0001144204-15-044369.txt : 20150727 0001144204-15-044369.hdr.sgml : 20150727 20150727163352 ACCESSION NUMBER: 0001144204-15-044369 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150616 FILED AS OF DATE: 20150727 DATE AS OF CHANGE: 20150727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Del Taco Restaurants, Inc. CENTRAL INDEX KEY: 0001585583 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36197 FILM NUMBER: 151007402 BUSINESS ADDRESS: STREET 1: 25521 COMMERCENTRE DRIVE CITY: LAKE FOREST STATE: CA ZIP: 92630 BUSINESS PHONE: 949-462-9300 MAIL ADDRESS: STREET 1: 25521 COMMERCENTRE DRIVE CITY: LAKE FOREST STATE: CA ZIP: 92630 FORMER COMPANY: FORMER CONFORMED NAME: Levy Acquisition Corp DATE OF NAME CHANGE: 20130830 10-Q 1 v415595_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the quarterly period ended June 16, 2015
   
  or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 001-36197

 

Del Taco Restaurants, Inc. (f/k/a LEVY ACQUISITION CORP.)

(Exact name of registrant as specified in its charter)

 

Delaware 46-3340980
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

  

25521 Commercentre Drive, Lake Forest, CA 92630

(949) 462-9300

(Address, including zip code, and telephone number, including area code,

of registrant’s principal executive offices)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨ Accelerated filer þ Non-accelerated filer ¨ Smaller reporting company ¨
    (Do not check if a smaller reporting 
company)		  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No þ

 

As of July 27, 2015 (which was after the registrant’s business combination, as discussed herein), there were 38,802,425 shares of the registrant’s common stock issued and outstanding.

  

 
 

  

DEL TACO RESTAURANTS, INC. (f/k/a LEVY ACQUISITION CORP.)

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION   3
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)   3
Condensed Consolidated Interim Balance Sheets   3
Condensed Consolidated Interim Statements of Operations   4
Condensed Consolidated Interim Statement of Stockholders’ Equity   5
Condensed Consolidated Interim Statements of Cash Flows   6
Notes to Condensed Consolidated Interim Financial Statements   7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   18
Cautionary Note Regarding Forward-Looking Statements   18
Overview   19
Results of Operations   19
Liquidity and Capital Resources   19
Critical Accounting Policies   20
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   22
ITEM 4. CONTROLS AND PROCEDURES   22
PART II. OTHER INFORMATION   23
ITEM 1. LEGAL PROCEEDINGS   23
ITEM 1A. RISK FACTORS   23
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   23
ITEM 3. DEFAULTS UPON SENIOR SECURITIES   25
ITEM 4. MINE SAFETY DISCLOSURES   25
ITEM 5. OTHER INFORMATION   25
ITEM 6. EXHIBITS   25

 

2
 

  

PART I — FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

 

LEVY ACQUISITION CORP.

Condensed Consolidated Interim Balance Sheets

(unaudited)

 

   June 16,
2015
(unaudited)		   December 30,
2014
(unaudited)		 
ASSETS:          
Current assets:          
Cash  $—   $230,467 
Prepaid expenses   29,643    — 
Income tax receivable   —    545 
Prepaid insurance   12,685    59,200 
Total current assets   42,328    290,212 
Noncurrent assets:          
Investments held in trust   150,000,330    150,056,895 
Total assets  $150,042,658   $150,347,107 
LIABILITIES AND STOCKHOLDERS’ EQUITY:          
Current liabilities:          
Franchise tax payable  $10,500   $159,641 
Accrued operating expenses and accounts payable   3,302,745    500,759 
Notes payable-related party   255,467    — 
Total current liabilities   3,568,712    660,400 
Deferred underwriter compensation   5,250,000    5,250,000 
Total liabilities   8,818,712    5,910,400 
Commitment and contingencies:          
Common stock subject to possible redemption: 13,622,394 and 13,943,670 shares (at redemption value) as of June 16, 2015 and December 30, 2014, respectively   136,223,936    139,436,697 
Stockholders’ equity:          
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   —    — 
Common stock, $0.0001 par value; 400,000,000 shares authorized; 5,127,606 and 4,806,330 shares issued and outstanding as of June 16, 2015 and December 30, 2014, respectively   512    480 
Additional paid-in capital   9,856,519    6,643,790 
Accumulated deficit   (4,857,021)   (1,644,260)
Total stockholders’ equity   5,000,010    5,000,010 
Total liabilities and stockholders’ equity  $150,042,658   $150,347,107 

 

The accompanying notes are an integral part of the unaudited condensed financial statements.

 

3
 

  

LEVY ACQUISITION CORP.

Condensed Consolidated Interim Statements of Operations

(unaudited)

 

  

Period from

March 25, 2015

to June 16, 2015

  

Period from

March 26, 2014

to June 17, 2014

  

Period from

December 31, 2014

to June 16, 2015

  

Period from

January 1, 2014

to June 17, 2014

 
Revenue  $—   $—   $—   $— 
Transaction costs   2,074,276    —    2,850,943    — 
Formation, general & administrative costs   669,352    213,676    812,056    361,145 
Loss from operations   (2,743,628)   (213,676)   (3,662,999)   (361,145)
Other income (expense):                    
Transaction reimbursement income   —    —    536,218    — 
Interest income   —    27,945    7,793    38,142 
State franchise taxes, other than income taxes   (37,500)   (40,919)   (82,500)   (83,500)
Total other income   (37,500)   (12,974)   461,511    (45,358)
Loss before income tax expense   (2,781,128)   (226,650)   (3,201,488)   (406,503)
Income tax expense   (5,364)   (9,518)   (11,273)   (9,518)
Net loss attributable to common shares  $(2,786,492)  $(236,168)  $(3,212,761)  $(416,021)
Weighted average number of common shares outstanding, excludes shares subject to possible redemption – basic and diluted   5,127,606    4,701,776    5,127,606    4,701,776 
Net loss per common share, excludes shares subject to possible redemption – basic and diluted  $(0.54)  $(0.05)  $(0.63)  $(0.09)

 

 

The accompanying notes are an integral part of the unaudited condensed financial statements.

 

4
 

  

LEVY ACQUISITION CORP.

Condensed Consolidated Interim Statement of Stockholders’ Equity

(unaudited)

For the period from December 31, 2013 to June 16, 2015

 

   Common Stock   Additional 
Paid-in		   Accumulated   Total 
Stockholders’		 
   Shares   Amount   Capital   Deficit   Equity 
Balances at December 31, 2013   4,653,843   $465   $5,118,936   $(119,391)  $5,000,010 
Change in proceeds subject to possible redemption of 152,487 ordinary shares at redemption value   152,487    15    1,524,854    —    1,524,869 
Net loss attributable to ordinary shares not subject to possible redemption   —    —    —    (1,524,869)   (1,524,869)
Balances as of December 30, 2014   4,806,330    480    6,643,790    (1,644,260)   5,000,010 
Change in proceeds subject to possible redemption of 321,276 ordinary shares at redemption value   321,276    32    3,212,729    —    3.212,761 
Net loss attributable to ordinary shares not subject to possible redemption   —    —    —    (3,212,761)   (3,212,761)
Balances at June 16, 2015   5,127,606   $512   $9,856,519   $(4,857,021)  $5,000,010 

 

The accompanying notes are an integral part of the unaudited condensed financial statements.

  

5
 

  

LEVY ACQUISITION CORP.

Condensed Consolidated Interim Statements of Cash Flows

(unaudited)

 

  

Period from

December 31, 2014

to June 16, 2015

  

Period from

January 1, 2014

to June 17, 2014

 
Cash flows from operating activities:          
Net loss attributable to common shares  $(3,212,761)  $(416,021)
Changes in operating assets and liabilities          
Accrued interest income   56,565    (2,465)
Accrued operating expenses and accounts payable   2,801,986    (14,342)
Income tax receivable   545    — 
Prepaid insurance   46,515    47,078 
Prepaid expenses   (29,643)   (18,862)
Franchise tax payable   (149,141)   47,872 
Net cash used in operating activities   (485,934)   (356,740)
Cash flow from financing activities:          
     Notes payable-related party   255,467    — 
Net cash provided by financing activities   255,467    — 
Net decrease in cash   (230,467)   (356,740)
Cash at beginning of the period   230,467    1,078,466 
Cash at end of the period  $—   $721,726 

 

The accompanying notes are an integral part of the unaudited condensed financial statements.

  

6
 

  

LEVY ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

 

1.Basis of Presentation of Consolidated Interim Financial Information

 

The accompanying unaudited consolidated interim financial statements of Levy Acquisition Corp. and its wholly-owned, Levy Merger Sub, LLC (“Merger Sub”), (the “Company”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 5, 2015. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying consolidated financial statements do not include all of the information and notes required by GAAP for a complete financial statement presentation. In the opinion of management, the consolidated interim financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year.

 

2.Organization and Business Operations

 

Incorporation

 

The Company was incorporated under the name Levy Acquisition Corp. in Delaware on August 2, 2013 and, in connection with the closing of a business combination between the Company and Del Taco Holdings, Inc. (see Note 10), the Company changed its name to Del Taco Restaurants, Inc. by filing a Second Amended and Restated Certificate of Incorporation on June 30, 2015.

 

Sponsor

 

The Company’s sponsor was Levy Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). Members of the Sponsor include Sophia Stratton, the Company’s former Chief Financial Officer and Treasurer; Claire P. Murphy, the Company’s former General Counsel and Corporate Secretary; Michael R. Wallach, the Company’s former Vice President of Acquisitions; and Adam Cummis, the Company’s former Vice President of Restaurants and Hospitality. In addition, Ari B. Levy, the Company’s former President and Chief Investment Officer and a member of the Company’s Board of Directors, and Steven C. Florsheim, the Company’s former Executive Vice President and Chief Acquisitions Officer and a former member of the Company’s Board of Directors, are beneficiaries of trusts that are members of the Sponsor. The managing member of the Sponsor is Levy Family Partners, LLC (“Levy Family Partners”). Lawrence F. Levy, the Company’s former Chief Executive Officer and the Chairman of the Company’s Board of Directors, Steven C. Florsheim, Ari B. Levy and Sophia Stratton are the managers of Levy Family Partners.

 

Fiscal Year End

 

On June 3, 2015, prior to the closing of a business combination with Del Taco Holdings, Inc., the Company changed its fiscal year to correspond with the fiscal year of Del Taco Holdings, Inc. so that it now operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal year 2015 will be a 52-week period. In a 52-week fiscal year, the first, second and third quarters each include 12 weeks of operations and the fourth quarter includes 16 weeks of operations. Fiscal 2015 commenced on December 31, 2014 and will end December 29, 2015. For fiscal 2015, the fiscal quarters are as follows:

 

First Fiscal Quarter 2015: December 31, 2014 – March 24, 2015

Second Fiscal Quarter 2015: March 25, 2015 – June 16, 2015

Third Fiscal Quarter 2015: June 17, 2015 – September 8, 2015

Fourth Fiscal Quarter 2015: September 9, 2015 – December 29, 2015

 

Fiscal 2014 commenced on January 1, 2014 and ended December 30, 2014. For fiscal 2014, the fiscal quarters were as follows:

 

First Fiscal Quarter 2014: January 1, 2014 – March 25, 2014

Second Fiscal Quarter 2014: March 26, 2014 – June 17, 2014

Third Fiscal Quarter 2014: June 18, 2014 – September 9, 2014

Fourth Fiscal Quarter 2014: September 10, 2014 – December 30, 2014

  

7
 

 

Business Purpose

 

The Company was formed as a blank check company with no operations and as a vehicle to effect an initial business combination (a “Business Combination”) with one or more operating businesses. After the closing of the Company’s business combination on June 30, 2015, the Company became a holding company whose assets primarily consist of shares of its wholly owned subsidiary, Del Taco Holdings, Inc., a Delaware corporation (“DTH”).

 

Financing

 

The registration statement for the Company’s initial public offering (the “Public Offering”) (as described in Note 4) was declared effective by the SEC on November 13, 2013. On August 5, 2013, the Sponsor agreed to purchase simultaneously with the closing of the Public Offering $4,750,000 of warrants in a private placement (Note 5). On November 19, 2013, the Company consummated the Public Offering and the private placement of warrants.

 

A total of approximately $150,000,000, including approximately $147,000,000 of the net proceeds of the Public Offering, $2,652,900 from the private placement of warrants and $347,100 paid by the underwriters to the Company as reimbursement for certain expenses incurred in connection with the Public Offering, was placed in a trust account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”).

 

Trust Account

 

As of June 16, 2015, the Trust Account could be invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.

 

Other than the withdrawal of interest to pay income taxes and franchise taxes, none of the funds held in trust could be released until the earlier of: (i) the completion of the Business Combination; or (ii) the redemption of 100% of the shares of common stock included in the units sold in the Public Offering if the Company was unable to complete a Business Combination within 24 months from the closing of the Public Offering.

 

Business Combination

 

A Business Combination was subject to the following size, focus and stockholder approval provisions:

 

Size/Control — The Company’s Business Combination had to occur with one or more target businesses that together had a fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the Business Combination. The Company could not complete a Business Combination unless it acquired a controlling interest in a target company or was otherwise not required to register as an investment company under the Investment Company Act.

 

Focus — The Company’s efforts in identifying prospective target businesses were focused on businesses in the restaurant and hospitality sectors, but the Company was permitted to pursue opportunities in other business sectors.

  

Tender Offer/Stockholder Approval — The Company, after signing a definitive agreement for a Business Combination, could either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders could seek to redeem their shares, regardless of whether they voted for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes. The decision as to whether the Company would seek stockholder approval of the Business Combination or would allow stockholders to sell their shares in a tender offer could be made by the Company, solely in its discretion, and could be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval. If the Company decided to seek stockholder approval, it could complete its Business Combination only if a majority of the outstanding shares of common stock voted were voted in favor of the Business Combination. However, in no event could the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not have proceeded with the redemption of its public shares and the related Business Combination, and instead could have searched for an alternate Business Combination.

 

8
 

  

Regardless of whether the Company held a stockholder vote or a tender offer in connection with a Business Combination, a public stockholder had the right to redeem their shares for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes. As a result, such shares of common stock were recorded at conversion/tender value and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

 

Liquidation

 

If the Company did not complete a Business Combination by November 19, 2015, the Company would have been required to (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 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of such net interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption would have completely extinguished public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the 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.

 

In the event of such a liquidation, it is likely that the per share value of the residual assets remaining available for distribution (including Trust Account assets) would have been approximately equal to the initial public offering price per share in the Public Offering (assuming no value is attributed to the warrants contained in the units offered in the Public Offering discussed in Note 4).

  

Emerging Growth Company

 

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 registration statement under the Securities Act of 1933, as amended (the “Securities Act”) declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) 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 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 consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.

