0.0001
5750000
0.004
718750
3125
1150000
15700000
11.50
10.00
27600000
6900000
940000
5000005
0.0001
26453521
P5Y
1000000
0
0
41645
3308081
9704835
279240054
44835
3190
277762621
1356604
0.50
1691119
0
0
10.00
1356604
120829
1477433
279240054
1356604
9660000
250000
5000001
1500000
0
1.00
0.0001
0.20
0.35
24000000
3308081
115
0.0001
26453521
10
115
264535214
0.0001
200000000
1146479
1146479
1146479
690
690
0.0001
20000000
6900000
6900000
6900000
1691119
9.20
18.00
9.20
0.01
18.00
11.50
277762621
0
0
277762621
277762621
2034
0.0001
1000000
0
0
85851
24310
385851
387885
385851
300000
-22966
300000
300000
387885
87885
300000
0
24310
0.0001
0
10
0.0001
200000000
0
0
690
690
0.0001
20000000
6900000
6900000
6900000
-22966
if (1) the closing price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, 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 (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up.
25000
300000
5031250
862500
6037500
900000
276000000
300000
9660000
3600000
27600000
7520000
1763000
Holders are entitled to one vote for each share of Class B ordinary shares
15714
<div>
<p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<b>Note 7—Shareholders’ Equity</b></p>
<p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
<b><i>Class</i></b><b><i> A Ordinary Shares—</i></b>The
Company is authorized to issue 200,000,000 Class A ordinary
shares with a par value of $0.0001 per share. As of
December 31, 2019, there were no Class A ordinary shares
outstanding. As of March 31, 2020, there were 1,146,479
Class A ordinary shares outstanding, excluding 26,453,521
Class A ordinary shares subject to possible redemption.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
<b><i>Class</i></b><b><i> B Ordinary Shares</i></b>—The
Company is authorized to issue 20,000,000 Class B ordinary
shares with a par value of $0.0001 per share. Holders are entitled
to one vote for each share of Class B ordinary shares. As of
March 31, 2020 and December 31, 2019, there were
6,900,000 Class B ordinary shares issued and outstanding.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
Holders of the Class A ordinary shares and holders of the
Class B ordinary shares will vote together as a single class
on all matters submitted to a vote of the Company’s
shareholders, except as required by law or stock exchange rule;
provided that only holders of the Class B ordinary shares have
the right to vote on the election of the Company’s directors
prior to the Initial Business Combination.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The Class B ordinary shares will automatically convert into
Class A ordinary shares at the time of the Initial Business
Combination on <font style="white-space:nowrap"><font style="white-space:nowrap">a one-for-one basis</font></font>
(as adjusted). In the case that additional Class A ordinary
shares or equity-linked securities are issued or deemed issued in
connection with the initial Business Combination, the number of
Class A ordinary shares issuable upon conversion of all
Founder Shares will equal, in the aggregate, 20% of the total
number of Class A ordinary shares outstanding after such
conversion (after giving effect to any redemptions of Class A
ordinary shares by Public Shareholders), including the total number
of Class A ordinary shares issued, or deemed issued or
issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in
connection with or in relation to the consummation of the initial
Business Combination, excluding any Class A ordinary shares or
equity-linked securities exercisable for or convertible into
Class A ordinary shares issued, or to be issued, to any seller
in the initial Business Combination and any private placement
warrants issued to the Sponsor, officers or directors upon
conversion of Working Capital Loans; provided that such conversion
of Founder Shares will never occur on a less <font style="white-space:nowrap"><font style="white-space:nowrap">than one-for-one basis.</font></font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
<b><i>Preferred Shares</i></b>—The Company is authorized to
issue 1,000,000 preferred shares with a par value of $0.0001 per
share, with such designations, voting and other rights and
preferences as may be determined from time to time by the
Company’s board of directors. As of March 31, 2020 and
December 31, 2019, there were no preferred shares issued or
outstanding.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
<b><i>Warrants</i></b>—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 Class A ordinary shares issuable upon exercise of
the warrants and a current prospectus relating to them is available
and such shares are registered, qualified or exempt from
registration under the securities, or blue sky, laws of the state
of residence of the holder (or the Company permits holders to
exercise their warrants on a cashless basis under the circumstances
specified in the warrant agreement). If and when the warrants
become redeemable by the Company, the Company may exercise its
redemption right even if it is unable to register or qualify the
underlying securities for sale under all applicable state
securities laws. The Company is not registering the Class A
ordinary shares issuable upon exercise of the warrants at this
time. The Company has agreed that as soon as practicable, but in no
event later than 15 business days after the closing of the initial
Business Combination, the Company will use its best efforts to file
with the SEC and have an effective registration statement covering
the Class A ordinary shares issuable upon exercise of the
warrants and to maintain a current prospectus relating to those
Class A ordinary shares until the warrants expire or are
redeemed, as specified in the warrant agreement. If a registration
statement covering the Class A ordinary shares issuable upon
exercise of the warrants is not effective by the 60th business day
after the closing of the initial Business Combination, warrant
holders may, until such time as there is an effective registration
statement and during any period when the Company will have failed
to maintain an effective registration statement, exercise warrants
on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act or another exemption.
