Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 20, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | GLORY STAR NEW MEDIA GROUP HOLDINGS Ltd | ||
Entity Central Index Key | 0001738758 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Ex Transition Period | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Public Float | $ 250,000,000 | ||
Entity Common Stock, Shares Outstanding | 50,098,866 | ||
Entity Filer Number | 001-38631 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Country Code | E9 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 34,527 | $ 406,994 |
Prepaid expenses | 47,292 | 119,892 |
Total Current Assets | 81,819 | 526,886 |
Marketable securities held in Trust Account | 257,516,070 | 251,886,105 |
Total Assets | 257,597,889 | 252,412,991 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Current Liabilities - Accounts payable and accrued expenses | 580,410 | 23,790 |
Advances from relate party | 250,000 | |
Total Current Liabilities | 830,410 | 23,790 |
Convertible promissory note - related party | 1,100,000 | |
Total Liabilities | 1,930,410 | 23,790 |
Commitments | ||
Ordinary shares subject to possible redemption, 24,335,130 and 24,553,676 shares at redemption value at December 31, 2019 and 2018, respectively | 250,667,478 | 247,389,192 |
Shareholders’ Equity | ||
Preferred shares, $0.0001 par value; 2,000,000 authorized; none issued and outstanding | ||
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 7,114,870 and 6,896,324 shares issued and outstanding (excluding 24,335,130 and 24,553,676 shares subject to possible redemption) at December 31, 2019 and 2018, respectively | 711 | 690 |
Additional paid-in capital | 111,873 | 3,390,180 |
Retained earnings | 4,887,417 | 1,609,139 |
Total Shareholders’ Equity | 5,000,001 | 5,000,009 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 257,597,889 | $ 252,412,991 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Ordinary shares subject to possible redemption, shares | 24,335,130 | 24,553,676 |
Preferred shares, value | $ 0.0001 | $ 0.0001 |
Preferred shares, authorized | 2,000,000 | 2,000,000 |
Preferred shares, issued | ||
Preferred shares, outstanding | ||
Ordinary shares, value | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized | 200,000,000 | 200,000,000 |
Ordinary shares, issued | 7,114,870 | 6,896,324 |
Ordinary shares, outstanding | 7,114,870 | 6,896,324 |
Statements of Operations
Statements of Operations - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | ||
Income Statement [Abstract] | |||
Operating costs | $ 276,966 | $ 2,351,687 | |
Loss from operations | (276,966) | (2,351,687) | |
Other income: | |||
Interest income on marketable securities held in Trust Account | 1,947,244 | 5,610,652 | |
Unrealized gain (loss) on marketable securities held in Trust Account | (61,139) | 19,313 | |
Other income, net | 1,886,105 | 5,629,965 | |
Net income | $ 1,609,139 | $ 3,278,278 | |
Weighted average shares outstanding, basic and diluted | [1] | 6,592,952 | 6,952,377 |
Basic and diluted adjusted net loss per ordinary share | [2] | $ (0.04) | $ (0.32) |
[1] | Excludes an aggregate of up to 24,335,130 and 24,553,676 shares subject to redemption at December 31, 2019 and 2018, respectively. | ||
[2] | Adjusted net loss per ordinary share - basic and diluted excludes income attributable to ordinary shares subject to possible redemption of $5,480,208 and $1,852,344 for the year ended December 31, 2019 and for the period from February 5, 2018 (inception) through December 31, 2018, respectively. |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - USD ($) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Shares aggregate subject to redemption | 24,553,676 | 24,335,130 |
Net loss per ordinary share - basic and diluted excludes income attributable to ordinary shares subject to possible redemption | $ 1,852,344 | $ 5,480,208 |
Statements of Changes in Shareh
Statements of Changes in Shareholders’ Equity - USD ($) | Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Total |
Balance at Feb. 04, 2018 | ||||
Balance, shares at Feb. 04, 2018 | ||||
Founder Shares issued to Sponsor | $ 633 | 24,367 | ||
Founder Shares issued to Sponsor, shares | 6,325,000 | |||
Sale of 25,000,000 Units, net of underwriting discounts and offering expenses | $ 2,500 | 244,252,562 | 244,255,062 | |
Sale of 25,000,000 Units, net of underwriting discounts and offering expenses, shares | 25,000,000 | |||
Sale of 13,000,000 Private Placement Warrants | 6,500,000 | 6,500,000 | ||
Sale of 13,000,000 Private Placement Warrants. shares | ||||
Forfeiture of Founder Shares | $ (7) | 7 | ||
Forfeiture of Founder Shares, shares | (75,000) | |||
Issuance of Representative Shares | $ 20 | (20) | ||
Issuance of Representative Shares, shares | 200,000 | |||
Ordinary shares subject to possible redemption | $ (2,456) | (247,386,736) | (247,389,192) | |
Ordinary shares subject to possible redemption, shares | (24,553,676) | |||
Net income | 1,609,139 | |||
Balance at Dec. 31, 2018 | $ 690 | 3,390,180 | 1,609,139 | 5,000,009 |
Balance, shares at Dec. 31, 2018 | 6,896,324 | |||
Change in value of ordinary shares subject to possible redemption | $ 21 | (3,278,307) | (3,278,286) | |
Change in value of ordinary shares subject to possible redemption, shares | 218,546 | |||
Net income | 3,278,278 | 3,278,278 | ||
Balance at Dec. 31, 2019 | $ 711 | $ 111,873 | $ 4,887,417 | $ 5,000,001 |
Balance, shares at Dec. 31, 2019 | 7,114,870 |