 

3.Significant Accounting Policies

 

Net Loss Per Share

 

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period in accordance with FASB ASC 260, “Earnings Per Share.” Diluted net loss per share is computed by dividing net loss per share by the weighted average number of shares of common stock outstanding, plus, to the extent dilutive, the incremental number of shares of common stock to settle warrants issued in the Public Offering and private placement, as calculated using the treasury stock method. As the Company reported a net loss for the period from August 2, 2013 (inception) to June 16, 2015, the effect of the 7,500,000 warrants issued in the Public Offering and 4,750,000 warrants issued to the Sponsor in connection with the private placement have not been considered in the diluted loss per common share, because their effect would be anti-dilutive. As a result, dilutive loss per common share is equal to basic loss per common share.

 

9
 

  

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts.

 

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.

 

Offering Costs

 

The Company complies with the requirements of the SEC Staff Accounting Bulletin (SAB) Topic 5A, “Expenses of Offering.” Deferred offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and that were charged to stockholders’ equity upon the completion of the Public Offering. Accordingly, at June 16, 2015, offering costs totaling approximately $8,694,000 (including $7,903,000 in underwriter’s fees, which is net of reimbursable expenses) have been charged to stockholders’ equity.

 

Development Stage Company

 

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.

  

Redeemable Common Stock

 

As discussed in Note 2, all of the 15,000,000 common shares sold as part of a unit in the Public Offering contained a redemption feature which allowed for the redemption of common shares under the Company’s Liquidation or Tender Offer/Stockholder Approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company required the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company did not specify a maximum redemption threshold, its charter previously provided that in no event would it redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001.

 

The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against retained earnings.

 

Accordingly, at June 16, 2015, 13,622,394 of the 15,000,000 public shares were classified outside of permanent equity at its redemption value.

 

10
 

  

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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Income Taxes

 

The Company complies with the accounting and reporting requirements of FASB 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.

 

There were no unrecognized tax benefits as of June 16, 2015. 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 16, 2015. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities and has been since inception.

 

Recent Accounting Pronouncements

 

In June 2014, FASB issued ASU No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and stockholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s balance sheet has not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.

  

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

 

4.Public Offering

 

Public Units

 

On November 19, 2013, the Company sold 15,000,000 units at a price of $10.00 per unit (the “Public Units”) in the Public Offering. Each Public Unit consists of one share of common stock of the Company, $0.0001 par value per share (the “Public Shares”), and one-half of one warrant (the “Public Warrants”). Each whole Public Warrant entitles the holder thereof to purchase one share of the Company’s common stock.

 

11
 

  

Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a new registration statement under the Securities Act for the shares of common stock issuable upon exercise of the Public Warrants as soon as practicable, but in no event later than 15 business days after the closing of the Company’s Business Combination. Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50. No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion of the Company’s Business Combination. If the Company is unable to deliver registered shares of common stock to the holder upon exercise of Public Warrants during the exercise period, there will be no net cash settlement of the Public Warrants and the Public Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement.

 

The Company paid an upfront underwriting discount of $0.20 per unit ($3,000,000 in the aggregate) to the underwriters at the closing of the Public Offering, with an additional fee (the “Deferred Discount”) equal to the difference between (a) the product of the number of shares of common stock sold as part of the units and $0.55 and (b) the upfront underwriting discount paid at the closing of $3,000,000, or a total Deferred Discount of $5,250,000 ($0.35 per unit sold). The Deferred Discount became payable to the underwriters from the amounts held in the Trust Account upon the completion of the Company’s business combination. The underwriters were not entitled to any interest accrued on the Deferred Discount.

 

The underwriters paid the Company $347,100 as reimbursement for certain expenses incurred in connection with the Public Offering which was recorded in additional paid in capital in the accompanying interim balance sheets.

 

Public Warrant Terms and Conditions

 

Exercise Conditions— Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion of the Company’s Business Combination.

 

Registration Risk—The Company has agreed to use its best efforts to file and have an effective registration statement covering the shares of common stock issuable upon exercise of the Public Warrants. The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the Public Warrants is then effective and a prospectus relating thereto is current. No Public Warrant will be exercisable and the Company will not be obligated to issue shares of common stock upon exercise of a Public Warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. Additionally, in the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.

 

Accounting— Because the Company is not required to net cash settle the Public Warrants, the Public Warrants will be recorded at fair value and classified within stockholders’ equity as “Additional paid-in capital” upon their issuance in accordance with FASB ASC 815-40.

 

5.Related Party Transactions

 

Del Taco Merger

 

On March 12, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, its wholly-owned subsidiary, Levy Merger Sub, LLC (“Merger Sub”), and DTH, providing for the merger of Merger Sub with and into DTH (the “Merger”), with DTH surviving the Merger as a wholly-owned subsidiary of the Company.

 

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Concurrent with the execution of the Merger Agreement, Levy Epic Acquisition Company, LLC (“Levy Newco”), Levy Epic Acquisition Company II, LLC (“Levy Newco II” and with Levy Newco, the “Levy Newco Parties”), DTH and the DTH stockholders entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”). Pursuant to the Stock Purchase Agreement, the Levy Newco Parties purchased 2,348,968 shares from DTH for $91.2 million in cash, and 740,564 shares directly from existing DTH stockholders for $28.8 million in cash (the “Step 1 Investment”). As a result of the Step 1 Investment, on March 20, 2015, an aggregate of 3,089,532 shares of DTH’s common stock were purchased by the Levy Newco Parties for total cash consideration of $120.0 million.

 

Although the parties to the Merger Agreement were not related parties prior to entering into the Merger Agreement, the Merger may be considered a Related Party Transaction after March 20, 2015, because, on that date, the Levy Newco Parties, which were managed by the same manager as the Sponsor and had some common members with the Sponsor, invested in DTH.

 

On June 30, 2015, the Company consummated the transactions contemplated by the Merger Agreement. In connection with the closing of the transactions contemplated by the Merger Agreement (the “Closing”), the Company changed its name from Levy Acquisition Corp. to Del Taco Restaurants, Inc. After the Closing, the Company became a holding company whose assets primarily consist of interests in its wholly owned subsidiary, DTH.

 

In connection with the Closing, the Company redeemed a total of 1,115 shares of its common stock pursuant to the terms of the Company’s previous amended and restated certificate of incorporation, resulting in a total payment to redeeming stockholders of $11,150. In addition, the Company paid the following consideration to the former equity holders of DTH: (i) 16,553,540 shares of common stock of the Company and (ii) $95 million.

 

Founder Shares

 

On August 5, 2013, the Sponsor purchased 4,312,500 shares of common stock (the “Founder Shares”) for $25,000, or approximately $0.006 per share. On October 17, 2013, the Sponsor transferred 17,250 Founder Shares to each of Howard B. Bernick, Craig J. Duchossois, Greg Flynn and Marc S. Simon (the Company’s independent directors), each of whom paid a purchase price of $100 for their respective shares (the same per-share purchase price initially paid by the Sponsor).

 

The Founder Shares are identical to the common stock included in the units sold in the Public Offering, except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below.

 

On November 19, 2013, the Company’s initial stockholders forfeited an aggregate of 562,500 Founder Shares, so that the initial stockholders, consisting of the Sponsor and Messrs. Bernick, Duchossois, Flynn and Simon, owned 20.8% of the Company’s issued and outstanding shares after the Public Offering.

 

In connection with the Step 1 Investment, the Sponsor agreed to assign over 50% of its Founder Shares to certain members of the Levy Newco Parties. At the Closing, a total of 1,906,219 Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with Lawrence F. Levy, Steven C. Florsheim, Ari B. Levy, Levy Family Partners, the Steven Florsheim 2003 Investment Trust and the Ari Levy 2003 Investment Trust (the “Levy Family”).

 

An aggregate of 937,500 Founder Shares, representing 5.0% of the Company’s issued and outstanding shares after the Public Offering, are subject to forfeiture by the Company’s initial stockholders or their permitted transferees under certain conditions described in the prospectus associated with the Public Offering (the “Prospectus”).

 

The Founder Shares have been placed into an escrow account maintained in New York, New York by Continental Stock Transfer & Trust Company, acting as escrow agent. Subject to certain limited exceptions discussed in the Prospectus, the Founder Shares may not be transferred, assigned, sold or released from escrow until one year after the date of the consummation of the Business Combination or earlier if, subsequent to the Business Combination, (i) the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

 

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Rights — The Founder Shares are identical to the Public Shares except that (i) the Founder Shares are subject to certain transfer restrictions, as described above and (ii) all of the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares in connection with the completion of the Business Combination.

  

Voting — The initial stockholders agreed to vote their Founder Shares and any Public Shares purchased during or after the Public Offering in favor of the Business Combination.

 

Private Placement Warrants

 

The Sponsor purchased from the Company an aggregate of 4,750,000 warrants at a price of $1.00 per warrant (a purchase price of $4.75 million), in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one share of common stock at $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering held in the Trust Account pending completion of the Company’s Business Combination. Immediately after the closing of the private placement, the Sponsor transferred 15,000 Private Placement Warrants at no charge to each of Messrs. Bernick, Duchossois, Flynn and Simon and 30,000 Private Placement Warrants at no charge to Mr. Wallach.

 

The Private Placement Warrants (including 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 the Business Combination, and they will be non-redeemable so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers of the Private Placement Warrants or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants and have no net cash settlement provisions.

 

Registration Rights

 

The Company has entered into a stockholders agreement with respect to the Founder Shares, shares of common stock underlying the Private Placement Warrants, the shares of common stock that the Company will issue under the Merger Agreement or in the Step 2 Co-Investment (as defined below) and all shares issued to a holder with respect to the securities referred to above by way of any stock split, stock dividend, recapitalization, combination of shares, acquisition, consolidation, reorganization, share exchange, or similar event, which securities are collectively referred to herein as “registrable securities.” Under the stockholders agreement, the Company has registered for resale under a shelf registration statement all of the unregistered shares held by former DTH stockholders, the Levy Family (as defined below), and holders of Founder Shares and the Company’s warrants. The Levy Family and certain former DTH stockholders are also entitled to a number of demand registration rights. Holders of registrable securities will also have certain “piggyback” registration rights with respect to registration statements filed subsequent to the Merger.

 

Directed Unit Program

 

The Company’s independent directors also purchased an aggregate of 150,000 Public Units in the Public Offering through the Company’s directed unit program.

 

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Sponsor Loans

 

The Sponsor agreed to loan the Company up to an aggregate of $200,000 by the issuance of an unsecured promissory note (the “Note”) to cover expenses related to the Public Offering. The loan was payable without interest on the completion of the Public Offering. From inception through November 19, 2013, the Sponsor loaned a total of $254,388 to the Company. The majority of the then outstanding balance on the Note was repaid on November 19, 2013. On November 24, 2013, the Company amended and restated the terms of the Note. The amended terms increased the aggregate total permitted under the Note to $255,000. The remaining terms of the Note were substantially the same as the original. The unpaid principal balance of the Note was due and payable upon the earlier of February 1, 2014 or the consummation of a public offering of the Company's securities. On November 19, 2013, the Company completed its Public Offering making the entire unpaid amount immediately due at the option of the Sponsor. The Sponsor was repaid the remaining balance on November 25, 2013.

 

After the Public Offering but prior to the Closing, the Sponsor advanced to the Company a total of $912,451 in working capital loans. As of June 16, 2015, the Sponsor had advanced a total of $255,467 of these loans to the Company. At the Closing, the Sponsor converted $389,623 of these working capital loans into 389,623 Private Placement Warrants. The Company repaid the remaining amount of these loans in cash at the Closing.

  

Administrative Services

 

The Company previously entered into an Amended and Restated Administrative Services Agreement with Levy Family Partners, pursuant to which the Company paid Levy Family Partners a total of (i) $10,000 per month for office space, utilities, secretarial support and administrative services and (ii) $15,000 per month as reimbursement for a portion of the compensation paid to its personnel, including certain of the Company’s officers who worked on the Company’s behalf. Prior to the Closing, Levy Family Partners incurred additional expenses on behalf of the Company over and above the $15,000 limitation for reimbursement for a portion of the compensation paid to its personnel. On June 30, 2015, in connection with the vote to approve the Merger Agreement, the Company’s stockholders approved the reimbursement of Levy Family Partners’ expenses for amounts in excess of $15,000 per month, which totaled approximately $850,000. Upon the Closing, the Company ceased paying these fees.

 

6.Trust Account

 

A total of $150,000,000, which includes $147,000,000 of the net proceeds from the Public Offering, $2,652,900 from the sale of the Private Placement Warrants and $347,100 paid by the underwriters to the Company as reimbursement for certain expenses incurred in connection with the Public Offering, was placed in the Trust Account. As of June 16, 2015, the balance in the Trust Account was $150,000,330.

 

As of June 16, 2015, investment securities in the Company’s Trust Account consist of $150,000,000 in United States Treasury Bills and $330 of cash equivalents. The Company classifies its United States Treasury and equivalent securities as held-to-maturity in accordance with FASB ASC 320, “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheets and adjusted for the amortization or accretion of premiums or discounts. At June 16, 2015, the carrying amount held in trust is stated at its fair value, which approximates amortized cost.

 

The carrying amount, excluding interest income, gross unrealized holding gains and fair value of held-to-maturity securities at June 16, 2015 and December 30, 2014 are as follows:

 

Held-to-maturity:  Carrying Amount   Gross Unrealized
Holdings
Gains (Losses)		   Fair Value 
U.S. Treasury Securities – June 16, 2015  $150,000,000   $-   $150,000,000 
U.S. Treasury Securities – December 30, 2014   149,992,538    1,462    149,994,000 

 

The Trust Account assets were distributed in connection with the Closing.

 

7.Fair Value Measurements

 

The Company has adopted FASB ASC 820, “Fair Value Measurement” 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 adoption of FASB ASC 820 did not have an impact on the Company’s financial position or results of operations.

 

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The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 16, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:

 

Description  June 16,
2015		   Quoted Prices in
Active Markets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Other
Unobservable
Inputs
(Level 3)		 
Assets:                    
Investments held in Trust:  $150,000,000   $150,000,000   $-   $- 

 

8.Stockholders’ Equity

 

Common Stock — The authorized common stock of the Company includes up to 400,000,000 shares. Holders of the Company’s common stock are entitled to one vote for each share of common stock. At June 16, 2015, there were 18,750,000 shares of common stock outstanding, including 13,622,394 shares subject to possible redemption.

 

Preferred Shares — The Company is authorized to issue 1,000,000 preferred shares with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At June 16, 2015, there were no preferred shares issued or outstanding.