Notwithstanding the above, if the Company’s Class A
ordinary shares are at the time of any exercise of a warrant not
listed on a national securities exchange such that they satisfy the
definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at
its option, require holders of Public Warrants who exercise their
warrants to do so on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act and, in the event
the Company so elects, the Company will not be required to file or
maintain in effect a registration statement, and in the event the
Company does not so elect, the Company will use its best efforts to
register or qualify the shares under applicable blue sky laws to
the extent an exemption is not available.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The warrants will expire five years after the completion of a
Business Combination or earlier upon redemption or liquidation.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
If (x) the Company issues additional Class A ordinary
shares or equity-linked securities for capital raising purposes in
connection with the closing of its initial Business Combination at
an issue price or effective issue price of less than $9.20 per
Class A ordinary share (with such issue price or effective
issue price to be determined in good faith by the Company’s
board of directors and, in the case of any such issuance to the
initial shareholders or their affiliates, without taking into
account any Founder Shares held by the initial shareholders or such
affiliates, as applicable, prior to such issuance) (the
“Newly Issued Price”), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of
the initial Business Combination, and (z) the volume weighted
average trading price of the Class A ordinary shares during
the 10 trading day period starting on the trading day prior to the
day on which the Company consummates the initial Business
Combination (such price, the “Market Value”) is below
$9.20 per share, the exercise price of the Warrants will be
adjusted (to the nearest cent) to be equal to 115% of the higher of
the Market Value and the Newly Issued Price, and the $18.00 per
share redemption trigger price of the Warrants will be adjusted (to
the nearest cent) to be equal to 180% of the higher of the Market
Value and the Newly Issued Price.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The Private Placement Warrants are identical to the Public Warrants
underlying the Units sold in the Initial Public Offering, except
that, so long as they are held by the Sponsor or its permitted
transferees, the Private Placement Warrants (i) will not be
redeemable by the Company, (ii) may not (including the
Class A ordinary shares issuable upon exercise of these
warrants), subject to certain limited exceptions, be transferred,
assigned or sold by the holders until 30 days after the completion
of the initial Business Combination, (iii) may be exercised by
the holders on a cashless basis and (iv) will be entitled to
registration rights. If the Private Placement Warrants are held by
holders other than the Sponsor or its permitted transferees, the
Private Placement Warrants will be redeemable by the Company and
exercisable by the holders on the same basis as the Public
Warrants.</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The Company may call the Public Warrants for redemption (except
with respect to the Private Placement Warrants):</p>
<p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="page-break-inside:avoid">
<td width="5%"> </td>
<td width="3%" valign="top" align="left">•</td>
<td width="1%" valign="top"> </td>
<td align="left" valign="top">
<p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
in whole and not in part;</p>
</td>
</tr>
</table>
<p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="page-break-inside:avoid">
<td width="5%"> </td>
<td width="3%" valign="top" align="left">•</td>
<td width="1%" valign="top"> </td>
<td align="left" valign="top">
<p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
at a price of $0.01 per warrant;</p>
</td>
</tr>
</table>
<p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="page-break-inside:avoid">
<td width="5%"> </td>
<td width="3%" valign="top" align="left">•</td>
<td width="1%" valign="top"> </td>
<td align="left" valign="top">
<p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
upon a minimum of 30 days’ prior written notice of
redemption; and</p>
</td>
</tr>
</table>
<p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="page-break-inside:avoid">
<td width="5%"> </td>
<td width="3%" valign="top" align="left">•</td>
<td width="1%" valign="top"> </td>
<td align="left" valign="top">
<p align="left" style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
if, and only if, the last reported closing price of the
Class A ordinary shares equals or exceeds $18.00 per share for
any 20 trading days within <font style="white-space:nowrap">a 30-trading day</font> period
ending on the third trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders.</p>
</td>
</tr>
</table>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
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. Additionally, in no event will
the Company be required to net cash settle any Warrants. If the
Company is unable to complete the Initial 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.</p>
