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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Basis of Presentation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The accompanying unaudited condensed 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 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering dated May 14, 2018 and filed with the SEC on May 15, 2018, as well as the Company’s Current Report Form 8-K dated May 17, 2018 and filed with the SEC on May 23, 2018. The interim results for the period from January 24, 2018 (inception) through June 30, 2018 are not necessarily indicative of the results to be expected for the period from January 24, 2018 (inception) through December 31, 2018 or for any future periods.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 2 – Significant Accounting Policies</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Basis of Presentation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The accompanying unaudited condensed 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 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering dated May 14, 2018 and filed with the SEC on May 15, 2018, as well as the Company’s Current Report Form 8-K dated May 17, 2018 and filed with the SEC on May 23, 2018. The interim results for the period from January 24, 2018 (inception) through June 30, 2018 are not necessarily indicative of the results to be expected for the period from January 24, 2018 (inception) through December 31, 2018 or for any future periods.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Emerging Growth Company</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Use of Estimates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Cash and cash equivalents</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2018.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Cash and marketable securities held in Trust Account</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">At June 30, 2018, assets held in the Trust Account were comprised of $411 in cash and $352,675,324 in U.S. Treasury Bills.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Common stock subject to possible redemption</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. The common stock subject to possible redemption will be based on the requirement that the Company may not redeem publically owned shares in an amount that would cause the Company’s net tangible assets be less than $5,000,001 upon consummation of a Business Combinations (so that it is not subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirements which may be contained in the agreement related to the Company’s Business Combination. Accordingly, at June 30, 2018, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Offering Costs</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $19,880,231were charged to stockholders’ equity upon the completion of the Initial Public Offering.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 9.35pt; text-indent: -9.35pt;">Fair Value of Financial Instruments</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 9.35pt; text-indent: -9.35pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Fair value is determined under the guidance of ASC 820, “Fair Value Measurements,” is a market-based measurement and is determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of using observable inputs and unobservable inputs in order to value the assets and liabilities inputs as of the measurement date. The three levels are defined as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 45pt; vertical-align: top; align: right;">Level 1:</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</div></td></tr></table></div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 45pt; vertical-align: top; align: right;">Level 2:</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</div></td></tr></table></div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 45pt; vertical-align: top; align: right;">Level 3:</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</div></td></tr></table></div><div style="text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-right: 44.8pt;">Revenue Recognition</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-right: 44.8pt; text-indent: 18pt;">The Company recognizes interest income when earned, typically on a monthly basis.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-right: 44.8pt;">Income Taxes</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company follows the asset and liability method of accounting for income taxes under 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2018. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is subject to income tax examinations by major taxing authorities since inception.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Concentration of Credit Risk</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">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. As of June 30, 2018, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Net income (loss) per common share</div><div style="text-align: left; text-indent: 18pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company has not considered the effect of warrants sold in the Initial Public Offering and private placement to purchase 46,850,000 shares of Class A common stock in the calculation of diluted income (loss) per share, since the exercise of the warrants is contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to redemption in a manner similar to the two-class method of income per share. Net income per common share, basic and diluted for Class A common stock is calculated by dividing the interest income earned on the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Class A common stock outstanding for the period. Net loss per common share, basic and diluted for Class B common stock is calculated by dividing the net income (loss), less income attributable to Class A common stock, by the weighted average number of Class B common stock outstanding for the period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company’s 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 financial statements.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Cash and cash equivalents</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2018.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 5 – Commitments and Contingencies</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Registration Rights</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Pursuant to a registration rights agreement entered into on May 14, 2018, the holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans, if any, are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock). These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Underwriters Agreement</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The underwriter was paid a cash underwriting discount of one percent (1.0%) of the gross proceeds of the Initial Public Offering, or $3,450,000. In addition, the underwriter is entitled to a deferred fee of four and one-half percent (4.5%) of the gross proceeds of the Initial Public Offering, or $15,525,000. The deferred fee will be paid in cash to the underwriter upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Concentration of Credit Risk</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">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. As of June 30, 2018, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</div></div>
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-0.02
-0.02