 

9.Purported Class Action

 

 On April 23, 2015, a purported class action and derivative complaint, Jeffery Tomasulo, on behalf of himself and all others similarly situated v. Levy Acquisition Sponsor, LLC, Lawrence F. Levy, Howard B. Bernick, Marc S. Simon, Craig J. Duchossois, Ari B. Levy, Steven C. Florsheim, Gregory G. Flynn, Del Taco Holdings, Inc., and Levy Acquisition Corp. (“Complaint”), was filed in the Circuit Court of Cook County, Illinois (the “Circuit Court”), relating to the proposed Merger pursuant to the Merger Agreement. The Complaint, which purports to be brought as a class action on behalf of all of the holders of the Company's common stock, generally alleges that the Company's directors breached their fiduciary duties to stockholders by facilitating the proposed Merger and in negotiating and approving the Merger Agreement. The Complaint also alleges that the Company’s preliminary Proxy Statement that was filed with the SEC on April 2, 2015 is materially misleading and/or incomplete. The Complaint further alleges that DTH and the Sponsor aided and abetted the alleged breaches by the Company's directors. The Complaint seeks (a) a declaration that the Company's directors breached their fiduciary duties; (b) injunctive relief enjoining the Merger until corrective disclosures are made; (c) compensatory and/or rescissory damages; and (d) an award of costs and attorney's fees.

 

As discussed in more detail below in Note 10 – “Subsequent Events,” on June 30, 2015, the Company reached a settlement in principle of all claims asserted in the purported class action.

 

10.Subsequent Events

 

Del Taco Merger

 

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On June 30, 2015, the Company completed its Business Combination with DTH. Pursuant to the Merger Agreement, upon the effectiveness of the Merger on June 30, 2015, all shares of DTH stock then outstanding were converted into either (i) the right to receive cash and common stock of the Company (in the case of all DTH stockholders other than the Levy Newco Parties) or (ii) the right to receive only common stock of the Company (with the Levy Newco Parties having only the right to receive shares of common stock of the Company in exchange for their shares of DTH stock held prior to the Merger). In connection with the Closing, the Company redeemed a total of 1,115 shares of its common stock pursuant to the terms of the Company’s previous amended and restated certificate of incorporation, resulting in a total payment to redeeming stockholders of $11,150. In addition, the Company paid the following consideration to the former equity holders of DTH: (i) 16,553,540 shares of common stock of the Company (the “Stock Merger Consideration”) and (ii) $95 million (the “Cash Merger Consideration”). The consideration payable with respect to outstanding shares of DTH stock pursuant to the Merger was based on the same valuation of DTH as determined in connection with the Step 1 Investment, and the shares of common stock of the Company issued pursuant to the Merger were valued at a price of $10 per share. In addition, funds in the Trust Account were used to reimburse certain expenses accrued by the Company.

 

At the closing of the Merger, a total of 1,906,219 Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with the Levy Family.

 

Certain investors (collectively, the “Step 2 Co-Investors”) separately purchased from the Company at the closing of the Merger an aggregate of 3,500,000 shares of the Company’s common stock at a purchase price of $10.00 per share (the “Step 2 Co-Investment”). The net proceeds from the Step 2 Co-Investment were applied towards the Cash Merger Consideration.

  

For the three months ended June 16, 2015, the Company incurred approximately $2,075,000 of costs directly related to the Business Combination. These costs are included in other general, administrative and transaction expenses on the accompanying statements of operations.

 

In connection with the Closing, each outstanding unit of the Company was separated into its component share of common stock and one-half warrant. As of the Closing, there were 38,802,425 shares of the Company’s common stock issued and outstanding and warrants to purchase 12,639,623 shares of the Company’s common stock outstanding. 

 

In connection with the Closing, the Company changed its name from Levy Acquisition Corp. to Del Taco Restaurants, Inc.

 

The Company is currently evaluating the purchase price allocation following the consummation of the Merger. It is not practicable to disclose the preliminary purchase price allocation or unaudited pro-forma combined financial information as of June 16, 2015 for this transaction, given the short period of time between the acquisition date and the issuance of these unaudited condensed consolidated financial statements.

 

Settlement in Principle of Purported Class Action

 

After the periods covered by the accompanying unaudited consolidated interim financial statements, the Company reached a settlement in principle of all claims asserted in the Complaint. The settlement resolves all claims that the June 11, 2015 definitive proxy filed by the Company is misleading or incomplete, as well as all other causes of action asserted in the case. The settlement in principle does not provide for any monetary payment to the plaintiff or the putative plaintiff class, but the plaintiff may request that the Circuit Court order the Company to pay its attorneys’ fees. Any final settlement will be subject to the Circuit Court’s approval.

 

Shelf Registration Statement

 

On July 2, 2015, the Company filed a Registration Statement on Form S-3 (File No. 333-205467) (the “Form S-3”) to register for resale the Founder Shares, the shares of common stock underlying the Private Placement Warrants, the shares of common stock underlying the Public Warrants, and the shares of common stock that the Company issued under the Merger Agreement and in the Step 2 Co-Investment. The Form S-3 was declared effective by the SEC on July 15, 2015.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

On June 30, 2015, we consummated our previously announced business combination (the “Business Combination”) pursuant to which we acquired all of the outstanding capital stock of Del Taco Holdings, Inc. (“DTH”), in accordance with the Agreement and Plan of Merger, dated as of March 12, 2015, by and among us, our wholly-owned subsidiary, Levy Merger Sub, LLC (“Merger Sub”), and DTH. In connection with the closing of the Business Combination, on June 30, 2015, we changed our name from Levy Acquisition Corp. to Del Taco Restaurants, Inc. This Quarterly Report on Form 10-Q covers a period prior to the closing of the Business Combination. As a result, references in this report to “we,” “us,” or the Company refer to the registrant prior to the closing of the Business Combination, unless the context requires otherwise. References to our “management” or our “management team” refer to our officers and directors prior to the closing of the Business Combination (unless the context requires otherwise) and references to the “Sponsor” refer to Levy Acquisition Sponsor, LLC, a Delaware limited liability company. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the sections entitled “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2015 and “Cautionary Note Regarding Forward-Looking Statements” below.

 

Cautionary Note Regarding Forward-Looking Statements

 

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:

 

·the benefits of the Business Combination;

 

·our success in retaining or recruiting, or changes required in, our officers, key employees or directors following the Business Combination;

 

·our future financial performance; 

 

·changes in the markets in which we compete; and

 

·our expansion plans and opportunities.

 

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” beginning on page 10 of our Annual Report on Form 10-K filed with the SEC on March 5, 2015. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

  

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Overview

 

We are a former blank check company incorporated on August 2, 2013 under the name Levy Acquisition Corp. as a Delaware corporation and 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. After the closing of our Business Combination on June 30, 2015, we changed our name to Del Taco Restaurants, Inc. and became a holding company whose assets primarily consist of shares of our wholly owned subsidiary, DTH. We effectuated our Business Combination using a combination of the cash from the proceeds of a public offering (the “Public Offering”) and a sale of warrants in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”) and our capital stock. Upon the closing of our Public Offering and the sale of the Private Placement Warrants, $150,000,000 was placed in a trust account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”).

 

Results of Operations

 

Through June 16, 2015, our efforts were limited to organizational activities, activities relating to the Public Offering, activities relating to identifying and evaluating prospective acquisition candidates, conducting due diligence, structuring, negotiating, and entering into the Merger (as defined below), and activities relating to general corporate matters. Prior to the closing of our Business Combination, we did not generate any income other than interest income earned on the proceeds held in the Trust Account.

 

For the twelve-week period ended June 16, 2015, we had a net loss of $2,786,492 and incurred and accrued no additional costs with regard to the Public Offering.

 

Liquidity and Capital Resources

 

As of June 16, 2015, no cash was held outside of trust. Until the consummation of the Public Offering, the Company’s only source of liquidity was an initial purchase of shares of our common stock (“Founder Shares”) by the Sponsor, and loans made by the Sponsor to the Company under an unsecured promissory note (the “Note”).

 

On November 19, 2013, we consummated the Public Offering of 15,000,000 units at a price of $10.00 per unit (the “Public Units”) in the Public Offering. Each Public Unit consists of one share of common stock of the Company, $0.0001 par value per share, and one-half of one warrant (the “Public Warrants”). Each whole Public Warrant entitles the holder thereof to purchase one share of the Company’s common stock at a price of $11.50 per share. Simultaneously with the consummation of the Public Offering, we consummated the private sale of an aggregate of 4,750,000 Private Placement Warrants, each exercisable to purchase one share of our common stock at $11.50 per share, to the Sponsor, at a price of $1.00 per Private Placement Warrant, generating gross proceeds, before expenses, of $4,750,000 million. In addition, the underwriters of the Public Offering paid us $347,100 as reimbursement for certain expenses incurred in connection with the Public Offering (the “Reimbursement”). We received net proceeds from the Public Offering, the sale of the Private Placement Warrants and the Reimbursement of approximately $151,000,000, net of the non-deferred portion of the underwriting commissions of $3,000,000 and offering costs and other related expenses of approximately $750,000. No additional offering or offering related costs were incurred or accrued during the twelve-week period ended June 16, 2015. For a description of the proceeds generated in the Public Offering and a discussion of the use of such proceeds, we refer you to Note 4 of the unaudited condensed consolidated interim financial statements included in Part I, Item 1 of this Report.

  

As of June 16, 2015, $150,000,330 was held in the Trust Account (including $5,250,000 of deferred underwriting discounts and commissions), and no cash was held outside of trust and approximately $3,314,000 in accounts payable and accrued expenses, including accrued franchise tax payable, to be paid from the Trust Account upon closing of the Business Combination. Through June 16, 2015, the Company had withdrawn $105,127 from interest earned on the trust proceeds to pay franchise taxes. Other than the deferred underwriting discounts and commissions, no amounts were payable to the underwriters of the Public Offering in connection with our Business Combination.

 

After the Public Offering but prior to the closing of our Business Combination, the Sponsor advanced to us a total of $912,451 in working capital loans. As of June 16, 2015, the Sponsor had advanced a total of $255,467 of these loans to the Company. At the closing of our Business Combination, the Sponsor converted $389,623 of these working capital loans into 389,623 Private Placement Warrants. We repaid the remaining amount of these loans in cash.

 

Off-balance sheet financing arrangements

 

As of June 16, 2015, we had no obligations, assets or liabilities which would be considered off-balance sheet arrangements. As of June 16, 2015, we did not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

 

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As of June 16, 2015, we had not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or entered into any non-financial assets.

 

Contractual obligations

 

As of June 16, 2015, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities other than an agreement to pay an affiliate of our Sponsor a total of (i) $10,000 per month for office space, utilities, secretarial support and administrative services, and (ii) $15,000 per month as reimbursement for a portion of the compensation paid to its personnel including certain of our officers who work on our behalf. Upon completion of our Business Combination, we ceased paying these fees. For the twelve-week period ended June 16, 2015, the Company paid $62,500 under this agreement.

 

Prior to the completion of our Business Combination, the affiliate of our Sponsor referenced above incurred additional expenses on our behalf over and above the $15,000 limitation for reimbursement for a portion of the compensation paid to its personnel. On June 30, 2015, in connection with the vote to approve our Business Combination, our stockholders approved the reimbursement of these expenses for amounts in excess of $15,000 per month, which totaled approximately $850,000.

 

Critical Accounting Policies

 

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following as our critical accounting policies:

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

  

Cash Held in Trust

 

A total of approximately $150,000,000, including approximately $147,000,000 of the net proceeds from the Public Offering, $2,652,900 from the sale of the Private Placement Warrants and $347,100 paid by the underwriters to the Company as reimbursement for certain expenses incurred in connection with the Public Offering, was placed in the Trust Account with Continental Stock Transfer & Trust Company serving as trustee. The trust proceeds were invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. As of June 16, 2015, the balance in the Trust Account was $150,000,330, which included $105,457 of amortized interest earned since the inception of the trust.

 

Loss per Common Share

 

Loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding, excluding shares subject to possible redemption, for the period. The weighted average common shares issued and outstanding, excluding shares subject to possible redemption, of 13,622,394 for the twelve-week period ended June 16, 2015 takes into effect the 4,312,500 shares issued on August 5, 2013 to the Sponsor; the aggregate of 69,000 shares transferred by the Sponsor to Howard B. Bernick, Craig J. Duchossois, Greg Flynn and Marc S. Simon (the Company’s independent directors), on October 17, 2013; 15,000,000 shares sold in our Public Offering and outstanding since November 19, 2013; and the aggregate of 562,500 Founder Shares forfeited by the Company’s initial stockholders on November 19, 2013 as a result of the underwriters’ election not to exercise their over-allotment option in connection with our Public Offering. The 12,250,000 warrants related to our Public Offering and the sale of the Private Placement Warrants are contingently issuable shares and are excluded from the calculation of diluted earnings per share because they are anti-dilutive.

 

20
 

  

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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Income Taxes

 

Deferred income taxes are provided for the differences between the bases of assets and liabilities for financial reporting and income tax purposes. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

Recent Accounting Pronouncements

 

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and stockholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s balance sheet has not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.

 

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

  

Our Business Combination

 

On March 12, 2015, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among us, our wholly-owned subsidiary, Merger Sub, and DTH providing for the merger (the “Merger”) of Merger Sub with and into DTH, with DTH surviving the merger as a wholly-owned subsidiary of the Company.

 

Concurrent with the execution of the Merger Agreement on March 20, 2015, Levy Epic Acquisition Company, LLC and Levy Epic Acquisition Company II, LLC (the “Levy Newco Parties”), both of which had the same manager as the Sponsor, DTH and the DTH stockholders entered into a stock purchase agreement (the “Stock Purchase Agreement”). Pursuant to the Stock Purchase Agreement, on March 20, 2015, the Levy Newco Parties purchased $91.2 million of DTH common stock from DTH and $28.8 million of DTH common stock from DTH stockholders (the “Step 1 Investment”). The net proceeds received by DTH from the Step 1 Investment, together with the net proceeds of additional senior indebtedness, were used to repay $111.2 million of subordinated indebtedness and certain other transaction expenses. In connection with the Step 1 Investment, all outstanding options of DTH were exercised and converted into common stock of DTH, all outstanding warrants of DTH were exchanged and converted into common stock of DTH and all outstanding restricted stock units of DTH were settled for common stock of DTH.

 

The Business Combination was consummated on June 30, 2015. Pursuant to the Merger Agreement, upon the effectiveness of the Merger, all shares of DTH stock then outstanding were converted into either (i) the right to receive cash and common stock of the Company (in the case of all former DTH stockholders other than the Levy Newco Parties) or (ii) the right to receive only common stock of the Company (with the Levy Newco Parties having only the right to receive shares of common stock of the Company in exchange for their shares of DTH stock held prior to the Merger). The consideration payable with respect to outstanding shares of DTH stock pursuant to the Merger was based on the same valuation of DTH as determined in connection with the Step 1 Investment, and the shares of common stock of the Company issued pursuant to the Merger were valued at a price of $10 per share. In the Merger, the aggregate consideration paid to DTH’s former stockholders consisted of (i) $95 million in cash (the “Cash Merger Consideration”) and (ii) 16,553,540 shares of the Company's common stock (the “Stock Merger Consideration”). As part of the Business Combination, funds in the Trust Account were used to:

 

·pay approximately $60 million of the Cash Merger Consideration to former DTH stockholders at the closing of the Business Combination;

 

·repay approximately $68.6 million of indebtedness of DTH;

 

·reimburse approximately $21.3 million of expenses of the Company, the Sponsor (including repayment of working capital loans advanced by the Sponsor to the Company after the Public Offering but prior to the closing of the Business Combination) and Levy Family Partners, LLC, an affiliate of the Sponsor (“Levy Family Partners”); and

 

·pay approximately $11,115 to the stockholders who elected to redeem a total of 1,115 shares of common stock in connection with the Business Combination.