Statements of Changes in Shar_2
Statements of Changes in Shareholders’ Equity (Parenthetical) | 11 Months Ended |
Dec. 31, 2018USD ($)shares | |
Statement of Stockholders' Equity [Abstract] | |
Sale of units, net of underwriting discounts and offering expenses | $ | $ 25,000,000 |
Sale of private placement warrants | shares | 13,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 1,609,139 | $ 3,278,278 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Interest earned on securities held in Trust Account | (1,947,244) | (5,610,652) |
Unrealized (gain) loss on securities held in Trust Account | 61,139 | (19,313) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 23,790 | 556,620 |
Prepaid expenses | (119,892) | 72,600 |
Net cash used in operating activities | (373,068) | (1,722,467) |
Cash flows from investing activities: | ||
Investment of cash in Trust Account | (250,000,000) | |
Net cash used in investing activities | (250,000,000) | |
Cash flows from financing activities: | ||
Proceeds from issuance of ordinary shares to Sponsor | 25,000 | |
Proceeds from sale of Units, net of underwriting discounts paid | 245,000,000 | |
Proceeds from sale of Private Placement Warrants | 6,500,000 | |
Advances from related party | 140,237 | 600,000 |
Repayment of advances from related party | (140,237) | |
Proceeds from promissory note - related party | 299,784 | |
Proceeds from convertible promissory note - related party | 750,000 | |
Repayment of promissory note - related party | (299,784) | |
Payment of offering costs | (744,938) | |
Net cash provided by financing activities | 250,780,062 | 1,350,000 |
Net change in cash | 406,994 | (372,467) |
Cash at beginning of year | 406,994 | |
Cash at end of year | 406,994 | 34,527 |
Non-cash investing and financing activities: | ||
Initial classification of ordinary shares subject to possible redemption | 245,739,860 | |
Change in value of ordinary shares subject to possible redemption | 1,649,332 | 3,278,286 |
Conversion of advances from related party to convertible promissory note | $ 350,000 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Glory Star New Media Group Holdings Limited ("GS Holdings", or the "Company") was a blank check company incorporated in the Cayman Islands on February 5, 2018 under the name TKK Symphony Acquisition Corporation. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a "Business Combination"). On February 14, 2020, the Company consummated the transaction (the "Business Combination") contemplated by the Share Exchange Agreement dated as of September 6, 2019, as amended ( "Share Exchange Agreement"), by and among the Company, Glory Star New Media Group Limited, a Cayman Islands exempted company ("Glory Star"), Glory Star New Media (Beijing) Technology Co., Ltd., a wholly foreign-owned enterprise limited liability company ("WFOE") incorporated in the People's Republic of China ("PRC") and indirectly wholly-owned by Glory Star, Xing Cui Can International Media (Beijing) Co., Ltd., a limited liability company incorporated in the PRC ("Xing Cui Can"), Horgos Glory Star Media Co,. Ltd., a limited liability company incorporated in the PRC ("Horgos"), each of Glory Star's shareholders (collectively, the "Sellers"), TKK Symphony Sponsor 1, the Company's sponsor (the "Sponsor"), in the capacity as the representative from and after the closing of the Business Combination for the Company's shareholders other than the Sellers, and Bing Zhang, in the capacity as the representative for the Sellers thereunder, pursuant to which the Company acquired 100% of the equity interests of Glory Star from the Sellers. As a result of the Business Combination, Sellers became the controlling shareholders of the Company. The Business Combination was accounted for as a reverse merger, wherein Glory Star is considered the acquirer for accounting and financial reporting purposes. Upon closing of the Business Combination (the "Closing"), the Company acquired all of the issued and outstanding securities of Glory Star in exchange for (i) 41,204,025 of the Company's ordinary shares ("Closing Payment Shares"), or one ordinary share for approximately 0.04854 outstanding shares of Glory Star, of which 2,060,201 of the Closing Payment Shares (the "Escrow Shares") shall be deposited into escrow to secure certain indemnification obligations of the Sellers, plus (ii) earnout payments consisting of up to an additional 5,000,000 of the Company's ordinary shares if the Company meet certain financial performance targets for the 2019 fiscal year and an additional 5,000,000 of the Company's ordinary shares if the Company meet certain financial performance targets for the 2020 fiscal year (the "Earnout Shares"). In the event that a financial performance target is not met for the 2019 fiscal year and/or 2020 fiscal year but the Company meet certain financial performance targets for the 2019 fiscal year and 2020 fiscal year combined, the Sellers will be entitled to receive any Earnout Shares that they otherwise did not receive (the "Alternative Earnout"). In connection with the Business Combination, the Company initiated a tender offer to purchase for cash up to 25,000,000 of its ordinary shares at a price of $10.28 per share and a contingent cash payment equal to a pro rata portion of any additional accrued interest remaining in TKK's Company's trust account in excess of $10.28 per share, net to the seller in cash, without interest, less any applicable withholding taxes ("Tender