</div>
264535214
48536
3190
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Recent Accounting Pronouncements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Management does not believe that any recently issued, but not yet
effective, accounting pronouncements, if currently adopted, would
have a material impact on the Company’s unaudited condensed
financial statements.</p>
</div>
553609410
277609410
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 6pt">
<b><i>Basis of Presentation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The accompanying unaudited condensed financial statements of the
Company are presented in U.S. dollars in conformity with accounting
principles generally accepted in the United States of America and
pursuant to the rules and regulations of the SEC, and reflect all
adjustments, consisting only of normal recurring adjustments, which
are, in the opinion of management, necessary for the fair
presentation of the financial position as of March 31, 2020
and the results of operations and cash flows for the period
presented and should be read in conjunction with the
Company’s prospectus for its Initial Public Offering as filed
with the SEC on February 12, 2020, as well as the
Company’s Current Reports on Form <font style="WHITE-SPACE: nowrap">8-K,</font> as filed with the SEC on
February 13, 2020, February 20, 2020, and March 30,
2020. The interim results for the three months ended March 31,
2020 are not necessarily indicative of the results to be expected
for the year ending December 31, 2020 or for any future
periods.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>Note 1—Description of Organization and Business
Operations</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 6pt">
<b><i>Organization and General</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
CITIC Capital Acquisition Corp. (the “Company”) was
incorporated as a Cayman Islands exempted company on
September 9, 2019. The Company was incorporated 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
the energy efficiency, clean technology and sustainability sectors.
The Company is an emerging growth company and, as such, the Company
is subject to all of the risks associated with emerging growth
companies.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
As of March 31, 2020, the Company had not commenced any
operations. All activity for the period from September 9, 2019
(inception) through March 31, 2020 relates to the
Company’s formation, the initial public offering described
below, and, since the completion of the initial public offering,
searching for a target to consummate a Business Combination. The
Company will not generate any operating revenues until after the
completion of its initial Business Combination, at the earliest.
The Company will <font style="WHITE-SPACE: nowrap">generate non-operating income</font>
in the form of interest income on cash and cash equivalents from
the proceeds derived from the Initial Public Offering (as defined
below). The Company has selected December 31 as its fiscal
year end.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company’s sponsor is CITIC Capital Acquisition LLC, a
Cayman Islands limited liability company (the
“Sponsor”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Financing</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The registration statement for the Company’s Initial Public
Offering (as defined below) was declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on
February 10, 2020. On February 13, 2020, the Company
consummated its Initial Public Offering (the “Initial
Public Offering”) of 27,600,000 units (each, a
“Unit” and collectively, the “Units”),
including 3,600,000 Units issued pursuant to the exercise
in full of the underwriters’ over-allotment option, at $10.00
per Unit, generating gross proceeds of $276 million, and
incurring offering costs of approximately $15.70 million,
inclusive of $9.66 million in deferred underwriting
commissions (Note 3). The Company intends to finance its
initial Business Combination with the proceeds from the Initial
Public Offering and a $7.52 million private placement of
warrants (the “Private Placement Warrants”)
(Note 4). Upon the closing of the Initial Public Offering and
the Private Placement, $276 million was held in a trust
account (discussed below). As of March 31, 2020, the
Company had approximately $1.36 million in cash held outside
of the trust account (discussed below).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Trust Account</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Upon the closing of the Initial Public Offering, $276 million
($10.00 per Unit) of the net proceeds of the sale of the Units in
the Initial Public Offering, including the proceeds of the Private
Placement Warrants, was held in a trust account (the “Trust
Account”), located in the United States at J.P. Morgan Chase
Bank, N.A., with Continental Stock Transfer & Trust
Company acting as trustee, and invested only in U.S. government
securities, within the meaning set forth in Section 2(a)(16)
of the Investment Company Act, having a maturity of 185 days or
less or in money market funds meeting certain conditions under
<font style="WHITE-SPACE: nowrap">Rule 2a-7 promulgated</font> under
the Investment Company Act which invest only in direct U.S.