 

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At the closing of the Merger, a total of 1,906,219 Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with Lawrence F. Levy, Steven C. Florsheim, Ari B. Levy, Levy Family Partners, the Steven Florsheim 2003 Investment Trust and the Ari Levy 2003 Investment Trust (the “Levy Family”).

 

Certain investors (collectively, the “Step 2 Co-Investors”) separately purchased from the Company at the closing of the Merger an aggregate of 3,500,000 shares of the Company’s common stock at a purchase price of $10.00 per share (the “Step 2 Co-Investment”). The net proceeds from the Step 2 Co-Investment were applied towards the Cash Merger Consideration.

 

For the twelve weeks ended June 16, 2015, the Company incurred approximately $2,075,000 of costs directly related to the Business Combination. These costs are included in other general, administrative and transaction expenses on the accompanying statements of operations.

  

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Market risk is the sensitivity of income to changes in interest rates, foreign exchanges, commodity prices, equity prices and other market driven rates or prices. As of June 16, 2015, we were not engaged in any substantive commercial business. Accordingly, as of June 16, 2015, we were not exposed to risks associated with foreign exchange rates, commodity prices, equity prices or other market driven rates or prices. The net proceeds of our Public Offering held in the Trust Account were allowed to be invested by the trustee only in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act, having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Given our limited risk in our exposure to government securities and money market funds, as of June 16, 2015, we did not view the interest rate risk to be significant.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 16, 2015. Based upon their evaluation, our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective.

 

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

  

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PART II — OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

On April 23, 2015, a purported class action and derivative complaint, Jeffery Tomasulo, on behalf of himself and all others similarly situated v. Levy Acquisition Sponsor, LLC, Lawrence F. Levy, Howard B. Bernick, Marc S. Simon, Craig J. Duchossois, Ari B. Levy, Steven C. Florsheim, Gregory G. Flynn, Del Taco Holdings, Inc., and Levy Acquisition Corp. (“Complaint”), was filed in the Circuit Court of Cook County, Illinois (the “Circuit Court”), relating to the proposed Merger pursuant to the Merger Agreement. The Complaint, which purports to be brought as a class action on behalf of all of the holders of the Company's common stock, generally alleges that the Company's directors breached their fiduciary duties to stockholders by facilitating the proposed Merger and in negotiating and approving the Merger Agreement. The Complaint also alleges that the Company’s preliminary Proxy Statement that was filed with the SEC on April 2, 2015 is materially misleading and/or incomplete. The Complaint further alleges that DTH and the Sponsor aided and abetted the alleged breaches by the Company's directors. The Complaint seeks (a) a declaration that the Company's directors breached their fiduciary duties; (b) injunctive relief enjoining the Merger until corrective disclosures are made; (c) compensatory and/or rescissory damages; and (d) an award of costs and attorney's fees.

 

After the period covered by this Quarterly Report on Form 10-Q, the Company reached a settlement in principle of all claims asserted in the Complaint. The settlement resolves all claims that the June 11, 2015 definitive proxy filed by the Company is misleading or incomplete, as well as all other causes of action asserted in the case. The settlement in principle does not provide for any monetary payment to the plaintiff or the putative plaintiff class, but the plaintiff may request that the Circuit Court order the Company to pay its attorneys’ fees. Any final settlement will be subject to the Circuit Court’s approval.

 

ITEM 1A. RISK FACTORS

 

Other than the risk factors disclosed in the definitive proxy statement filed with the SEC by the Company on June 11, 2015, which are incorporated herein by reference, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K filed with the SEC on March 5, 2015. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Prior to the consummation of the Public Offering, on August 5, 2013, the Sponsor purchased 4,312,500 Founder Shares for $25,000, or approximately $0.006 per share. On October 17, 2013, the Sponsor transferred 17,250 Founder Shares to each of the Company’s independent directors, each of whom paid a purchase price of $100 for their respective shares (the same per-share purchase price initially paid by the Sponsor). Our independent directors also purchased an aggregate of 150,000 units in the Public Offering through our directed unit program. On November 19, 2013, as a result of the underwriters’ election not to exercise the over-allotment option in connection with our initial public offering, the Company’s initial stockholders forfeited an aggregate of 562,500 Founder Shares, consisting of a forfeiture of 2,250 Founder Shares by each of Messrs. Bernick, Duchossois, Flynn and Simon, and a forfeiture of 553,500 Founder Shares by the Sponsor. As a result of the forfeiture, the Sponsor was left with 3,690,000 Founder Shares, and each of Messrs. Bernick, Duchossois, Flynn and Simon were left with 15,000 Founder Shares, so that there were 3,750,000 Founder Shares outstanding.

 

The securities described in the preceding paragraph were issued and transferred in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), as they were sold to accredited investors, and the so-called 4(a)(1-½) exemption.

 

In connection with the Step 1 Investment, the Sponsor agreed to assign over 50% of its Founder Shares to certain members of the Levy Newco Parties. At the closing of the Business Combination, a total of 1,906,219 Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with the Levy Family. These securities were transferred pursuant to the so-called 4(a)(1-½) exemption from registration under the Securities Act.

 

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Subject to certain limited exceptions, the Founder Shares may not be transferred, assigned, sold or released from escrow until one year after the date of the consummation of the Business Combination or earlier if, subsequent to the Business Combination, (i) the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property. In addition, 937,500 Founder Shares (the “Founder Earnout Shares”) will be subject to forfeiture by our initial stockholders (or their permitted transferees) on the fifth anniversary of the Business Combination, unless, following the Business Combination, the last sale price of our common stock equals or exceeds $13.00 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 or the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for consideration in cash, securities or other property which equals or exceeds $13.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).

  

As discussed above under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Our Business Combination,” at the closing of the Merger, 16,553,540 shares of the Company's common stock were issued to DTH’s former stockholders. In addition, the Step 2 Co-Investors separately purchased from the Company at the closing of the Merger an aggregate of 3,500,000 shares of the Company’s common stock at a purchase price of $10.00 per share. These shares were not registered under the Securities Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.

 

Use of Proceeds from our Public Offering

 

On November 19, 2013, we consummated the Public Offering of 15,000,000 units at a price of $10.00 per unit, with each unit consisting of one share of our common stock and one-half of one warrant. Each whole Public Warrant entitles the holder thereof to purchase one share of our common stock. No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion the Business Combination. If the Company is unable to deliver registered shares of common stock to the holder upon exercise of Public Warrants during the exercise period, there will be no net cash settlement of the Public Warrants and the Public Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement. The warrants will expire at 5:00 p.m., New York City time, five years after the completion of the Business Combination or earlier upon redemption or liquidation. Once the Public Warrants become exercisable, we may redeem those outstanding 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, but if, and only if, the last sale price of our common stock equals or exceeds $24.00 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 we send the notice of redemption to the warrant holders.

  

The units in the public offering were sold at an offering price of $10.00 per unit, generating total gross proceeds of $150,000,000. Citigroup Global Markets Inc. acted as underwriter. The securities sold in the offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-191587). The SEC declared the registration statement effective on November 13, 2013.

 

We paid a total of $3,000,000 in underwriting discounts and commissions and approximately $750,000 for other costs and expenses related to the Public Offering. In addition, Citigroup Global Markets Inc. paid us $347,100 as reimbursement for certain expenses incurred in connection with the Public Offering. Citigroup Global Markets Inc. also agreed to defer $5,250,000 in underwriting discounts and commissions, which amount was paid upon consummation of the Business Combination. We also repaid our Sponsor $254,388 in satisfaction of an outstanding promissory note after the closing of the Public Offering.

 

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Simultaneously with the consummation of the Public Offering, we consummated the private sale of 4,750,000 Private Placement Warrants, each exercisable to purchase one share of our common stock at $11.50 per share, to the Sponsor at a price of $1.00 per warrant, generating gross proceeds of $4,750,000. Immediately after the closing of the private placement, the Sponsor transferred 15,000 Private Placement Warrants at no charge to each of Messrs. Bernick, Duchossois, Flynn and Simon and 30,000 Private Placement Warrants at no charge to Michael R. Wallach (our former Vice President of Acquisitions). The Private Placement Warrants (including 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 the Business Combination, and they will be non-redeemable so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers of the Private Placement Warrants or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants and have no net cash settlement provisions. The sale of the Private Placement Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

 

Members of the Sponsor include Sophia Stratton, the Company’s former Chief Financial Officer and Treasurer; Claire P. Murphy, the Company’s former General Counsel and Corporate Secretary; Michael R. Wallach, the Company’s former Vice President of Acquisitions; and Adam Cummis, the Company’s former Vice President of Restaurants and Hospitality. In addition, Ari B. Levy, the Company’s former President and Chief Investment Officer and a current member of the Company’s Board of Directors, and Steven C. Florsheim, the Company’s former Executive Vice President and Chief Acquisitions Officer and a former member of the Company’s Board of Directors, are beneficiaries of trusts that are members of the Sponsor. The managing member of the Sponsor is Levy Family Partners. Lawrence F. Levy, the Company’s former Chief Executive Officer and current Chairman of the Company’s Board of Directors, Steven C. Florsheim, Ari B. Levy and Sophia Stratton are the managers of Levy Family Partners.

 

After deducting the underwriting discounts and commissions (excluding the deferred portion of $5,250,000 in underwriting discounts and commissions, which amount was paid upon the consummation of the Business Combination) and the estimated offering expenses, the total net proceeds from the Public Offering, the private placement of Private Placement Warrants and the Reimbursement was approximately $151,000,000, of which $150,000,000 (or approximately $10.00 per unit sold in the Public Offering) was placed in the Trust Account. As part of the Business Combination, funds in the Trust Account were used to:

 

·pay approximately $60 million of the Cash Merger Consideration to former DTH stockholders at the closing of the Business Combination;

 

·repay approximately $68.6 million of indebtedness of DTH;

 

·reimburse approximately $21.3 million of expenses of the Company, the Sponsor (including repayment of working capital loans advanced by the Sponsor to the Company after the Public Offering but prior to the closing of the Business Combination) and Levy Family Partners; and

 

·pay approximately $11,115 to the stockholders who elected to redeem a total of 1,115 shares of common stock in connection with the Business Combination.

 

Shelf Registration Statement

 

On July 2, 2015, we filed a Registration Statement on Form S-3 (File No. 333-205467) (the “Form S-3”) to register for resale the Founder Shares, the shares of common stock underlying the Private Placement Warrants, the shares of common stock underlying the Public Warrants, and the shares of common stock that the Company issued under the Merger Agreement and in the Step 2 Co-Investment. The Form S-3 was declared effective by the SEC on July 15, 2015.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None.

  

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

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Exhibit
Number		   Description
2.1†   Agreement and Plan of Merger, dated as of March 12, 2015, by and among Levy Acquisition Corp., Levy Merger Sub, LLC and Del Taco Holdings, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on March 12, 2015).
3.1   Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
4.1   Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
4.2   Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
10.1   Stockholders Agreement, dated as of March 12, 2015, by and among Levy Acquisition Corp. and certain holders of common stock of Levy Acquisition Corp. and certain other persons (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on March 12, 2015).
10.2   Common Stock Purchase Agreement, dated as of March 11, 2015, by and between Levy Acquisition Corp. and Del Taco Series, a series of Pleasant Lake Opportunities Fund LP (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on March 12, 2015).
10.3   Common Stock Purchase Agreement, dated as of March 11, 2015, by and among Levy Acquisition Corp., Lime Partners, LLC and Belfer Investment Partners L.P. (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on March 12, 2015).
10.4   Management Rights Letter Agreement, dated June 30, 2015, between Levy Acquisition Corp. and GS Mezzanine Partners 2006 Institutional, L.P. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
10.5   Employment Letter Agreement, dated January 15, 2009, between Paul J.B. Murphy, III and Del Taco Holdings, Inc. (as amended on December 15, 2014) (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
10.6   Employment Letter Agreement, dated July 17, 2008, between John Cappasola, Jr. and Del Taco Holdings, Inc. (as amended on May 3, 2011 and December 15, 2014) (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
10.7   Severance Agreement, dated July 21, 2009, between Steven L. Brake and Del Taco Holdings, Inc. (as amended on December 15, 2014) (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
10.8   Senior Credit Facility, as amended, dated April 1, 2013 between F&C Restaurant Holding Co., Sagittarius Restaurants LLC and General Electric Capital Corporation (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
10.9   Form of Development Agreement (incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K (File No. 001-36197) filed with the Securities and Exchange Commission on July 2, 2015).
31.1*   Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).
31.2*   Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).
32.1*   Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.
32.2*   Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.
101.INS*   XBRL Instance Document.
101.SCH*   XBRL Taxonomy Extension Schema Document.
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document.

 

26
 

   

101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF*   XBRL Taxonomy Extension Definition Document.

 

†  The exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request.

 

*Filed herewith.

 

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 SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  DEL TACO RESTAURANTS, INC.
   
