XML 18 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
INITIAL PUBLIC OFFERING
3 Months Ended
Jun. 30, 2017
Initial Public Offering  
INITIAL PUBLIC OFFERING

3. INITIAL PUBLIC OFFERING

 

Pursuant to the Initial Public Offering, the Company sold 27,000,000 units at a purchase price of $10.00 per Unit. Each Unit consists of one share of common stock, par value $0.001, of the Company (“Common Stock”) one right (“Public Right”) and one-half of one redeemable warrant (“Public Warrant”). Each Public Right will convert into one-tenth (1/10) of one share of Common Stock upon consummation of a Business Combination (see Note 7). Each whole Public Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $11.50 (see Note 7).

 

On August 4, 2017, the over-allotment option was exercised in full and the underwriters purchased 4,050,000 additional Units at $10.00 per Unit, generating gross proceeds of $40,500,000.

 

The gross proceeds of $310,500,000 from the Initial Public Offering and Private Placement Warrants are held in the trust account.