government treasury obligations, until the earlier of: (i) the
completion of a Business Combination or (ii) the distribution
of the Trust Account as described below.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Initial Business Combination</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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 Private Placement Warrants, although
substantially all of the net proceeds are intended to be applied
generally toward consummating a Business Combination. There is no
assurance that the Company will be able to complete a Business
Combination successfully. The Company must complete an initial
Business Combination with one or more operating businesses or
assets with a fair market value equal to at least 80% of the net
assets held in the Trust Account (excluding the amount of any
deferred underwriting discount held in the Trust Account) at the
time of the 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 1940, as amended (the
“Investment Company Act”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company will provide its holders (the “Public
Shareholders”) of its Class A ordinary shares, par value
$0.0001, sold in the Initial Public Offering (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 shareholder meeting called to
approve the Business Combination or (ii) by means of a tender
offer. The decision as to whether the Company will seek shareholder
approval of a Business Combination or conduct a tender offer will
be made by the Company, solely in its discretion. The Public
Shareholders will be entitled to redeem their Public Shares for
<font style="WHITE-SPACE: nowrap">a pro-rata portion</font> of the
amount in the Trust Account (initially anticipated to be $10.00 per
Public Share). <font style="WHITE-SPACE: nowrap">The per-share amount</font> to be
distributed to Public Shareholders who redeem their Public Shares
will not be reduced by the deferred underwriting commissions the
Company will pay to the underwriters (as discussed in Note 5).
These Public Shares will be classified as temporary equity upon the
completion of the Initial Public Offering in accordance with the
Financial Accounting Standards Board’s (“FASB”)
Accounting Standards Codification (“ASC”) Topic 480
“Distinguishing Liabilities from Equity.” In such case,
the Company will proceed with a Business Combination if the Company
has net tangible assets of at least $5,000,001 and the approval of
an ordinary resolution. If a shareholder vote is not required by
law and the Company does not decide to hold a shareholder vote for
business or other legal reasons, the Company will, pursuant to its
Amended and Restated Memorandum and Articles of Association (the
“Amended and Restated Memorandum and Articles of
Association”), conduct the redemptions pursuant to the tender
offer rules of the U.S. Securities and Exchange Commission
(“SEC”) and file tender offer documents with the SEC
prior to completing a Business Combination. If, however,
shareholder approval of the transactions is required by law, or the
Company decides to obtain shareholder approval for business or
legal reasons, the Company will offer to redeem shares in
conjunction with a proxy solicitation pursuant to the proxy rules
and not pursuant to the tender offer rules. Additionally, each
Public Shareholder may elect to redeem their Public Shares
irrespective of whether they vote for or against the proposed
transaction.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Notwithstanding the foregoing, the Amended and Restated Memorandum
and Articles of Association provides that a Public Shareholder,
together with any affiliate of such shareholder or any other person
with whom such shareholder 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 ordinary shares sold in the Initial Public Offering,
without the prior consent of the Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company’s Sponsor, officers and directors (the
“initial shareholders”) have agreed, pursuant to a
written agreement with the Company, that they will not propose any
amendment to the Amended and Restated Memorandum and Articles of
Association (A) to modify the substance or timing of the
Company’s obligation to allow redemption in connection with
the initial Business Combination or to redeem 100% of its Public
Shares if the Company does not complete a Business Combination
within 24 months from the closing of the Initial Public Offering
(the “Combination Period”), which is February 13,
2022, or (B) with respect to any other material provisions
relating to shareholders’ rights or <font style="WHITE-SPACE: nowrap">pre-initial</font> Business Combination
activity, unless the Company provides the Public Shareholders with
the opportunity to redeem their Class A ordinary shares upon
approval of any such amendment at a <font style="WHITE-SPACE: nowrap">per-share</font> 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 taxes,
divided by the number of then outstanding public shares.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company will have 24 months from the closing of the
Initial Public Offering to complete its initial Business
Combination. 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 <font style="WHITE-SPACE: nowrap">a per-share price,</font> 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 (less taxes
payable and 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
shareholders’ rights as shareholders (including the right to