  Date: July 27, 2015
   
  /s/ Paul J.B. Murphy, III
  Name: Paul J.B. Murphy, III
  Title: President and Chief Executive Officer (principal
executive officer)
   
  /s/ Steven L. Brake
  Name: Steven L. Brake
  Title: Executive Vice President and Chief Financial
Officer (principal financial officer)

 

 

 

 EX-31.1 2 v415595_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1 

CERTIFICATIONS

 

I, Paul J.B. Murphy, III, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Del Taco Restaurants, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

  

Date: July 27, 2015 /s/ Paul J.B. Murphy, III
  Paul J.B. Murphy, III
  President and Chief Executive Officer
  (principal executive officer)

  

 

 EX-31.2 3 v415595_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2 

CERTIFICATIONS

 

I, Steven L. Brake, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Del Taco Restaurants, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 27, 2015 /s/ Steven L. Brake
  Steven L. Brake
  Executive Vice President and Chief Financial Officer
  (principal financial officer)

 

 

 EX-32.1 4 v415595_ex32-1.htm EXHIBIT 32.1

  

Exhibit 32.1

 

CERTIFICATION OF PERIOD REPORT

 

I, Paul J.B. Murphy, III, President and Chief Executive Officer of Del Taco Restaurants, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to the best of my knowledge:

 

(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended June 16, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: July 27, 2015 /s/ Paul J.B. Murphy, III
  Paul J.B. Murphy, III
  President and Chief Executive Officer
  (principal executive officer)

 

 

 

 EX-32.2 5 v415595_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION OF PERIOD REPORT

 

I, Steven L. Brake, Executive Vice President and Chief Financial Officer of Del Taco Restaurants, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to the best of my knowledge:

 

(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended June 16, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: July 27, 2015

/s/ Steven L. Brake

  Steven L. Brake
  Executive Vice President and Chief Financial Officer
  (principal financial officer)

 

 

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The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company&#8217;s consolidated financial statements.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Net Loss Per Share</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period in accordance with FASB ASC 260, &#8220;Earnings Per Share.&#8221; Diluted net loss per share is computed by dividing net loss per share by the weighted average number of shares of common stock outstanding, plus, to the extent dilutive, the incremental number of shares of common stock to settle warrants issued in the Public Offering and private placement, as calculated using the treasury stock method. 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The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i><u>Redeemable Common Stock</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As discussed in Note 2, all of the <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,000,000</font> common shares sold as part of a unit in the Public Offering contained a redemption feature which allowed for the redemption of common shares under the Company&#8217;s Liquidation or Tender Offer/Stockholder Approval provisions. 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Although the Company did not specify a maximum redemption threshold, its charter previously provided that in no event would it redeem its public shares in an amount that would cause its net tangible assets (stockholders&#8217; equity) to be less than $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,000,001</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against retained earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Accordingly, at June 16, 2015, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,622,394</font> of the <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,000,000</font> public shares were classified outside of permanent equity at its redemption value.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Use of Estimates</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 revenue and expenses during the reporting period. 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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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">There were no unrecognized tax benefits as of June 16, 2015. 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The Company is subject to income tax examinations by major taxing authorities and has been since inception.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Recent Accounting Pronouncements</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In June 2014, FASB issued ASU No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as &#8220;Development Stage Entities&#8221; (Topic 915). 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The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company&#8217;s consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 152487 321276 3000000 0.55 5250000 0.35 347100 0.20 11.50 10.00 15000000 15000000 4750000 7500000 15000000 7903000 8694000 250000 0 255467 0 255467 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"><b>5.</b></font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"><b>Related Party Transactions</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b><i><u>Del Taco Merger</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 12, 2015, the Company entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) by and among the Company, its wholly-owned subsidiary, Levy Merger Sub, LLC (&#8220;Merger Sub&#8221;), and DTH, providing for the merger of Merger Sub with and into DTH (the &#8220;Merger&#8221;), with DTH surviving the Merger as a wholly-owned subsidiary of the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Concurrent with the execution of the Merger Agreement, Levy Epic Acquisition Company, LLC (&#8220;Levy Newco&#8221;), Levy Epic Acquisition Company II, LLC (&#8220;Levy Newco II&#8221; and with Levy Newco, the &#8220;Levy Newco Parties&#8221;), DTH and the DTH stockholders entered into a Stock Purchase Agreement (the &#8220;Stock Purchase Agreement&#8221;). 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The Sponsor was repaid the remaining balance on November 25, 2013.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">After the Public Offering but prior to the Closing, the Sponsor advanced to the Company a total of &#160;$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">912,451</font> in working capital loans. As of June 16, 2015, the Sponsor had advanced a total of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">255,467</font> of these loans to the Company. 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The Company repaid the remaining amount of these loans in cash at the Closing.&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;<b><i> &#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b><i><u>Administrative Services</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company previously entered into an Amended and Restated Administrative Services Agreement with Levy Family Partners, pursuant to which the Company paid Levy Family Partners a total of (i) $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,000</font> per month for office space, utilities, secretarial support and administrative services and (ii) $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15,000</font> per month as reimbursement for a portion of the compensation paid to its personnel, including certain of the Company&#8217;s officers who worked on the Company&#8217;s behalf. 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Upon the Closing, the Company ceased paying these&#160;fees.&#160;</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 25000 17250 100 4312500 0.208 11.50 15000 30000 150000 200000 254388 255000 562500 1906219 937500 0.050 12.00 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><font style="FONT-SIZE: 10pt"><b>9.</b></font></div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-SIZE: 10pt"><b>Purported Class Action</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>&#160;</i></b> On April 23, 2015, a purported class action and derivative complaint, <i>Jeffery Tomasulo, on behalf of himself and all others similarly situated v. Levy Acquisition Sponsor, LLC, Lawrence F. Levy, Howard B. Bernick, Marc S. Simon, Craig J. Duchossois, Ari B. Levy, Steven C. Florsheim, Gregory G. Flynn, Del Taco Holdings, Inc., and Levy Acquisition Corp.</i> (&#8220;Complaint&#8221;), was filed in the Circuit Court of Cook County, Illinois (the &#8220;Circuit Court&#8221;), relating to the proposed Merger pursuant to the Merger Agreement. The Complaint, which purports to be brought as a class action on behalf of all of the holders of the Company's common stock, generally alleges that the Company's directors breached their fiduciary duties to stockholders by facilitating the proposed Merger and in negotiating and approving the Merger Agreement. The Complaint also alleges that the Company&#8217;s preliminary Proxy Statement that was filed with the SEC on April 2, 2015 is materially misleading and/or incomplete. The Complaint further alleges that DTH and the Sponsor aided and abetted the alleged breaches by the Company's directors. 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FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Held-to-maturity:</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Carrying&#160;Amount</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Gross&#160;Unrealized<br/> Holdings<br/> Gains&#160;(Losses)</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Fair&#160;Value</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="63%"> <div>U.S. Treasury Securities &#150; June 16, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>150,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>150,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>U.S. Treasury Securities &#150; December 30, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>149,992,538</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,462</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>149,994,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><font style="FONT-SIZE: 10pt"><strong>7.</strong></font></div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-SIZE: 10pt"><strong>Fair Value Measurements</strong></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company has adopted FASB ASC 820, &#8220;Fair Value Measurement&#8221; 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 adoption of FASB ASC 820 did not have an impact on the Company&#8217;s financial position or results of operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The following table presents information about the Company&#8217;s assets and liabilities that are measured at fair value on a recurring basis as of June 16, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Description</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>June&#160;16,<br/> 2015</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Quoted&#160;Prices&#160;in<br/> Active&#160;Markets<br/> (Level&#160;1)</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Significant<br/> Other<br/> Observable<br/> Inputs<br/> (Level&#160;2)</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Significant<br/> Other<br/> Unobservable<br/> Inputs<br/> (Level&#160;3)</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="51%"> <div>Assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Investments held in Trust:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>150,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>150,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 1115 95000000 2348968 11150 16553540 330 150000000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The following table presents information about the Company&#8217;s assets and liabilities that are measured at fair value on a recurring basis as of June 16, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Description</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; 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BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>150,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; 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FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><font style="FONT-SIZE: 10pt"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>4.</b></font></div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-SIZE: 10pt"><b>Public Offering</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i>&#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Public Units</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On November 19, 2013, the Company sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,000,000</font> units at a price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10.00</font> per unit (the &#8220;Public Units&#8221;) in the Public Offering. Each Public Unit consists of one share of common stock of the Company, $0.0001 par value per share (the &#8220;Public Shares&#8221;), and one-half of one warrant (the &#8220;Public Warrants&#8221;). Each whole Public Warrant entitles the holder thereof to purchase one share of the Company&#8217;s common stock.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a new registration statement under the Securities Act for the shares of common stock issuable upon exercise of the Public Warrants as soon as practicable, but in no event later than 15 business days after the closing of the Company&#8217;s Business Combination. Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.50</font>. No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion of the Company&#8217;s Business Combination. If the Company is unable to deliver registered shares of common stock to the holder upon exercise of Public Warrants during the exercise period, there will be no net cash settlement of the Public Warrants and the Public Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company paid an upfront underwriting discount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.20</font> per unit ($<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,000,000</font> in the aggregate) to the underwriters at the closing of the Public Offering, with an additional fee (the &#8220;Deferred Discount&#8221;) equal to the difference between (a) the product of the number of shares of common stock sold as part of the units and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.55</font> and (b) the upfront underwriting discount paid at the closing of $3,000,000, or a total Deferred Discount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,250,000</font> ($<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.35</font> per unit sold). The Deferred Discount became payable to the underwriters from the amounts held in the Trust Account upon the completion of the Company&#8217;s business combination. 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No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion of the Company&#8217;s Business Combination.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i><u>Registration Risk</u></i></b>&#151;The Company has agreed to use its best efforts to file and have an effective registration statement covering the shares of common stock issuable upon exercise of the Public Warrants. The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the Public Warrants is then effective and a prospectus relating thereto is current. No Public Warrant will be exercisable and the Company will not be obligated to issue shares of common stock upon exercise of a Public Warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. Additionally, in the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i><u>Accounting</u></i></b>&#151; Because the Company is not required to net cash settle the Public Warrants, the Public Warrants will be recorded at fair value and classified within stockholders&#8217; equity as &#8220;Additional paid-in capital&#8221; upon their issuance in accordance with FASB ASC 815-40.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> Each Public Unit consists of one share of common stock of the Company, $0.0001 par value per share, and one-half of one warrant (the &#8220;Public Warrants&#8221;). 15000 850000 255467 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> <b>10.</b></font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> <b>Subsequent Events</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size:10pt;"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i><u>Del Taco Merger</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On June 30, 2015, the Company completed its Business Combination with DTH.&#160;Pursuant to the Merger Agreement, upon the effectiveness of the Merger on June 30, 2015, all shares of DTH stock then outstanding were converted into either (i) the right to receive cash and common stock of the Company (in the case of all DTH stockholders other than the Levy Newco Parties) or (ii) the right to receive only common stock of the Company (with the Levy Newco Parties having only the right to receive shares of common stock of the Company in exchange for their shares of DTH stock held prior to the Merger). In connection with the Closing, the Company redeemed a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,115</font> shares of its common stock pursuant to the terms of the Company&#8217;s previous amended and restated certificate of incorporation, resulting in a total payment to redeeming stockholders of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11,150</font>. In addition, the Company paid the following consideration to the former equity holders of DTH: (i) <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 16,553,540</font> shares of common stock of the Company (the &#8220;Stock Merger Consideration&#8221;) and (ii) $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">95</font> million (the &#8220;Cash Merger Consideration&#8221;). The consideration payable with respect to outstanding shares of DTH stock pursuant to the Merger was based on the same valuation of DTH as determined in connection with the Step 1 Investment, and the shares of common stock of the Company issued pursuant to the Merger were valued at a price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> per share. In addition, funds in the Trust Account were used to reimburse certain expenses accrued by the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">At the closing of the Merger, a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,906,219</font> Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with the Levy Family.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain investors (collectively, the &#8220;Step 2 Co-Investors&#8221;) separately purchased from the Company at the closing of the Merger an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,500,000</font> shares of the Company&#8217;s common stock at a purchase price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10.00</font> per share (the &#8220;Step 2 Co-Investment&#8221;). 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As a result, such shares of common stock were recorded at conversion/tender value and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 480, &#8220;Distinguishing Liabilities from Equity.&#8221;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Liquidation</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">If the Company did not complete a Business Combination by November 19, 2015, the Company would have been required to (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 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to pay its franchise and income taxes (less up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">100,000</font> of such net interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption would have completely extinguished public stockholders&#8217; rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company&#8217;s remaining stockholders and the Company&#8217;s board of directors, dissolve and liquidate, subject in each case to the Company&#8217;s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In the event of such a liquidation, it is likely that the per share value of the residual assets remaining available for distribution (including Trust Account assets) would have been approximately equal to the initial public offering price per share in the Public Offering (assuming no value is attributed to the warrants contained in the units offered in the Public Offering discussed in Note 4).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;<b><i>&#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Emerging Growth Company</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 registration statement under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) 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 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&#8217;s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 0 2850943 0 812056 361145 -3662999 -361145 536218 0 7793 38142 82500 83500 461511 -45358 -3201488 -406503 11273 9518 5127606 4701776 -0.63 -0.09 -545 0 0 0 0 0 0 0 0 0 0.006 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"></div> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <div><font style="FONT-SIZE: 10pt"><b>1.</b></font></div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-SIZE: 10pt"><b>Basis of Presentation of Consolidated Interim Financial Information</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The accompanying unaudited consolidated interim financial statements of Levy Acquisition Corp. and its wholly-owned, Levy Merger Sub, LLC (&#8220;Merger Sub&#8221;), (the &#8220;Company&#8221;) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) on March 5, 2015. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying consolidated financial statements do not include all of the information and notes required by GAAP for a complete financial statement presentation. In the opinion of management, the consolidated interim financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods presented. 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Trust Account (Details) - US Treasury Securities [Member] - USD ($)
 6 Months Ended 12 Months Ended
Jun. 16, 2015
Dec. 30, 2014
Trust Account [Line Items]    
Held-to-maturity Securities, Carrying Amount $ 150,000,000 $ 149,992,538
Held-to-maturity Securities, Gross Unrealized Holdings Gains (Losses) 0 1,462
Held-to-maturity Securities, Fair Value $ 150,000,000 $ 149,994,000
XML 15 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Organization and Business Operations
 6 Months Ended
Jun. 16, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
2.
Organization and Business Operations
 
Incorporation
 
The Company was incorporated under the name Levy Acquisition Corp. in Delaware on August 2, 2013 and, in connection with the closing of a business combination between the Company and Del Taco Holdings, Inc. (see Note 10), the Company changed its name to Del Taco Restaurants, Inc. by filing a Second Amended and Restated Certificate of Incorporation on June 30, 2015.
 
Sponsor
 
The Company’s sponsor was Levy Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). Members of the Sponsor include Sophia Stratton, the Company’s former Chief Financial Officer and Treasurer; Claire P. Murphy, the Company’s former General Counsel and Corporate Secretary; Michael R. Wallach, the Company’s former Vice President of Acquisitions; and Adam Cummis, the Company’s former Vice President of Restaurants and Hospitality. In addition, Ari B. Levy, the Company’s former President and Chief Investment Officer and a member of the Company’s Board of Directors, and Steven C. Florsheim, the Company’s former Executive Vice President and Chief Acquisitions Officer and a former member of the Company’s Board of Directors, are beneficiaries of trusts that are members of the Sponsor. The managing member of the Sponsor is Levy Family Partners, LLC (“Levy Family Partners”). Lawrence F. Levy, the Company’s former Chief Executive Officer and the Chairman of the Company’s Board of Directors, Steven C. Florsheim, Ari B. Levy and Sophia Stratton are the managers of Levy Family Partners.
 
Fiscal Year End
 
On June 3, 2015, prior to the closing of a business combination with Del Taco Holdings, Inc., the Company changed its fiscal year to correspond with the fiscal year of Del Taco Holdings, Inc. so that it now operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal year 2015 will be a 52-week period. In a 52-week fiscal year, the first, second and third quarters each include 12 weeks of operations and the fourth quarter includes 16 weeks of operations. Fiscal 2015 commenced on December 31, 2014 and will end December 29, 2015. For fiscal 2015, the fiscal quarters are as follows:
 
First Fiscal Quarter 2015: December 31, 2014 – March 24, 2015
Second Fiscal Quarter 2015: March 25, 2015 – June 16, 2015
Third Fiscal Quarter 2015: June 17, 2015 – September 8, 2015
Fourth Fiscal Quarter 2015: September 9, 2015 – December 29, 2015
 
Fiscal 2014 commenced on January 1, 2014 and ended December 30, 2014. For fiscal 2014, the fiscal quarters were as follows:
 
First Fiscal Quarter 2014: January 1, 2014 – March 25, 2014
Second Fiscal Quarter 2014: March 26, 2014 – June 17, 2014
Third Fiscal Quarter 2014: June 18, 2014 – September 9, 2014
Fourth Fiscal Quarter 2014: September 10, 2014 – December 30, 2014
 
Business Purpose
 
The Company was formed as a blank check company with no operations and as a vehicle to effect an initial business combination (a “Business Combination”) with one or more operating businesses. After the closing of the Company’s business combination on June 30, 2015, the Company became a holding company whose assets primarily consist of shares of its wholly owned subsidiary, Del Taco Holdings, Inc., a Delaware corporation (“DTH”).
 