Offer"). The Tender Offer expired at 5:00 p.m. New York City time on February 13, 2020. As of the expiration of the Tender Offer, a total of 24,986,159 ordinary shares have been validly tendered and not withdrawn and at the final price of approximately $10.31 per share, net to the seller in cash. Upon the expiration of the Tender Offer and the closing of the Business Combination, the total amount of funds in the Company's trust account of $257,863,157 were released and distributed as follows: (1) $257,720,393 for the repurchase of 24,986,156 ordinary shares to shareholders who elected tender their ordinary shares, and (2) $142,764 for the payment of fees and expenses related to the Business Combination. After giving effect to the Business Combination and the issuance of the Closing Payment Shares described above, there are 49,767,866 of the Company's ordinary shares issued and outstanding. All activity from inception through December 31, 2019 relates to the Company's formation, its initial public offering ("Initial Public Offering"), which is described below, identifying a target company for a Business Combination and the acquisition of Glory Star (see Note 6). The registration statements for the Company's Initial Public Offering were declared effective on August 15, 2018. On August 20, 2018, the Company consummated the Initial Public Offering of 22,000,000 units ("Units" and, with respect to the ordinary shares included in the Units offered, the "Public Shares"), generating total gross proceeds of $220,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 11,800,000 warrants (the "Private Placement Warrants") at a price of $0.50 per warrant in a private placement to Symphony Holdings Limited, generating total gross proceeds of $5,900,000, which is described in Note 4. Following the closing of the Initial Public Offering on August 20, 2018, an amount of $220,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account ("Trust Account") which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "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 Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below. On August 22, 2018, in connection with the underwriters' partial exercise of their over-allotment option, the Company consummated the sale of an additional 3,000,000 Units at $10.00 per Unit and the sale of an additional 1,200,000 Private Placement Warrants at $0.50 per Private Placement Warrants, generating total gross proceeds of $30,600,000. A total of $30,000,000 of the net proceeds were deposited in the Trust Account, bringing the aggregate proceeds held in the Trust Account to $250,000,000. Transaction costs amounted to $5,744,938, consisting of $5,000,000 of underwriting fees and $744,938 of offering costs. As of December 31, 2019, $34,527 of cash was held outside of the Trust Account and is available for working capital purposes. In order to protect the amounts held in the Trust Account, TKK Capital Holding, an affiliate of 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 amounts in the Trust Account to below $10.00 per share. 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, TKK Capital Holding will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that TKK Capital Holding 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2019 and 2018. Marketable Securities Held in Trust Account At December 31, 2019 and 2018, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares 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, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets. Income Taxes The Company complies with the accounting and reporting requirements of ASC 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019 and 2018, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision is zero for the period presented. Adjusted Net Loss per Ordinary Share Adjusted net loss per ordinary share is computed by dividing adjusted net loss by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at December 31, 2019 and 2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic adjusted net loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (1) warrants sold in the Public Offering and private placement to purchase 19,000,000 ordinary shares and (2) rights sold in the Initial Public Offering that convert into 2,500,000 ordinary shares in the calculation of diluted adjusted net loss per ordinary share, since the exercise of the warrants and the conversion of the rights into ordinary shares are contingent upon the occurrence of future events. As a result, diluted adjusted net loss per ordinary share is the same as basic adjusted net loss per ordinary share for the periods presented. Reconciliation of Adjusted Net Loss per Ordinary Share The Company’s net income is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted adjusted net loss per ordinary share is calculated as follows: Year Ended December 31, For the 2019 2018 Net income $ 3,278,278 $ 1,609,139 Less: Income attributable to ordinary shares subject to possible redemption (5,480,208 ) (1,852,344 ) Adjusted net loss $ (2,201,930 ) $ (243,205 ) Weighted average shares outstanding, basic and diluted 6,952,377 6,592,952 Basic and diluted adjusted net loss per ordinary share $ (0.32 ) $ (0.04 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At December 31, 2019 and 2018, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. 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. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2019 | |
