XML 24 R13.htm IDEA: XBRL DOCUMENT v3.22.0.1
Private Placements
12 Months Ended
Dec. 31, 2020
Private Placement [Abstract]  
Private Placements

Note 5 — Private Placements


Simultaneously with the closing of the IPO, the Sponsor and EarlyBirdCapital purchased an aggregate of 539,000 Units, at a price of $10.00 per unit, for an aggregate purchase price of $5,390,000 (the “Private Units”). A portion of the proceeds from the Private Units were added to the net proceeds from the IPO held in the Trust Account.


The private units and their underlying securities are identical to the units sold in the Initial Public Offering except the private warrants (as defined in Note 8) will be non-redeemable and may be exercised on a cashless basis. The purchasers of the Private Units have agreed not to transfer, assign or sell any of the Private Units or underlying securities (except to the same permitted transferees as the insider shares) until the completion of the Business Combination.


If the Company does not complete a Business Combination within the Combination Period, the proceeds of the sale of the Private Units will be used to fund the redemption of the public subunits (subject to the requirements of applicable law).