Financing
 
The registration statement for the Company’s initial public offering (the “Public Offering”) (as described in Note 4) was declared effective by the SEC on November 13, 2013. On August 5, 2013, the Sponsor agreed to purchase simultaneously with the closing of the Public Offering $4,750,000 of warrants in a private placement (Note 5). On November 19, 2013, the Company consummated the Public Offering and the private placement of warrants.
 
A total of approximately $150,000,000, including approximately $147,000,000 of the net proceeds of the Public Offering, $2,652,900 from the private placement of warrants and $347,100 paid by the underwriters to the Company as reimbursement for certain expenses incurred in connection with the Public Offering, was placed in a trust account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”).
 
Trust Account
 
As of June 16, 2015, the Trust Account could be invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.
 
Other than the withdrawal of interest to pay income taxes and franchise taxes, none of the funds held in trust could be released until the earlier of: (i) the completion of the Business Combination; or (ii) the redemption of 100% of the shares of common stock included in the units sold in the Public Offering if the Company was unable to complete a Business Combination within 24 months from the closing of the Public Offering.
 
Business Combination
 
A Business Combination was subject to the following size, focus and stockholder approval provisions:
 
Size/Control — The Company’s Business Combination had to occur with one or more target businesses that together had a fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the Business Combination. The Company could not complete a Business Combination unless it acquired a controlling interest in a target company or was otherwise not required to register as an investment company under the Investment Company Act.
 
Focus — The Company’s efforts in identifying prospective target businesses were focused on businesses in the restaurant and hospitality sectors, but the Company was permitted to pursue opportunities in other business sectors.
  
Tender Offer/Stockholder Approval — The Company, after signing a definitive agreement for a Business Combination, could either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders could seek to redeem their shares, regardless of whether they voted for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes. The decision as to whether the Company would seek stockholder approval of the Business Combination or would allow stockholders to sell their shares in a tender offer could be made by the Company, solely in its discretion, and could be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval. If the Company decided to seek stockholder approval, it could complete its Business Combination only if a majority of the outstanding shares of common stock voted were voted in favor of the Business Combination. However, in no event could the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not have proceeded with the redemption of its public shares and the related Business Combination, and instead could have searched for an alternate Business Combination.
 
Regardless of whether the Company held a stockholder vote or a tender offer in connection with a Business Combination, a public stockholder had the right to redeem their shares for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes. As a result, such shares of common stock were recorded at conversion/tender value and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”
 
Liquidation
 
If the Company did not complete a Business Combination by November 19, 2015, the Company would have been required to (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 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of such net interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption would have completely extinguished public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the 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.
 
In the event of such a liquidation, it is likely that the per share value of the residual assets remaining available for distribution (including Trust Account assets) would have been approximately equal to the initial public offering price per share in the Public Offering (assuming no value is attributed to the warrants contained in the units offered in the Public Offering discussed in Note 4).
  
Emerging Growth Company
 
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 registration statement under the Securities Act of 1933, as amended (the “Securities Act”) declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) 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 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 consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.
XML 16 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 12, 2015
Jun. 30, 2015
Mar. 20, 2015
Jun. 16, 2015
Jun. 16, 2015
Dec. 30, 2014
Subsequent Event [Line Items]            
Common Stock, Shares, Outstanding       5,127,606 5,127,606 4,806,330
Business Acquisition, Date of Acquisition Agreement Mar. 12, 2015          
Common Stock, Shares, Issued       5,127,606 5,127,606 4,806,330
Step 1 Investment [Member]            
Subsequent Event [Line Items]            
Shares Transferred To Third Parties         1,906,219  
Business Acquisition, Share Price     $ 10      
Step 2 Co-Investment [Member]            
Subsequent Event [Line Items]            
Business Acquisition, Share Price       $ 10.00 $ 10.00  
Common Stock, Shares, Outstanding       3,500,000 3,500,000  
Del Taco Merger [Member]            
Subsequent Event [Line Items]            
Business Combination, Acquisition Related Costs       $ 2,075,000    
Common Stock, Shares, Outstanding       38,802,425 38,802,425  
Class of Warrant or Right, Outstanding       12,639,623 12,639,623  
Business Acquisition, Effective Date of Acquisition     Mar. 20, 2015      
Common Stock, Shares, Issued       38,802,425 38,802,425  
Del Taco Merger [Member] | Subsequent Event [Member]            
Subsequent Event [Line Items]            
Stock Redeemed or Called During Period, Shares   1,115     1,115  
Stock Redeemed or Called During Period, Value   $ 11,150     $ 11,150  
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares   16,553,540     16,553,540  
Business Combination, Consideration Transferred   $ 95,000,000     $ 95,000,000  
XML 17 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stockholders’ Equity (Details Textual) - shares
 6 Months Ended
Jun. 16, 2015
Dec. 30, 2014
Class of Stock [Line Items]    
Common Stock, Shares Authorized 400,000,000 400,000,000
Common Stock, Voting Rights Holders of the Companys common stock are entitled to one vote for each share of common stock.  
Common Stock, Shares, Outstanding 5,127,606 4,806,330
Temporary Equity, Shares Issued 13,622,394 13,943,670
Preferred Stock, Shares Authorized 1,000,000 1,000,000
Common Stock [Member]    
Class of Stock [Line Items]    
Common Stock, Shares, Outstanding 18,750,000  
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Basis of Presentation of Interim Financial Information
 6 Months Ended
Jun. 16, 2015
Accounting Policies [Abstract]  
Business Description and Basis of Presentation [Text Block]
1.
Basis of Presentation of Consolidated Interim Financial Information
 
The accompanying unaudited consolidated interim financial statements of Levy Acquisition Corp. and its wholly-owned, Levy Merger Sub, LLC (“Merger Sub”), (the “Company”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 5, 2015. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying consolidated financial statements do not include all of the information and notes required by GAAP for a complete financial statement presentation. In the opinion of management, the consolidated interim financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year.
XML 19 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Interim Balance Sheets - USD ($)
Jun. 16, 2015
Dec. 30, 2014
Current assets:    
Cash $ 0 $ 230,467
Prepaid expenses 29,643 0
Income tax receivable 0 545
Prepaid insurance 12,685 59,200
Total current assets 42,328 290,212
Noncurrent assets:    
Investments held in trust 150,000,330 150,056,895
Total assets 150,042,658 150,347,107
Current liabilities:    
Franchise tax payable 10,500 159,641
Accrued operating expenses and accounts payable 3,302,745 500,759
Notes payable-related party 255,467 0
Total current liabilities 3,568,712 660,400
Deferred underwriter compensation 5,250,000 5,250,000
Total liabilities $ 8,818,712 $ 5,910,400
Commitment and contingencies:    
Common stock subject to possible redemption: 13,622,394 and 13,943,670 shares (at redemption value) as of June 16, 2015 and December 30, 2014, respectively $ 136,223,936 $ 139,436,697
Stockholders' equity:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value; 400,000,000 shares authorized; 5,127,606 and 4,806,330 shares issued and outstanding as of June 16, 2015 and December 30, 2014, respectively 512 480
Additional paid-in capital 9,856,519 6,643,790
Accumulated deficit (4,857,021) (1,644,260)
Total stockholders' equity 5,000,010 5,000,010
Total liabilities and stockholders’ equity $ 150,042,658 $ 150,347,107
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Condensed Consolidated Interim Statement of Stockholders’ Equity (Parenthetical) - shares
 6 Months Ended 12 Months Ended
Jun. 16, 2015
Dec. 30, 2014
Common Stock [Member]    
Ordinary Shares Subject To Possible Redemption 321,276 152,487
XML 22 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Details Textual) - USD ($)
 6 Months Ended 23 Months Ended
Jun. 16, 2015
Jun. 16, 2015
Dec. 30, 2014
Accounting Policies [Line Items]      
Cash, FDIC Insured Amount $ 250,000 $ 250,000  
Deferred Offering Costs 8,694,000 $ 8,694,000  
Expense Related to Distribution or Servicing and Underwriting Fees $ 7,903,000    
Threshold Limit For Redeeming Public Shares Based on Net Tangible Asset 5,000,001    
Temporary Equity, Shares Issued 13,622,394 13,622,394 13,943,670
Shares, Issued 15,000,000 15,000,000  
Common Stock [Member]      
Accounting Policies [Line Items]      
Shares, Issued 15,000,000 15,000,000  
Public Offering [Member]      
Accounting Policies [Line Items]      
Warrants Issued   7,500,000  
Private Placement [Member]      
Accounting Policies [Line Items]      
Warrants Issued 4,750,000 4,750,000  
XML 23 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions (Details Textual)
 1 Months Ended 6 Months Ended 23 Months Ended
Aug. 05, 2013
USD ($)
$ / shares
shares
Jun. 30, 2015
USD ($)
shares
Nov. 24, 2013
USD ($)
Nov. 19, 2013
USD ($)
shares
Oct. 17, 2013
USD ($)
Jun. 16, 2015
USD ($)
$ / shares
shares
Jun. 16, 2015
USD ($)
$ / shares
shares
Related Party Transaction [Line Items]              
Stock Issued During Period, Value, New Issues $ 25,000            
Sale of Stock, Price Per Share | $ / shares           $ 12.00 $ 12.00
Sale of Stock, Consideration Received Per Transaction $ 100            
Percentage Of Common Shares Issued And Outstanding       5.00%      
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners       20.80%      
Common Stock Subject To Forfeiture, Value       $ 937,500      
Sale of Stock, Consideration Received on Transaction         $ 17,250    
Stock Units Issued       15,000,000   150,000  
Levy Family Partners Monthly Fee           $ 15,000  
Levy Family Partners Fee           $ 850,000  
Shares Issued, Price Per Share | $ / shares $ 0.006            
Step 1 Investment [Member]              
Related Party Transaction [Line Items]              
Percentage of Shares Issued To Third Parties           50.00%  
Del Taco Merger [Member]              
Related Party Transaction [Line Items]              
Business Combination Number of Shares Acquired | shares           3,089,532  
Payments to Acquire Businesses, Gross           $ 120,000,000  
Del Taco Merger [Member] | Subsequent Event [Member]              
Related Party Transaction [Line Items]              
Stock Redeemed or Called During Period, Shares | shares   1,115       1,115  
Stock Redeemed or Called During Period, Value   $ 11,150       $ 11,150  
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares   16,553,540       16,553,540  
Business Combination, Consideration Transferred   $ 95,000,000       $ 95,000,000  
DTH Shareholders [Member] | Step 1 Investment [Member]              
Related Party Transaction [Line Items]              
Business Combination Number of Shares Acquired | shares           740,564  
Payments to Acquire Businesses, Gross           $ 28,800,000  
DTH [Member] | Del Taco Merger [Member]              
Related Party Transaction [Line Items]              
Business Combination Number of Shares Acquired | shares           2,348,968  
Payments to Acquire Businesses, Gross           $ 91,200,000  
Amended and Restated Administrative Services Agreement [Member]              
Related Party Transaction [Line Items]              
Operating Leases, Rent Expense           10,000  
Officers Compensation           $ 15,000  
Unsecured Debt [Member]              
Related Party Transaction [Line Items]              
Notes Payable, Related Parties       $ 200,000      
Debt Instrument, Face Amount       $ 254,388      
Debt Instrument, Increase (Decrease), Net, Total     $ 255,000        
Vice President [Member]              
Related Party Transaction [Line Items]              
Number of Warrants Transferred | shares           30,000  
Independent Directors [Member]              
Related Party Transaction [Line Items]              
Number of Warrants Transferred | shares           15,000  
Third Party Investor [Member]              
Related Party Transaction [Line Items]              
Stock Issued During Period, Shares, Issued for Services | shares           1,906,219  
Sponsor [Member]              
Related Party Transaction [Line Items]              
Debt Instrument, Face Amount           $ 255,467 $ 255,467
Sponsor [Member] | Working Capital Loan [Member]              
Related Party Transaction [Line Items]              
Debt Instrument, Face Amount           912,451.22 $ 912,451.22
Debt Conversion, Converted Instrument, Amount           $ 389,623  
Debt Conversion, Converted Instrument, Warrants or Options Issued | shares           389,623  
Private Placement [Member]              
Related Party Transaction [Line Items]              
Warrants Issued | shares           4,750,000 4,750,000
Warrants Price           11.50  
Common Stock [Member]              
Related Party Transaction [Line Items]              
Stock Issued During Period, Shares, New Issues | shares 4,312,500            
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | shares       562,500      
Warrant [Member] | Private Placement [Member]              
Related Party Transaction [Line Items]              
Sale of Stock, Price Per Share | $ / shares           $ 1.00 $ 1.00
Sale of Stock, Consideration Received on Transaction           $ 4,750,000  
XML 24 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 25 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 16, 2015
Jun. 17, 2014
Cash flows from operating activities:    
Net loss attributable to common shares $ (3,212,761) $ (416,021)
Changes in operating assets and liabilities    
Accrued interest income 56,565 (2,465)
Accrued operating expenses and accounts payable 2,801,986 (14,342)
Income tax receivable 545 0
Prepaid insurance 46,515 47,078
Prepaid expenses (29,643) (18,862)
Franchise tax payable (149,141) 47,872
Net cash used in operating activities (485,934) (356,740)
Cash flow from financing activities:    
Notes payable-related party 255,467 0
Net cash provided by financing activities 255,467 0
Net decrease in cash (230,467) (356,740)
Cash at beginning of the period 230,467 1,078,466
Cash at end of the period $ 0 $ 721,726
XML 26 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares
Jun. 16, 2015
Dec. 30, 2014
Temporary Equity, Shares Issued 13,622,394 13,943,670
Preferred Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 1,000,000 1,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 400,000,000 400,000,000
Common Stock, Shares, Issued 5,127,606 4,806,330
Common Stock, Shares, Outstanding 5,127,606 4,806,330
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Subsequent Events
 6 Months Ended
Jun. 16, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
10.
Subsequent Events
 
Del Taco Merger
 
On June 30, 2015, the Company completed its Business Combination with DTH. Pursuant to the Merger Agreement, upon the effectiveness of the Merger on June 30, 2015, all shares of DTH stock then outstanding were converted into either (i) the right to receive cash and common stock of the Company (in the case of all DTH stockholders other than the Levy Newco Parties) or (ii) the right to receive only common stock of the Company (with the Levy Newco Parties having only the right to receive shares of common stock of the Company in exchange for their shares of DTH stock held prior to the Merger). In connection with the Closing, the Company redeemed a total of 1,115 shares of its common stock pursuant to the terms of the Company’s previous amended and restated certificate of incorporation, resulting in a total payment to redeeming stockholders of $11,150. In addition, the Company paid the following consideration to the former equity holders of DTH: (i) 16,553,540 shares of common stock of the Company (the “Stock Merger Consideration”) and (ii) $95 million (the “Cash Merger Consideration”). The consideration payable with respect to outstanding shares of DTH stock pursuant to the Merger was based on the same valuation of DTH as determined in connection with the Step 1 Investment, and the shares of common stock of the Company issued pursuant to the Merger were valued at a price of $10 per share. In addition, funds in the Trust Account were used to reimburse certain expenses accrued by the Company.
 
