Subsequent Events

3 Months Ended

Jun. 30, 2018

6. Subsequent Events

On July 3, 2018, the Company consummated its Initial Public Offering of 28,750,000 units including 3,750,000 Units issued pursuant to the exercise in full of the underwriters’ over-allotment option, at $10.00 per Unit, generating gross proceeds of $287.5 million. Simultaneously with the consummation of the Initial Public Offering, the Sponsor purchased 7,750,000 Private Placement Warrants at price of $1.00 per warrant, generating gross proceeds of $7.75 million.

At the closing of the Initial Public Offering on July 3, 2018, the Company incurred offering costs of approximately $12.0 million, inclusive of $6.91 million in deferred underwriting commissions. The Company intends to finance its initial Business Combination with the proceeds from the Initial Public Offering and the Private Placement Warrants. On July 3, 2018, $287.5 million was placed in the Trust Account.

On July 24, 2018, the Company announced that the holders of the Company’s Units may elect to separately trade the Class A ordinary shares and warrants included in the Units commencing on July 27, 2018. Those Units not separated will continue to trade on the New York Stock Exchange under the symbol “NFC.U,” and each of the Class A ordinary shares and warrants that are separated will trade on the New York Stock Exchange under the symbols “NFC” and “NFC WS,” respectively.