XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
5 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 7 — Subsequent Events

  

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the financial statements were available to be issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements except as noted below.

  

On October 4, 2017, the Company effected a stock dividend of 0.2 shares for each outstanding shares, resulting in 3,450,000 shares outstanding. All share and per share amounts have been retroactively restated to effect the stock dividend.

  

On October 4, 2017, the Company filed an amended and restated certificate of incorporation pursuant to which it increased the authorized shares to 35,000,000 shares.  

  

On October 10, 2017, pursuant to the Initial Public Offering, the Company sold 12,000,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one share of common stock, one Public Right and one Public Warrant. For a description of the Public Rights and Public Warrants see Note 6.

  

Simultaneous with the Initial Public Offering, the Sponsor purchased an aggregate of 400,000 Placement Units at a price of $10.00 per Unit (or an aggregate purchase price of $4,000,000). Each Placement Unit consists of one Placement Share, one Placement Right and one warrant Placement Warrant. For a description of the Placement Rights and Placement Warrants see Note 6.

  

For a further description of the Initial Public Offering and Private Placement to the Sponsor see Note 3.

  

On October 18, 2017, the underwriters exercised their overallotment in full and purchase an additional 1,800,000 Units at $10.00 per Unit, generating gross proceeds for the Company of $18,000,000. Simultaneous with the sale of the additional Units, the Company sold an additional 45,000 Placement Units at $10.00 per Placement Unit, generating additional gross proceeds of $450,000. Transaction costs for underwriting fees on the sale of the over-allotment units was $360,000. A total of $18,090,000 of the net proceeds were placed in the Trust Account, bringing the total aggregate proceeds held in the Trust Account to $138,690,000.

 

On October 25, separate trading commenced on the common stock, rights and warrants underlying the Company’s Units. The common stock, rights and warrants were listed on the Nasdaq Capital Market under the symbols BRAC, BRACR and BRACW, respectively. Units not separated will continue to be listed on the Nasdaq Capital Market under the symbol BRACU.