At the closing of the Merger, a total of 1,906,219 Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with the Levy Family.
 
Certain investors (collectively, the “Step 2 Co-Investors”) separately purchased from the Company at the closing of the Merger an aggregate of 3,500,000 shares of the Company’s common stock at a purchase price of $10.00 per share (the “Step 2 Co-Investment”). The net proceeds from the Step 2 Co-Investment were applied towards the Cash Merger Consideration.
  
For the three months ended June 16, 2015, the Company incurred approximately $2,075,000 of costs directly related to the Business Combination. These costs are included in other general, administrative and transaction expenses on the accompanying statements of operations.
 
In connection with the Closing, each outstanding unit of the Company was separated into its component share of common stock and one-half warrant. As of the Closing, there were 38,802,425 shares of the Company’s common stock issued and outstanding and warrants to purchase 12,639,623 shares of the Company’s common stock outstanding. 
 
In connection with the Closing, the Company changed its name from Levy Acquisition Corp. to Del Taco Restaurants, Inc.
 
The Company is currently evaluating the purchase price allocation following the consummation of the Merger. It is not practicable to disclose the preliminary purchase price allocation or unaudited pro-forma combined financial information as of June 16, 2015 for this transaction, given the short period of time between the acquisition date and the issuance of these unaudited condensed consolidated financial statements.
 
Settlement in Principle of Purported Class Action
 
After the periods covered by the accompanying unaudited consolidated interim financial statements, the Company reached a settlement in principle of all claims asserted in the Complaint. The settlement resolves all claims that the June 11, 2015 definitive proxy filed by the Company is misleading or incomplete, as well as all other causes of action asserted in the case. The settlement in principle does not provide for any monetary payment to the plaintiff or the putative plaintiff class, but the plaintiff may request that the Circuit Court order the Company to pay its attorneys’ fees. Any final settlement will be subject to the Circuit Court’s approval.
 
Shelf Registration Statement
 
On July 2, 2015, the Company filed a Registration Statement on Form S-3 (File No. 333-205467) (the “Form S-3”) to register for resale the Founder Shares, the shares of common stock underlying the Private Placement Warrants, the shares of common stock underlying the Public Warrants, and the shares of common stock that the Company issued under the Merger Agreement and in the Step 2 Co-Investment. The Form S-3 was declared effective by the SEC on July 15, 2015.
XML 28 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document And Entity Information - shares
 6 Months Ended
Jun. 16, 2015
Jul. 27, 2015
Document Information [Line Items]    
Entity Registrant Name Del Taco Restaurants, Inc.  
Entity Central Index Key 0001585583  
Current Fiscal Year End Date --12-29  
Entity Filer Category Accelerated Filer  
Trading Symbol TACO  
Entity Common Stock, Shares Outstanding   38,802,425
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 16, 2015  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2015  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 16, 2015
Accounting Policies [Abstract]  
Net Loss Per Share, Policy [Policy Text Block]
Net Loss Per Share
 
Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period in accordance with FASB ASC 260, “Earnings Per Share.” Diluted net loss per share is computed by dividing net loss per share by the weighted average number of shares of common stock outstanding, plus, to the extent dilutive, the incremental number of shares of common stock to settle warrants issued in the Public Offering and private placement, as calculated using the treasury stock method. As the Company reported a net loss for the period from August 2, 2013 (inception) to June 16, 2015, the effect of the 7,500,000 warrants issued in the Public Offering and 4,750,000 warrants issued to the Sponsor in connection with the private placement have not been considered in the diluted loss per common share, because their effect would be anti-dilutive. As a result, dilutive loss per common share is equal to basic loss per common share.
Concentration of Credit Risk, Policy [Policy Text Block]
Concentration of Credit Risk
 
Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments
 
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.
Offering Costs, Policy [Policy Text Block]
Offering Costs
 
The Company complies with the requirements of the SEC Staff Accounting Bulletin (SAB) Topic 5A, “Expenses of Offering.” Deferred offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and that were charged to stockholders’ equity upon the completion of the Public Offering. Accordingly, at June 16, 2015, offering costs totaling approximately $8,694,000 (including $7,903,000 in underwriter’s fees, which is net of reimbursable expenses) have been charged to stockholders’ equity.
Development Stage Company, Policy [Policy Text Block]
Development Stage Company
 
In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.
Redeemable Common Stock, Policy [Policy Text Block]
Redeemable Common Stock
 
As discussed in Note 2, all of the 15,000,000 common shares sold as part of a unit in the Public Offering contained a redemption feature which allowed for the redemption of common shares under the Company’s Liquidation or Tender Offer/Stockholder Approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company required the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company did not specify a maximum redemption threshold, its charter previously provided that in no event would it redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001.
 
The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against retained earnings.
 
Accordingly, at June 16, 2015, 13,622,394 of the 15,000,000 public shares were classified outside of permanent equity at its redemption value.
Use of Estimates, Policy [Policy Text Block]
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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
Income Tax, Policy [Policy Text Block]
Income Taxes
 
The Company complies with the accounting and reporting requirements of FASB 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.
 
There were no unrecognized tax benefits as of June 16, 2015. 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 16, 2015. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities and has been since inception.
Recent Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
 
In June 2014, FASB issued ASU No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and stockholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s balance sheet has not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.
  
Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements.
XML 30 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Interim Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 16, 2015
Jun. 17, 2014
Jun. 16, 2015
Jun. 17, 2014
Revenue $ 0 $ 0 $ 0 $ 0
Transaction costs 2,074,276 0 2,850,943 0
Formation, general & administrative costs 669,352 213,676 812,056 361,145
Loss from operations (2,743,628) (213,676) (3,662,999) (361,145)
Other income (expense):        
Transaction reimbursement income 0 0 536,218 0
Interest income 0 27,945 7,793 38,142
State franchise taxes, other than income taxes (37,500) (40,919) (82,500) (83,500)
Total other income (37,500) (12,974) 461,511 (45,358)
Loss before income tax expense (2,781,128) (226,650) (3,201,488) (406,503)
Income tax expense (5,364) (9,518) (11,273) (9,518)
Net loss attributable to common shares $ (2,786,492) $ (236,168) $ (3,212,761) $ (416,021)
Weighted average number of common shares outstanding, excludes shares subject to possible redemption - basic and diluted (in shares) 5,127,606 4,701,776 5,127,606 4,701,776
Net loss per common share, excludes shares subject to possible redemption - basic and diluted (in dollars per share) $ (0.54) $ (0.05) $ (0.63) $ (0.09)
XML 31 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions
 6 Months Ended
Jun. 16, 2015
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
5.
Related Party Transactions
 
Del Taco Merger
 
On March 12, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, its wholly-owned subsidiary, Levy Merger Sub, LLC (“Merger Sub”), and DTH, providing for the merger of Merger Sub with and into DTH (the “Merger”), with DTH surviving the Merger as a wholly-owned subsidiary of the Company.
 
Concurrent with the execution of the Merger Agreement, Levy Epic Acquisition Company, LLC (“Levy Newco”), Levy Epic Acquisition Company II, LLC (“Levy Newco II” and with Levy Newco, the “Levy Newco Parties”), DTH and the DTH stockholders entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”). Pursuant to the Stock Purchase Agreement, the Levy Newco Parties purchased  2,348,968 shares from DTH for $91.2 million in cash, and 740,564 shares directly from existing DTH stockholders for $28.8 million in cash (the “Step 1 Investment”). As a result of the Step 1 Investment, on March 20, 2015, an aggregate of 3,089,532 shares of DTH’s common stock were purchased by the Levy Newco Parties for total cash consideration of $120.0 million.
 
Although the parties to the Merger Agreement were not related parties prior to entering into the Merger Agreement, the Merger may be considered a Related Party Transaction after March 20, 2015, because, on that date, the Levy Newco Parties, which were managed by the same manager as the Sponsor and had some common members with the Sponsor, invested in DTH.
 
On June 30, 2015, the Company consummated the transactions contemplated by the Merger Agreement. In connection with the closing of the transactions contemplated by the Merger Agreement (the “Closing”), the Company changed its name from Levy Acquisition Corp. to Del Taco Restaurants, Inc. After the Closing, the Company became a holding company whose assets primarily consist of interests in its wholly owned subsidiary, DTH.
 
In connection with the Closing, the Company redeemed a total of 1,115 shares of its common stock pursuant to the terms of the Company’s previous amended and restated certificate of incorporation, resulting in a total payment to redeeming stockholders of $11,150. In addition, the Company paid the following consideration to the former equity holders of DTH: (i) 16,553,540 shares of common stock of the Company and (ii) $95 million.
 
Founder Shares
 
On August 5, 2013, the Sponsor purchased 4,312,500 shares of common stock (the “Founder Shares”) for $25,000, or approximately $0.006 per share. On October 17, 2013, the Sponsor transferred 17,250 Founder Shares to each of Howard B. Bernick, Craig J. Duchossois, Greg Flynn and Marc S. Simon (the Company’s independent directors), each of whom paid a purchase price of $100 for their respective shares (the same per-share purchase price initially paid by the Sponsor).
 
The Founder Shares are identical to the common stock included in the units sold in the Public Offering, except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below.
 
On November 19, 2013, the Company’s initial stockholders forfeited an aggregate of 562,500 Founder Shares, so that the initial stockholders, consisting of the Sponsor and Messrs. Bernick, Duchossois, Flynn and Simon, owned 20.8% of the Company’s issued and outstanding shares after the Public Offering.
 
In connection with the Step 1 Investment, the Sponsor agreed to assign over 50% of its Founder Shares to certain members of the Levy Newco Parties. At the Closing, a total of 1,906,219 Founder Shares were transferred by the Sponsor to third party investors who funded the Step 1 Investment, excluding entities affiliated with Lawrence F. Levy, Steven C. Florsheim, Ari B. Levy, Levy Family Partners, the Steven Florsheim 2003 Investment Trust and the Ari Levy 2003 Investment Trust (the “Levy Family”).
 
An aggregate of 937,500 Founder Shares, representing 5.0% of the Company’s issued and outstanding shares after the Public Offering, are subject to forfeiture by the Company’s initial stockholders or their permitted transferees under certain conditions described in the prospectus associated with the Public Offering (the “Prospectus”).
 
The Founder Shares have been placed into an escrow account maintained in New York, New York by Continental Stock Transfer & Trust Company, acting as escrow agent. Subject to certain limited exceptions discussed in the Prospectus, the Founder Shares may not be transferred, assigned, sold or released from escrow until one year after the date of the consummation of the Business Combination or earlier if, subsequent to the Business Combination, (i) the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.
 
Rights — The Founder Shares are identical to the Public Shares except that (i) the Founder Shares are subject to certain transfer restrictions, as described above and (ii) all of the initial stockholders agreed to waive their redemption rights with respect to their Founder Shares in connection with the completion of the Business Combination.
   
Voting — The initial stockholders agreed to vote their Founder Shares and any Public Shares purchased during or after the Public Offering in favor of the Business Combination.
 
Private Placement Warrants
 
The Sponsor purchased from the Company an aggregate of 4,750,000 warrants at a price of $1.00 per warrant (a purchase price of $4.75 million), in a private placement that occurred simultaneously with the completion of the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one share of common stock at $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering held in the Trust Account pending completion of the Company’s Business Combination. Immediately after the closing of the private placement, the Sponsor transferred 15,000 Private Placement Warrants at no charge to each of Messrs. Bernick, Duchossois, Flynn and Simon and 30,000 Private Placement Warrants at no charge to Mr. Wallach.
 
The Private Placement Warrants (including 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 the Business Combination, and they will be non-redeemable so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers of the Private Placement Warrants or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants and have no net cash settlement provisions.
 
Registration Rights
 
The Company has entered into a stockholders agreement with respect to the Founder Shares, shares of common stock underlying the Private Placement Warrants, the shares of common stock that the Company will issue under the Merger Agreement or in the Step 2 Co-Investment (as defined below) and all shares issued to a holder with respect to the securities referred to above by way of any stock split, stock dividend, recapitalization, combination of shares, acquisition, consolidation, reorganization, share exchange, or similar event, which securities are collectively referred to herein as “registrable securities.” Under the stockholders agreement, the Company has registered for resale under a shelf registration statement all of the unregistered shares held by former DTH stockholders, the Levy Family (as defined below), and holders of Founder Shares and the Company’s warrants. The Levy Family and certain former DTH stockholders are also entitled to a number of demand registration rights. Holders of registrable securities will also have certain “piggyback” registration rights with respect to registration statements filed subsequent to the Merger.
 
Directed Unit Program
 
The Company’s independent directors also purchased an aggregate of 150,000 Public Units in the Public Offering through the Company’s directed unit program.
 
Sponsor Loans
 
The Sponsor agreed to loan the Company up to an aggregate of $200,000 by the issuance of an unsecured promissory note (the “Note”) to cover expenses related to the Public Offering. The loan was payable without interest on the completion of the Public Offering. From inception through November 19, 2013, the Sponsor loaned a total of $254,388 to the Company. The majority of the then outstanding balance on the Note was repaid on November 19, 2013. On November 24, 2013, the Company amended and restated the terms of the Note. The amended terms increased the aggregate total permitted under the Note to $255,000. The remaining terms of the Note were substantially the same as the original. The unpaid principal balance of the Note was due and payable upon the earlier of February 1, 2014 or the consummation of a public offering of the Company's securities. On November 19, 2013, the Company completed its Public Offering making the entire unpaid amount immediately due at the option of the Sponsor. The Sponsor was repaid the remaining balance on November 25, 2013.
 
After the Public Offering but prior to the Closing, the Sponsor advanced to the Company a total of  $912,451 in working capital loans. As of June 16, 2015, the Sponsor had advanced a total of $255,467 of these loans to the Company. At the Closing, the Sponsor converted $389,623 of these working capital loans into 389,623 Private Placement Warrants. The Company repaid the remaining amount of these loans in cash at the Closing. 
   