Initial Public Offering [Abstract] | |
INITIAL PUBLIC OFFERING | NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 25,000,000 Units at a purchase price of $10.00 per Unit, inclusive of 3,000,000 Units sold to the underwriters on August 22, 2018 upon the underwriters' election to partially exercise their over-allotment option. Each Unit consists of one ordinary share, one warrant ("Public Warrant") and one right ("Public Right"). Each Public Warrant entitles the holder to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share (see Note 7). Each Public Right entitles the holder to receive one-tenth of one ordinary share at the closing of a Business Combination (see Note 7). |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2019 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, Symphony Holdings Limited ("Symphony") purchased an aggregate of 11,800,000 Private Placement Warrants at $0.50 per Private Placement Warrant for an aggregate purchase price of $5,900,000. On August 22, 2018, the Company consummated the sale of an additional 1,200,000 Private Placement Warrants at a price of $0.50 per Private Placement Warrant, generating gross proceeds of $600,000. Each Private Placement Warrant is exercisable to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share (see Note 5). 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 (i) are not redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, so long as they are held by the initial purchaser or any of its permitted transferees. If the Private Placement Warrants are held by holders other than the initial purchasers or any of their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. In addition, the Private Placement Warrants may not be transferable, assignable or salable until the consummation of a Business Combination, subject to certain limited exceptions. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In March 2018, the Company issued an aggregate of 5,750,000 ordinary shares to the Sponsor (“Founder Shares”) for an aggregate purchase price of $25,000. On August 15, 2018, the Company effectuated a 1.1-for-1 share dividend resulting in an aggregate of 6,325,000 Founder Shares outstanding. The 6,325,000 Founder Shares included an aggregate of up to 825,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the initial shareholders would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering. As a result of the underwriters’ election to partially exercise their over-allotment option to purchase 3,000,000 Units and the waiver of the remainder of their overallotment option, 750,000 Founder Shares are no longer subject to forfeiture and 75,000 Founder Shares were forfeited. The initial shareholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until (1) with respect to 50% of the Founder Shares, the earlier of six months after the completion of a Business Combination and the date on which the closing price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, one year after the completion of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Promissory Note — Related Party On March 31, 2018, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $299,784. The Promissory Note is non-interest bearing and payable on the earlier of December 31, 2018 or the closing of the Initial Public Offering. The Promissory Note was repaid in full in August 2018. Advances from Related Party From April to July 2018, TKK Capital Holding advanced the Company an aggregate of $140,237 to be used for the payment of costs related to the Initial Public Offering. The advance was unsecured, non-interest bearing and due on demand. The advances were repaid in full in August 2018. In November and December 2019, TKK Capital Holding advanced the Company an aggregate of $250,000 to be used for working capital purposes and for the payment of transaction costs in connection with a Business Combination. The advances are unsecured, non-interest bearing and due on demand. As of December 31, 2019, there was $250,000 of advances outstanding. Related Party Loans On September 6, 2019, the Company issued the Sponsor an unsecured promissory note in a principal amount of up to $1,100,000 (the “Sponsor Note”) for working capital loans (“Working Capital Loans”) made or to be made by the Sponsor, pursuant to which $350,000 of previously provided advances were converted into loans under the Sponsor Note. The Note bore no interest and was due on the earlier of (i) the consummation of a Business Combination or (ii) the liquidation of the Company. Up to $1,000,000 of the loans under the Sponsor Note could be converted into warrants, each warrant entitling the holders to receive one half of one ordinary share, at $0.50 per warrant. In September and October 2019, the Company received an additional $750,000 under the Sponsor Note, bringing the total outstanding balance due under the Sponsor Note as of December 31, 2019 to an aggregate of $1,100,000. On February 14, 2020, the Company entered into an amended and restated promissory note with the Sponsor (the “Amended Sponsor Note”) to extend the maturity date from the closing of the Business Combination to a date that is one year from the closing of the Business Combination. In addition, under the Amended Sponsor Note, the Company granted the Sponsor the right to convert the current outstanding balance of $1.4 million under the Amended Sponsor Note to the Company’s ordinary shares at the conversion price equal