | ||||||
Issue price of additional warrants | $ 1.50 | ||||||
Proceeds to be received upon additional warrants exercised | $ 750,000 | ||||||
Common stock exercisable for each warrant | 1 | ||||||
Exercise price of warrants | $ 11.50 | ||||||
Private Placement Warrants | Affiliate of sponsor | |||||||
Related Party Transactions | |||||||
Units sold | 2,500,000 | ||||||
Price per unit | $ 10 | ||||||
Interest to purchase common stock value | $ 100,000,000 | ||||||
Private Placement Warrants | Sponsor or affiliate of sponsor or company's officers and directors | |||||||
Related Party Transactions | |||||||
Minimum period for not to transfer, assign or sell of any shares | 30 days | ||||||
Related Party Loans | Sponsor | |||||||
Related Party Transactions | |||||||
Sponsor loaned to company | $ 270,531 | ||||||
Repayment of loan | $ 270,531 | ||||||
Related Party Loans | Sponsor or affiliate of sponsor or company's officers and directors | |||||||
Related Party Transactions | |||||||
Maximum working capital loans may be converted to warrants | $ 1,500,000 | ||||||
Warrants conversion price | $ 1.50 | ||||||
Outstanding borrowings under working capital loans | $ 0 |
Commitments & Contingencies (De
Commitments & Contingencies (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | |
Administrative Support Agreement | ||
General and administrative expenses | $ 162,633 | $ 213,342 |
Administrative Support Agreement | ||
Administrative Support Agreement | ||
General and administrative expenses | 52,500 | 78,000 |
Administrative Support Agreement | Sponsor | ||
Administrative Support Agreement | ||
General and administrative expenses payable per month | 10,000 | 10,000 |
Administrative Support Agreement | Dr. Christopher Wolfe | ||
Administrative Support Agreement | ||
General and administrative expenses payable per month | $ 7,500 | $ 7,500 |
Commitments & Contingencies - U
Commitments & Contingencies - Underwriting Agreement (Details) - USD ($) | Feb. 21, 2018 | Jun. 30, 2018 |
Underwriting Agreement | ||
Underwriting discount paid (per Unit) | $ 0.20 | |
Underwriters discount paid | $ 4,500,000 | |
Deferred underwriting commissions (per Unit) | $ 0.35 | |
Deferred underwriting commissions | $ 7,875,000 | |
Units sold | 25,000,000 | |
Over-Allotment Option | ||
Underwriting Agreement | ||
Underwriting option term | 45 days | 45 days |
Additional Units | 3,750,000 | |
Sponsor | IPO | ||
Underwriting Agreement | ||
Units sold | 2,500,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 6 Months Ended | |||
Jun. 30, 2018$ / sharesshares | Apr. 02, 2018shares | Feb. 15, 2018Vote$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Stockholders' Equity | ||||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Number of votes per common stock | Vote | 1 | |||
Common stock, shares outstanding including shares subject to possible redemption (in shares) | 32,187,500 | 7,187,500 | ||
Temporary stock, shares outstanding (in shares) | 23,937,395 | 0 | ||
Common stock shares subject to forfeiture | 937,500 | |||
Common stock shares forfeited | 937,500 | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Exercisable period after the completion of a Business Combination | 30 days | |||
Exercisable period after closing of the Initial Public Offering | 12 months | |||
Agreed duration to file registration with SEC | 20 days | |||
Warrant expiration period | 5 years | |||
Warrant non transferable period | 30 days | |||
Redemption price of warrant | $ / shares | $ 0.01 | |||
Prior notice period | 30 days | |||
Minimum closing price of ordinary share | $ / shares | $ 18 | |||
Number of trading days price must be equal or above target price | 20 days | |||
Total number of trading days | 30 days |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | Jun. 30, 2018USD ($) |
Fair value measurements, recurring and nonrecurring, valuation techniques | |
Cash and money market funds held in Trust Account | $ 251,070,226 |
Trust account held in cash | 291 |
Fair value measurements, (Recurring) | Level 1 | |
Fair value measurements, recurring and nonrecurring, valuation techniques | |
Cash and money market funds held in Trust Account | $ 251,070,226 |