Administrative Services
 
The Company previously entered into an Amended and Restated Administrative Services Agreement with Levy Family Partners, pursuant to which the Company paid Levy Family Partners a total of (i) $10,000 per month for office space, utilities, secretarial support and administrative services and (ii) $15,000 per month as reimbursement for a portion of the compensation paid to its personnel, including certain of the Company’s officers who worked on the Company’s behalf. Prior to the Closing, Levy Family Partners incurred additional expenses on behalf of the Company over and above the $15,000 limitation for reimbursement for a portion of the compensation paid to its personnel. On June 30, 2015, in connection with the vote to approve the Merger Agreement, the Company’s stockholders approved the reimbursement of Levy Family Partners’ expenses for amounts in excess of $15,000 per month, which totaled approximately $850,000. Upon the Closing, the Company ceased paying these fees. 
XML 32 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Public Offering
 6 Months Ended
Jun. 16, 2015
Public offering Disclosure [Abstract]  
Public offering Disclosure [Text Block]
4.
Public Offering
 
Public Units
 
On November 19, 2013, the Company sold 15,000,000 units at a price of $10.00 per unit (the “Public Units”) in the Public Offering. Each Public Unit consists of one share of common stock of the Company, $0.0001 par value per share (the “Public Shares”), and one-half of one warrant (the “Public Warrants”). Each whole Public Warrant entitles the holder thereof to purchase one share of the Company’s common stock.
 
Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a new registration statement under the Securities Act for the shares of common stock issuable upon exercise of the Public Warrants as soon as practicable, but in no event later than 15 business days after the closing of the Company’s Business Combination. Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50. No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion of the Company’s Business Combination. If the Company is unable to deliver registered shares of common stock to the holder upon exercise of Public Warrants during the exercise period, there will be no net cash settlement of the Public Warrants and the Public Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement.
 
The Company paid an upfront underwriting discount of $0.20 per unit ($3,000,000 in the aggregate) to the underwriters at the closing of the Public Offering, with an additional fee (the “Deferred Discount”) equal to the difference between (a) the product of the number of shares of common stock sold as part of the units and $0.55 and (b) the upfront underwriting discount paid at the closing of $3,000,000, or a total Deferred Discount of $5,250,000 ($0.35 per unit sold). The Deferred Discount became payable to the underwriters from the amounts held in the Trust Account upon the completion of the Company’s business combination. The underwriters were not entitled to any interest accrued on the Deferred Discount.
 
The underwriters paid the Company $347,100 as reimbursement for certain expenses incurred in connection with the Public Offering which was recorded in additional paid in capital in the accompanying interim balance sheets.
 
Public Warrant Terms and Conditions
 
Exercise Conditions— Each whole Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Public Warrant will become exercisable 30 days after the completion of the Company’s Business Combination.
 
Registration Risk—The Company has agreed to use its best efforts to file and have an effective registration statement covering the shares of common stock issuable upon exercise of the Public Warrants. The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the Public Warrants is then effective and a prospectus relating thereto is current. No Public Warrant will be exercisable and the Company will not be obligated to issue shares of common stock upon exercise of a Public Warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. Additionally, in the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.
 
Accounting— Because the Company is not required to net cash settle the Public Warrants, the Public Warrants will be recorded at fair value and classified within stockholders’ equity as “Additional paid-in capital” upon their issuance in accordance with FASB ASC 815-40.
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Public Offering (Details Textual)
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 19, 2013
$ / Unit
Jun. 16, 2015
USD ($)
$ / shares
Jun. 17, 2014
USD ($)
Jun. 16, 2015
USD ($)
$ / shares
$ / Unit
Jun. 16, 2015
USD ($)
$ / shares
Jun. 17, 2014
USD ($)
Public Offering [Line Items]            
Stock Units Issued 15,000,000     150,000    
Stock Units Issued, Price Per Unit | $ / Unit 10.00     0.55    
Underwriter's Discount Price Per Unit | $ / Unit       0.20    
Payments for Underwriting Expense       $ 3,000,000    
Reimbursement Revenue   $ 0 $ 0   $ 536,218 $ 0
Stock Units, Description Each Public Unit consists of one share of common stock of the Company, $0.0001 par value per share, and one-half of one warrant (the “Public Warrants”).          
Deferred Discount       $ 5,250,000    
Deferred Discount Amount Per Unit | $ / shares       $ 0.35    
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares   $ 11.50   $ 11.50 $ 11.50  
Underwriters [Member]            
Public Offering [Line Items]            
Reimbursement Revenue       $ 347,100    
XML 34 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Trust Account (Tables)
 6 Months Ended
Jun. 16, 2015
Investments, All Other Investments [Abstract]  
Held-to-maturity Securities [Table Text Block]
The carrying amount, excluding interest income, gross unrealized holding gains and fair value of held-to-maturity securities at June 16, 2015 and December 30, 2014 are as follows:
 
Held-to-maturity:
 
Carrying Amount
 
Gross Unrealized
Holdings
Gains (Losses)
 
Fair Value
 
U.S. Treasury Securities – June 16, 2015
 
$
150,000,000
 
$
-
 
$
150,000,000
 
U.S. Treasury Securities – December 30, 2014
 
 
149,992,538
 
 
1,462
 
 
149,994,000
 
XML 35 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stockholders' Equity
 6 Months Ended
Jun. 16, 2015
Stockholders Equity Note [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
8.
Stockholders’ Equity
 
Common Stock — The authorized common stock of the Company includes up to 400,000,000 shares. Holders of the Company’s common stock are entitled to one vote for each share of common stock. At June 16, 2015, there were 18,750,000 shares of common stock outstanding, including 13,622,394 shares subject to possible redemption.
 
Preferred Shares — The Company is authorized to issue 1,000,000 preferred shares with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At June 16, 2015, there were no preferred shares issued or outstanding.
XML 36 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Trust Account
 6 Months Ended
Jun. 16, 2015
Investments, All Other Investments [Abstract]  
Investments and Other Noncurrent Assets [Text Block]
6.
Trust Account
 
A total of $150,000,000, which includes $147,000,000 of the net proceeds from the Public Offering, $2,652,900 from the sale of the Private Placement Warrants and $347,100 paid by the underwriters to the Company as reimbursement for certain expenses incurred in connection with the Public Offering, was placed in the Trust Account. As of June 16, 2015, the balance in the Trust Account was $150,000,330.
 
As of June 16, 2015, investment securities in the Company’s Trust Account consist of $150,000,000 in United States Treasury Bills and $330 of cash equivalents. The Company classifies its United States Treasury and equivalent securities as held-to-maturity in accordance with FASB ASC 320, “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheets and adjusted for the amortization or accretion of premiums or discounts. At June 16, 2015, the carrying amount held in trust is stated at its fair value, which approximates amortized cost.
 
The carrying amount, excluding interest income, gross unrealized holding gains and fair value of held-to-maturity securities at June 16, 2015 and December 30, 2014 are as follows:
 
Held-to-maturity:
 
Carrying Amount
 
Gross Unrealized
Holdings
Gains (Losses)
 
Fair Value
 
U.S. Treasury Securities – June 16, 2015
 
$
150,000,000
 
$
-
 
$
150,000,000
 
U.S. Treasury Securities – December 30, 2014
 
 
149,992,538
 
 
1,462
 
 
149,994,000
 
 
The Trust Account assets were distributed in connection with the Closing.
XML 37 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements
 6 Months Ended
Jun. 16, 2015
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
7.
Fair Value Measurements
 
The Company has adopted FASB ASC 820, “Fair Value Measurement” 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 adoption of FASB ASC 820 did not have an impact on the Company’s financial position or results of operations.
 
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 16, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:
 
Description
 
June 16,
2015
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments held in Trust:
 
$
150,000,000
 
$
150,000,000
 
$
-
 
$
-
 
XML 38 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Purported Class Action
 6 Months Ended
Jun. 16, 2015
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]
9.
Purported Class Action
 
  On April 23, 2015, a purported class action and derivative complaint, Jeffery Tomasulo, on behalf of himself and all others similarly situated v. Levy Acquisition Sponsor, LLC, Lawrence F. Levy, Howard B. Bernick, Marc S. Simon, Craig J. Duchossois, Ari B. Levy, Steven C. Florsheim, Gregory G. Flynn, Del Taco Holdings, Inc., and Levy Acquisition Corp. (“Complaint”), was filed in the Circuit Court of Cook County, Illinois (the “Circuit Court”), relating to the proposed Merger pursuant to the Merger Agreement. The Complaint, which purports to be brought as a class action on behalf of all of the holders of the Company's common stock, generally alleges that the Company's directors breached their fiduciary duties to stockholders by facilitating the proposed Merger and in negotiating and approving the Merger Agreement. The Complaint also alleges that the Company’s preliminary Proxy Statement that was filed with the SEC on April 2, 2015 is materially misleading and/or incomplete. The Complaint further alleges that DTH and the Sponsor aided and abetted the alleged breaches by the Company's directors. The Complaint seeks (a) a declaration that the Company's directors breached their fiduciary duties; (b) injunctive relief enjoining the Merger until corrective disclosures are made; (c) compensatory and/or rescissory damages; and (d) an award of costs and attorney's fees.
 
As discussed in more detail below in Note 10 – “Subsequent Events,” on June 30, 2015, the Company reached a settlement in principle of all claims asserted in the purported class action.
XML 39 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Organization and Business Operations (Details Textual) - Jun. 16, 2015 - USD ($)
Total
Organization and Business Operations [Line Items]  
Assets Held-in-trust, Total $ 150,000,000
Redemption Percentage 100.00%
Assets Held In Trust, Fair Market Value, Percentage 80.00%
Threshold Limit For Redeeming Public Shares Based on Net Tangible Asset 5,000,001
Asset Held In Trust, Interest To Pay Dissolution Expenses $ 100,000
Adjustments To Additional Paid In Capital, Reimbursement Of Public Offering Expenses 347,100
Underwriters [Member]  
Organization and Business Operations [Line Items]  
Proceeds from Issuance Initial Public Offering 147,000,000
Private Placement [Member]  
Organization and Business Operations [Line Items]  
Proceeds from Issuance of Warrants 2,652,900
Warrant [Member]  
Organization and Business Operations [Line Items]  
Proceeds from Issuance Initial Public Offering $ 4,750,000
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727
Trust Account (Details Textual) - USD ($)
 6 Months Ended
Jun. 16, 2015
Dec. 30, 2014
Trust Account [Line Items]    
Assets Held-in-trust, Total $ 150,000,000  
Adjustments To Additional Paid In Capital, Reimbursement Of Public Offering Expenses 347,100  
Assets Held-in-trust, Noncurrent 150,000,330 $ 150,056,895
Cash Equivalents, at Carrying Value 330  
Underwriters [Member]    
Trust Account [Line Items]    
Proceeds from Issuance Initial Public Offering 147,000,000  
US Treasury Securities [Member]    
Trust Account [Line Items]    
Held-to-maturity Securities, Current 150,000,000  
Private Placement [Member]    
Trust Account [Line Items]    
Proceeds from Issuance of Warrants $ 2,652,900  
XML 41 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Interim Statement of Stockholders’ Equity - USD ($)
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Balance at Dec. 31, 2013 $ 5,000,010 $ 465 $ 5,118,936 $ (119,391)
Balance (in shares) at Dec. 31, 2013   4,653,843    
Change in proceeds subject to possible redemption of ordinary shares at redemption value 1,524,869 $ 15 1,524,854 0
Change in proceeds subject to possible redemption of ordinary shares at redemption value (in shares)   152,487    
Net loss attributable to ordinary shares not subject to possible redemption (1,524,869) $ 0 0 (1,524,869)
Balance at Dec. 30, 2014 5,000,010 $ 480 6,643,790 (1,644,260)
Balance (in shares) at Dec. 30, 2014   4,806,330    
Change in proceeds subject to possible redemption of ordinary shares at redemption value 3,212,761 $ 32 3,212,729 0
Change in proceeds subject to possible redemption of ordinary shares at redemption value (in shares)   321,276    
Net loss attributable to ordinary shares not subject to possible redemption (3,212,761) $ 0 0 (3,212,761)
Balance at Jun. 16, 2015 $ 5,000,010 $ 512 $ 9,856,519 $ (4,857,021)
Balance (in shares) at Jun. 16, 2015   5,127,606    
XML 42 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies
 6 Months Ended
Jun. 16, 2015
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
3.
Significant Accounting Policies
 
Net Loss Per Share
 
Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period in accordance with FASB ASC 260, “Earnings Per Share.” Diluted net loss per share is computed by dividing net loss per share by the weighted average number of shares of common stock outstanding, plus, to the extent dilutive, the incremental number of shares of common stock to settle warrants issued in the Public Offering and private placement, as calculated using the treasury stock method. As the Company reported a net loss for the period from August 2, 2013 (inception) to June 16, 2015, the effect of the 7,500,000 warrants issued in the Public Offering and 4,750,000 warrants issued to the Sponsor in connection with the private placement have not been considered in the diluted loss per common share, because their effect would be anti-dilutive. As a result, dilutive loss per common share is equal to basic loss per common share.
 
Concentration of Credit Risk
 
Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts.
 
Fair Value of Financial Instruments
 
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.
 
Offering Costs
 
The Company complies with the requirements of the SEC Staff Accounting Bulletin (SAB) Topic 5A, “Expenses of Offering.” Deferred offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Public Offering and that were charged to stockholders’ equity upon the completion of the Public Offering. Accordingly, at June 16, 2015, offering costs totaling approximately $8,694,000 (including $7,903,000 in underwriter’s fees, which is net of reimbursable expenses) have been charged to stockholders’ equity.
 
Development Stage Company
 
In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.
  
Redeemable Common Stock
 
As discussed in Note 2, all of the 15,000,000 common shares sold as part of a unit in the Public Offering contained a redemption feature which allowed for the redemption of common shares under the Company’s Liquidation or Tender Offer/Stockholder Approval provisions. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company required the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company did not specify a maximum redemption threshold, its charter previously provided that in no event would it redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001.
 
The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against retained earnings.
 
Accordingly, at June 16, 2015, 13,622,394 of the 15,000,000 public shares were classified outside of permanent equity at its redemption value.
 
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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
 
Income Taxes
 
The Company complies with the accounting and reporting requirements of FASB 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.
 
There were no unrecognized tax benefits as of June 16, 2015. 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 16, 2015. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities and has been since inception.
 
Recent Accounting Pronouncements
 
In June 2014, FASB issued ASU No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and stockholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s balance sheet has not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company has decided to adopt this standard for its reporting for the year ended December 30, 2014 and for subsequent reporting periods.
  
Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements.
XML 43 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value Measurements (Details) - USD ($)
Jun. 16, 2015
Dec. 30, 2014
Assets:    
Investments held in Trust: $ 150,000,330 $ 150,056,895
Fair Value, Inputs, Level 1 [Member]    
Assets:    
Investments held in Trust: 150,000,000  
Fair Value, Inputs, Level 2 [Member]    
Assets:    
Investments held in Trust: 0  
Fair Value, Inputs, Level 3 [Member]    
Assets:    
Investments held in Trust: $ 0  
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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 16, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 16, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:
 
Description
 
June 16,
2015
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Other
Unobservable
Inputs
(Level 3)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments held in Trust:
 
$
150,000,000
 
$
150,000,000
 
$
-
 
$
-