to the volume-weighted average price of the Company’s ordinary shares on Nasdaq or such other securities exchange or securities market on which the Company’s ordinary shares are then listed or quoted, for the ten trading days prior to such conversion date; provided, however, the conversion price shall not be less than $5.00. The Amended Sponsor Note automatically converts into the Company’s ordinary shares on the maturity date. Administrative Services Agreement The Company entered into an agreement, commencing on August 15, 2018 through the earlier of the consummation of a Business Combination or the Company’s liquidation, to pay an affiliate of TKK’s Chief Executive Officer and Chairman a monthly fee of $15,000 for general and administrative services, including office space, utilities and administrative services, which replaced the Company’s prior arrangement of reimbursing the Sponsor for its office lease. For the year ended December 31, 2019 and for the period from February 5, 2018 (inception) through December 31, 2018, the Company incurred $180,000 and $67,500 in fees for these services, respectively of which $7,500 is included in accounts payable and accrued expenses in the accompanying balance sheets at December 31, 2019 and 2018. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 6. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on August 15, 2018, the holders of the Founder Shares, Private Placement Warrants (and their underlying securities), Representative Shares (as defined in Note 7) and any warrants that may be issued upon conversion of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares are to be released from escrow. The holders of a majority of the Private Placement Warrants (and underlying securities) and warrants issued in payment of Working Capital Loans (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. Notwithstanding anything herein to the contrary, EarlyBirdCapital, Inc. (“EarlyBirdCapital”) and/or its designees may only make a demand registration (i) on one occasion and (ii) during the five year period beginning on the effective date of the registration statements related to the Initial Public Offering. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Business Combination Marketing Agreement The Company engaged EarlyBirdCapital as an advisor (the “Original Marketing Agreement”) in connection with a Business Combination to assist the Company in locating target businesses, holding meetings with its shareholders to discuss a potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing securities, assist the Company in obtaining shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with a Business Combination. The Company agreed to pay EarlyBirdCapital a cash fee equal to $8,750,000 for such services upon the consummation of a Business Combination (exclusive of any applicable finders’ fees which might become payable). The Company also agreed to pay EarlyBirdCapital a cash fee equal to 1.0% of the transaction value if EarlyBirdCapital located the target business with which the Company consummated a Business Combination. In connection with the Business Combination, on February 14, 2020, the Company entered into a Business Combination Marketing Agreement Fee Amendment (the “Fee Amendment”) with EarlyBirdCapital whereby EarlyBirdCapital agreed to amend the Original Marketing Agreement. Under the Fee Amendment, EarlyBirdCapital agreed to reduce its fee of $8.75 million due under the Original Agreement and forgo reimbursement of expenses in exchange for a convertible promissory note in the amount of $4.0 million without interest (“EBC Note”). The EBC Note is for a period of one year and is convertible, at EarlyBirdCapital’s option, into the Company’s ordinary shares at the conversion price equal to the volume-weighted average price of the Company’s ordinary shares on Nasdaq or such other securities exchange or securities market on which the Company’s ordinary shares are then listed or quoted, for the ten trading days prior to such conversion date; provided, however, the conversion price shall not be less than $5.00 (the “Floor Price”). The EBC Note automatically converts into the Company’s ordinary shares on the maturity date. The EBC Note includes a covenant that the Company will use best efforts to register the shares issuable under the EBC Note pursuant to a registration statement with the SEC as soon as practicable, and obtain effectiveness of such registration statement with 180 calendar days from the date of the EBC Note (“Effectiveness Deadline”). In the event such registration statement is not effective by the Effectiveness Deadline, the Floor Price shall automatically decrease to $4.00, and by one dollar ($1.00) for every 30-day period thereafter; provided, however, the Floor Price shall not be less than $1.00. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 7. SHAREHOLDERS’ EQUITY Preferred Shares Ordinary Shares Warrants The Company may redeem the Public Warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● at any time while the Public Warrants are exercisable; ● upon no less than 30 days’ prior written notice of redemption to each Public Warrant holder; ● if, and only if, the reported last sale price of the Company’s ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a capitalization of shares, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below their exercise price or issuance of potential extension warrants in connection with an extension of the period of time for the Company to complete a Business Combination. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. Rights The Company will not issue fractional shares in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination. 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 Public Rights will not receive any of such funds with respect to their Public Rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Rights, and the Public Rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the Public Rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless. Representative Shares At the closing of the Initial Public Offering, the Company issued EarlyBirdCapital (and its designees) 200,000 ordinary shares (the “Representative Shares”). The Company accounted for the Representative Shares as an expense of the Initial Public Offering, resulting in a charge directly to shareholders’ equity. The Company estimated that the fair value of Representative Shares was $2,000,000 based upon the offering price of the Units of $10.00 per Unit. EarlyBirdCapital has agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, EarlyBirdCapital (and its designees) has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of a Business Combination (ii) to waive its right to receive potential extension warrants with respect to such shares in connection with an extension of the period of time for the Company to consummate a Business Combination, and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period. The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 8. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company's assets that are measured at fair value on a recurring basis at December 31, 2019 and 2018, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level December 31, December 31, Assets: Marketable securities held in Trust Account 1 $ 257,516,070 $ 251,886,105 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued. Other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). |
Emerging Growth Company | 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 accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2019 and 2018. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At December 31, 2019 and 2018, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. |
Ordinary Shares Subject to Possible Redemption | Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares 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, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of ASC 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 major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019 and 2018, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision is zero for the period presented. |
Adjusted Net Loss per Ordinary Share | Adjusted Net Loss per Ordinary Share Adjusted net loss per ordinary share is computed by dividing adjusted net loss by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at December 31, 2019 and 2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic adjusted net loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (1) warrants sold in the Public Offering and private placement to purchase 19,000,000 ordinary shares and (2) rights sold in the Initial Public Offering that convert into 2,500,000 ordinary shares in the calculation of diluted adjusted net loss per ordinary share, since the exercise of the warrants and the conversion of the rights into ordinary shares are contingent upon the occurrence of future events. As a result, diluted adjusted net loss per ordinary share is the same as basic adjusted net loss per ordinary share for the periods presented. |
Reconciliation of Adjusted Net Loss per Ordinary Share | Reconciliation of Adjusted Net Loss per Ordinary Share The Company’s net income is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted adjusted net loss per ordinary share is calculated as follows: Year Ended December 31, For the 2019 2018 Net income $ 3,278,278 $ 1,609,139 Less: Income attributable to ordinary shares subject to possible redemption (5,480,208 ) (1,852,344 ) Adjusted net loss $ (2,201,930 ) $ (243,205 ) Weighted average shares outstanding, basic and diluted 6,952,377 6,592,952 Basic and diluted adjusted net loss per ordinary share $ (0.32 ) $ (0.04 ) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At December 31, 2019 and 2018, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted loss per ordinary share | Year Ended December 31, For the 2019 2018 Net income $ 3,278,278 $ 1,609,139 Less: Income attributable to ordinary shares subject to possible redemption (5,480,208 ) (1,852,344 ) Adjusted net loss $ (2,201,930 ) $ (243,205 ) Weighted average shares outstanding, basic and diluted 6,952,377 6,592,952 Basic and diluted adjusted net loss per ordinary share $ (0.32 ) $ (0.04 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Description Level December 31, December 31, Assets: Marketable securities held in Trust Account 1 $ 257,516,070 $ 251,886,105 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 22, 2018 | Aug. 20, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business acquired equity interests | 100.00% | |||