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 9.35pt; text-indent: -9.35pt;">Fair Value of Financial Instruments</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 9.35pt; text-indent: -9.35pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Fair value is determined under the guidance of ASC 820, “Fair Value Measurements,” is a market-based measurement and is determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of using observable inputs and unobservable inputs in order to value the assets and liabilities inputs as of the measurement date. The three levels are defined as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 45pt; vertical-align: top; align: right;">Level 1:</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</div></td></tr></table></div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 45pt; vertical-align: top; align: right;">Level 2:</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</div></td></tr></table></div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 45pt; vertical-align: top; align: right;">Level 3:</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</div></td></tr></table></div><div style="text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Note 7 – Fair Value Measurements</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company classifies its U. S. Treasury and equivalent securities as held-to-maturity in accordance with 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 in the accompanying condensed balance sheet and adjusted for the amortization or accretion of premiums or discounts.</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Cash held in the Trust Account amounted to $411 at June 30, 2018.</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The gross holding gains (losses) and fair value of held-to-maturity securities at June 30, 2018 are as follows:</div><div style="text-align: left; text-indent: 18pt;"><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 90%;"><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Held-To-Maturity</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Amortized Cost</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Gross</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Holding </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Gains</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">(Losses)</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Fair Value</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">U.S. Treasury Securities (Mature on 11/15/2018)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,371,528</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">17,810</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,389,338</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 16.2pt; text-indent: -7.2pt;">U.S. Treasury Securities (Mature on 12/13/2018)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,303,796</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(5,576</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,298,220</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 25.2pt; text-indent: -7.2pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">352,675,324</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">12,234</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">352,687,558</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The fair value of the Company’s held-to-maturity securities are based upon Level 1 observations as of June 30, 2018.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The gross holding gains (losses) and fair value of held-to-maturity securities at June 30, 2018 are as follows:</div><div style="text-align: left; text-indent: 18pt;"><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 90%;"><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Held-To-Maturity</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Amortized Cost</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Gross</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Holding </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Gains</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">(Losses)</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Fair Value</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">U.S. Treasury Securities (Mature on 11/15/2018)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,371,528</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">17,810</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,389,338</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 16.2pt; text-indent: -7.2pt;">U.S. Treasury Securities (Mature on 12/13/2018)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,303,796</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(5,576</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">176,298,220</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 25.2pt; text-indent: -7.2pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">352,675,324</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">12,234</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">352,687,558</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table></div>
176303796
176371528
352675324
176298220
352687558
176389338
2018-12-13
2018-11-15
593543
592729
152404
152404
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-right: 44.8pt;">Income Taxes</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company follows the asset and liability method of accounting for income taxes under 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2018. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The Company is subject to income tax examinations by major taxing authorities since inception.</div></div>
98975
152404
85703
775735
775735
15781927
353717021
256927
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Note 1 – Description of Organization and Business Operations</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Trinity Merger Corp. (the “Company”) is a blank check company incorporated in Delaware on January 24, 2018. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on acquiring an operating company or business with a real estate component (such as a business within the hospitality, lodging, gaming, real estate or property services, or asset management industries). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">On January 26, 2018, the Company received an initial capital contribution (see Note 4) and entered into a promissory note agreement (see Note 4) with HN Investors LLC, a Delaware limited liability company (the “Sponsor”). On May 17, 2018, the Company closed its the initial public offering (“Initial Public Offering”) with the sale of 34,500,000 units, generating gross proceeds of $345,000,000, as described in Note 3. All activity through June 30, 2018 relates to the Company’s formation and its Initial Public Offering. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on marketable securities from the proceeds derived from the Initial Public Offering.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company’s 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 financial statements.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 4 – Related Party Transactions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Founder Shares</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">On January 26, 2018, the Sponsor purchased 8,625,000 shares (the “Founder Shares”) of the Company’s Class B common stock, par value $0.001 (“Class B common stock”) for an aggregate price of $25,000. The Founder Shares will automatically convert into shares of Class A common stock at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions, as described in Note 6. The Founder Shares included an aggregate of up to 1,125,000 shares subject to forfeiture by the initial stockholders to the extent that the over-allotment option from the Initial Public Offering was not exercised in full by the underwriter so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. As a result of the underwriters’ election to exercise their over-allotment option in full, 1,125,000 Founder Shares are no longer subject to forfeiture.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of an initial Business Combination or (B) subsequent to an initial Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.</div><div> </div><div style="font-weight: bold;">Private Placement Warrants</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 12,350,000 Private Placement Warrants at a price of $1.00 per unit in a private placement to the Sponsor, generating gross proceeds of $12,350,000. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50. The proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; text-indent: 18pt;">The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Related Party Loans</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">On January 26, 2018, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing and payable on the earlier of June 30, 2018 or the completion of the Initial Public Offering. The Company borrowed $213,000 under the Note, which was repaid at the closing of the Initial Public Offering on May 17, 2018.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Administrative Support Agreement</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company entered into an agreement whereby, commencing on May 14, 2018 through the earlier of the consummation of a Business Combination or the Company’s liquidation, the Company will pay the Sponsor a monthly fee of $10,000 for office space, utilities and secretarial and administrative support. For the three months ended June 30, 2018 and for the period from January 24, 2018 (inception) through June 30, 2018, the Company incurred $15,000 of administrative service fees. As of June 30, 2018, $5,000 is payable and included in accounts payable and accrued expenses in the accompanying condensed balance sheet.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-right: 44.8pt;">Revenue Recognition</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-right: 44.8pt; text-indent: 18pt;">The Company recognizes interest income when earned, typically on a monthly basis.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 6 – Stockholder’s Equity</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Preferred Stock</font> — The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. At June 30, 2018, there were no shares of preferred stock issued or outstanding.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic; text-align: justify;">Common Stock</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Class A Common Stock</font> — The Company is authorized to issue 400,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At June 30, 2018, there were 1,912,398 shares of common stock issued and outstanding (excluding 32,587,602 shares of common stock subject to possible redemption).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Class B Common Stock</font> — The Company is authorized to issue 50,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At June 30, 2018, there were 8,625,000 shares of common stock issued and outstanding.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders except as required by law.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of an initial Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of an initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Warrants</font> — The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 18pt;"> The Company may redeem the Public Warrants:</div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">in whole and not in part;</div></td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">at a price of $0.01 per warrant;</div></td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">at any time during the exercise period;</div></td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">upon a minimum of 30 days’ prior written notice of redemption; and</div></td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">if, and only if, the last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.</div></td></tr></table></div><div> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.</div></div>
5000001
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 8 – Subsequent Events</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Use of Estimates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 3 – Initial Public Offering</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The registration statement for the Company’s Initial Public Offering was declared effective on May 14, 2018. On May 17, 2018, the Company closed its the Initial Public Offering of 34,500,000 units (“each, a “Unit” and collectively, the “Units), which includes the full exercise by the underwriters of their over-allotment option in the amount of 4,500,000 Units, at $10.00 per Unit, generating gross proceeds of $345,000,000. Each Unit consists of one share of Class A common stock (the “Public Shares”) and one redeemable warrant (each a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 (see Note 6).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 12,350,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Company’s Sponsor, generating total gross proceeds of $12,350,000 (see Note 4).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Following the closing of the Initial Public Offering on May 17, 2018, an amount of $351,900,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Warrants was placed in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Offering costs amounted to $19,880,231, consisting of $3,450,000 of underwriting fees, $15,525,000 of deferred underwriting fees (see Note 5) and $905,231 of other costs.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing of an agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company will provide its holders of the Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The holders of the Public Shares (the “public stockholders”) will be entitled to redeem their Public Shares for a pro rata portion of the amount then on deposit in the Trust Account ($10.20 per Public Share). The per-share amount to be distributed to public stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion of a Business Combination with respect to the warrants.</div><div style="text-align: center; text-indent: 18pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the Public Shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% or more of the Class A common stock sold in the Initial Public Offering, without the prior consent of the Company.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"> </div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company’s Sponsor, officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination by November 17, 2019 (the “Combination Period”), unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to its deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.20 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered (other than the independent public accountants) or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</div></div>
0.045
0.010
15525000
0.2
1125000
P150D
0.2
P30D
12350000
250000
19880231
19880231
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Offering Costs</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $19,880,231were charged to stockholders’ equity upon the completion of the Initial Public Offering.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Common stock subject to possible redemption</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. The common stock subject to possible redemption will be based on the requirement that the Company may not redeem publically owned shares in an amount that would cause the Company’s net tangible assets be less than $5,000,001 upon consummation of a Business Combinations (so that it is not subject to the SEC’s “penny stock” rules) or any greater net tangible asset or cash requirements which may be contained in the agreement related to the Company’s Business Combination. Accordingly, at June 30, 2018, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Cash and marketable securities held in Trust Account</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; text-indent: 18pt;">At June 30, 2018, assets held in the Trust Account were comprised of $411 in cash and $352,675,324 in U.S. Treasury Bills.</div></div>
P60D
P15D
P30D
P20D
P20D
P30D
P30D
P12M
P30D
345000000
34500000
4500000
15525000
449762
332485331
15525000