Description of business combination | The Company acquired all of the issued and outstanding securities of Glory Star in exchange for (i) 41,204,025 of the Company’s ordinary shares (“Closing Payment Shares”), or one ordinary share for approximately 0.04854 outstanding shares of Glory Star, of which 2,060,201 of the Closing Payment Shares (the “Escrow Shares”) shall be deposited into escrow to secure certain indemnification obligations of the Sellers, plus (ii) earnout payments consisting of up to an additional 5,000,000 of the Company’s ordinary shares if the Company meet certain financial performance targets for the 2019 fiscal year and an additional 5,000,000 of the Company’s ordinary shares if the Company meet certain financial performance targets for the 2020 fiscal year (the “Earnout Shares”). In the event that a financial performance target is not met for the 2019 fiscal year and/or 2020 fiscal year but the Company meet certain financial performance targets for the 2019 fiscal year and 2020 fiscal year combined, the Sellers will be entitled to receive any Earnout Shares that they otherwise did not receive (the “Alternative Earnout”). | |||
Transaction costs | $ 5,744,938 | |||
Underwriting fees | 5,000,000 | |||
Offering costs | 744,938 | |||
Cash | $ 34,527 | $ 406,994 | ||
Ordinary shares issued and outstanding | 49,767,866 | |||
Cash held outside of Trust Account | $ 34,527 | |||
IPO [Member] | ||||
Proposed initial public offering | 22,000,000 | |||
Price per unit | $ 10 | |||
Total net proceeds | $ 220,000,000 | |||
Sale of warrants | 11,800,000 | |||
Warrant exercise price | $ 11.50 | |||
Warrant per price | $ 0.50 | |||
Total gross proceeds warrants | $ 5,900,000 | |||
Over-Allotment Option [Member] | ||||
Proposed initial public offering | 3,000,000 | |||
Price per unit | $ 10 | |||
Total net proceeds | $ 30,000,000 | |||
Sale of warrants | 1,200,000 | |||
Warrant exercise price | $ 0.50 | |||
Total gross proceeds warrants | $ 30,600,000 | |||
Aggregate proceeds held trust account | $ 250,000,000 | |||
Tender Offer [Member] | ||||
Description of business combination | The Company acquired all of the issued and outstanding securities of Glory Star in exchange for (i) 41,204,025 of the Company’s ordinary shares (“Closing Payment Shares”), or one ordinary share for approximately 0.04854 outstanding shares of Glory Star, of which 2,060,201 of the Closing Payment Shares (the “Escrow Shares”) shall be deposited into escrow to secure certain indemnification obligations of the Sellers, plus (ii) earnout payments consisting of up to an additional 5,000,000 of the Company’s ordinary shares if the Company meet certain financial performance targets for the 2019 fiscal year and an additional 5,000,000 of the Company’s ordinary shares if the Company meet certain financial performance targets for the 2020 fiscal year (the “Earnout Shares”). In the event that a financial performance target is not met for the 2019 fiscal year and/or 2020 fiscal year but the Company meet certain financial performance targets for the 2019 fiscal year and 2020 fiscal year combined, the Sellers will be entitled to receive any Earnout Shares that they otherwise did not receive (the “Alternative Earnout”). |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | ||
Accounting Policies [Abstract] | |||
Net income | $ 1,609,139 | $ 3,278,278 | |
Less: Income attributable to ordinary shares subject to possible redemption | (1,852,344) | (5,480,208) | |
Adjusted net loss | $ (243,205) | $ (2,201,930) | |
Weighted average shares outstanding, basic and diluted | [1] | 6,592,952 | 6,952,377 |
Basic and diluted adjusted net loss per ordinary share | [2] | $ (0.04) | $ (0.32) |
[1] | Excludes an aggregate of up to 24,335,130 and 24,553,676 shares subject to redemption at December 31, 2019 and 2018, respectively. | ||
[2] | Adjusted net loss per ordinary share - basic and diluted excludes income attributable to ordinary shares subject to possible redemption of $5,480,208 and $1,852,344 for the year ended December 31, 2019 and for the period from February 5, 2018 (inception) through December 31, 2018, respectively. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary of Significant Accounting Policies (Textual) | |
Net loss per ordinary share, description | The Company has not considered the effect of (1) warrants sold in the Public Offering and private placement to purchase 19,000,000 ordinary shares and (2) rights sold in the Initial Public Offering that convert into 2,500,000 ordinary shares in the calculation of diluted adjusted net loss per ordinary share, since the exercise of the warrants and the conversion of the rights into ordinary shares are contingent upon the occurrence of future events. |
Federal depository insurance coverage | $ 250,000 |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | 1 Months Ended | 12 Months Ended |
Aug. 22, 2018 | Dec. 31, 2019 | |
Proposed Offering [Member] | ||
Initial Public Offering (Textual) | ||
Sale of units | 25,000,000 | |
Purchase price | $ 10 | |
Initial public offering, description | Each Public Warrant entitles the holder to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share (see Note 7). Each Public Right entitles the holder to receive one-tenth of one ordinary share at the closing of a Business Combination (see Note 7). | |
Over-allotment option [Member] | ||
Initial Public Offering (Textual) | ||
Sale of units | 3,000,000 |
Private Placement (Details)
Private Placement (Details) - Private Placement [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 22, 2018 | Dec. 31, 2019 | |
Private Placement (Textual) | ||
Purchased an aggregate private placement warrants | 11,800,000 | |
Price per warrant | $ 0.50 | $ 0.50 |
Aggregate purchase price | $ 5,900,000 | |
Sale of warrants | 1,200,000 | |
Exercise price | $ 11.50 | |
Total gross proceeds warrants | $ 600,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Feb. 14, 2020 | Aug. 15, 2018 | Aug. 15, 2018 | Sep. 06, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 |
Related Party Transactions (Textual) | |||||||
Aggregate purchase price | |||||||
Advance from related party | $ 140,237 | ||||||
Service fees | 67,500 | 180,000 | |||||
Accounts payable and accrued expenses | 23,790 | 580,410 | |||||
Borrowed aggregate principal amount | 1,100,000 | ||||||
Monthly fee of for general and administrative services | $ 15,000 | ||||||
Additional aggregate loans amount | 750,000 | ||||||
Business combination transaction costs | 250,000 | ||||||
Advances outstanding | 250,000 | ||||||
Subsequent Events [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Convertible note outstanding ordinar amount | $ 1,400,000 | ||||||
Promissory Note [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Borrowed aggregate principal amount | $ 299,784 | ||||||
Promissory Note [Member] | Sponsor [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Advance from related party | $ 350,000 | ||||||
Consummation of business combination, description | The Note bored no interest and was due on the earlier of (i) the consummation of a Business Combination or (ii) the liquidation of the Company. Up to $1,000,000 of the loans under the Note could be converted into warrants, each warrant entitling the holders to receive one half of one ordinary share, at $0.50 per warrant. | ||||||
Administrative Services Agreement [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Accounts payable and accrued expenses | $ 7,500 | $ 7,500 | |||||
Founder Shares [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Issued an aggregate of ordinary shares to sponsor | 5,750,000 | ||||||
Aggregate purchase price | $ 25,000 | ||||||
Aggregate shares subject to forfeiture | 825,000 | ||||||
Issued and outstanding shares, percentage | 20.00% | ||||||
Transfer, assign or sell any of founder shares, description | The Initial Shareholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until (1) with respect to 50% of the Founder Shares, the earlier of six months after the completion of a Business Combination and the date on which the closing price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, one year after the completion of a Business Combination. | ||||||
Aggregate founder shares | 6,325,000 | 6,325,000 | |||||
Underwriting over-allotment option, description | As a result of the underwriters' election to partially exercise their over-allotment option to purchase 3,000,000 Units and the waiver of the remainder of their overallotment option, 750,000 Founder Shares are no longer subject to forfeiture and 75,000 Founder Shares were forfeited. |
Commitments (Details)
Commitments (Details) - EarlyBirdCapital [Member] - USD ($) | Aug. 15, 2018 | Feb. 14, 2019 | Dec. 31, 2019 |
Commitments (Textual) | |||
Registration rights, description | (i) on one occasion and (ii) during the five year period beginning on the effective date of the registration statements related to the Initial Public Offering. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. | ||
Convertible promissory note amount | $ 4,000,000 | ||
Business combination cash fee | $ 8,750,000 | $ 8,750,000 | |
Business combination cash fee percentage | 1.00% | ||
Business combination marketing agreement, description | The EBC Note includes a covenant that the Company will use best efforts to register the shares issuable under the EBC Note pursuant to a registration statement with the SEC as soon as practicable, and obtain effectiveness of such registration statement with 180 calendar days from the date of the EBC Note (“Effectiveness Deadline”). In the event such registration statement is not effective by the Effectiveness Deadline, the Floor Price shall automatically decrease to $4.00, and by one dollar ($1.00) for every 30-day period thereafter; provided, however, the Floor Price shall not be less than $1.00. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2019 | |
Shareholders' Equity (Textual) | ||
Preferred shares, value | $ 0.0001 | $ 0.0001 |
Preferred shares, authorised | 2,000,000 | 2,000,000 |
Preferred shares, issued | ||
Preferred shares, outstanding | ||
Common stock, value | $ 0.0001 | $ 0.0001 |
Common stock, authorised | 200,000,000 | 200,000,000 |
Common stock, issued | 6,896,324 | 7,114,870 |
common stock, outstanding | 6,896,324 | 7,114,870 |
Aggregate shares subject to forfeiture | 24,553,676 | 24,335,130 |
Terms of warrant | 5 years | |
Redemption of warrants, description | ● in whole and not in part; ● at a price of $0.01 per warrant; ● at any time while the Public Warrants are exercisable; ● upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder; ● if, and only if, the reported last sale price of the Company’s ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. | |
Initial public offering representative value | ||
EarlyBirdCapital [Member] | ||
Shareholders' Equity (Textual) | ||
Initial public offering representative value | $ 2,000,000 | |
Offering price | $ 10 | |
Initial public offering representative shares | 200,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Marketable securities held in Trust Account | $ 257,516,070 | $ 251,886,105 |
Level 1 [Member] | ||
Assets | ||
Marketable securities held in Trust Account | $ 257,516,070 | $ 251,886,105 |