receive further liquidation distributions, if any) and
(iii) as promptly as reasonably possible following such
redemption, subject to the approval of the Company’s
remaining shareholders and the Company’s board of directors,
liquidate and dissolve, subject, in the case of clauses
(ii) and (iii), to the Company’s obligations under
Cayman Islands law to provide for claims of creditors and in all
cases subject to the other requirements of applicable law.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Liquidation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Sponsor, officers and directors (the “initial
shareholders”) 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 shareholders or members of the Company’s
management team 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 underwriters have agreed to waive their
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 $10.00 per share initially held in the Trust Account. In order
to protect the amounts held in the Trust Account, the Sponsor has
agreed that it will be liable to the Company if and to the extent
any claims by a third party for services rendered or products sold
to the Company, or a prospective target business with which the
Company has entered into a written letter of intent,
confidentiality or other similar agreement or business combination
agreement, reduce the amount of funds in the trust account to below
the lesser of (i) $10.00 per public share and (ii) the
actual amount per Public Share held in the Trust Account as of the
date of the liquidation of the trust account, if less than $10.00
per share due to reductions in the value of the trust assets, less
taxes payable. This liability will not apply with respect to any
claims by a third party who executed a waiver of any and all rights
to the monies held in the Trust Account (whether or not such waiver
is enforceable) or to any claims under the Company’s
indemnity of the underwriters of the Initial Public Offering
against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the “Securities
Act”). 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
(except for the Company’s independent registered public
accounting firm), 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; TEXT-INDENT: 4%">
<b><i>Liquidity</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
As of March 31, 2020, the Company had cash outside the Trust
Account of $1,356,604 available for working capital needs. All
remaining cash and securities were held in the Trust Account and
are generally unavailable for the Company’s use, prior to an
initial Business Combination, and are restricted for use either in
a Business Combination or to redeem ordinary shares. As of
March 31, 2020, none of the amount on deposit in the Trust
Account was available to be withdrawn as described above.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Through March 31, 2020, the Company’s liquidity needs
were satisfied through receipt of $25,000 from the sale of the
Founder Shares, advances from the Sponsor in an aggregate amount of
$300,000 which were repaid upon the Initial Public Offering (as
described in Note 4) and the remaining net proceeds from the
Initial Public Offering and Private Placement (as described in Note
3 and 4).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company anticipates that the $1,356,604 outside of the Trust
account as of March 31, 2020, will be sufficient to allow the
Company to operate for at least the next 12 months, assuming that a
Business Combination is not consummated during that time. Until
consummation of its Business Combination, the Company will be using
the funds not held in the Trust Account, and any additional Working
Capital Loans (as defined below) from the Initial Shareholders, the
Company’s officers and directors, or their respective
affiliates (which is described in Note 4), for identifying and
evaluating prospective acquisition candidates, performing business
due diligence on prospective target businesses, traveling to and
from the offices, plants or similar locations of prospective target
businesses, reviewing corporate documents and material agreements
of prospective target businesses, selecting the target business to
acquire and structuring, negotiating and consummating the Business
Combination.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">
The Company does not believe it will need to raise additional funds
in order to meet the expenditures required for operating its
business. However, if the Company’s estimates of the costs of
undertaking <font style="WHITE-SPACE: nowrap">in-depth</font> due
diligence and negotiating Business Combination is less than the
actual amount necessary to do so, the Company may have insufficient
funds available to operate its business prior to the Business
Combination. Moreover, the Company will need to raise additional
capital through loans from its Sponsor, officers, directors, or
third parties. None of the Sponsor, officers or directors are under
any obligation to advance funds to, or to invest in, the Company.
If the Company is unable to raise additional capital, it may be
required to take additional measures to conserve liquidity, which
could include, but not necessarily be limited to, curtailing
operations, suspending the pursuit of its business plan, and
reducing overhead expenses. The Company cannot provide any
assurance that new financing will be available to it on
commercially acceptable terms, if at all.</p>
</div>
<div>
<p>The following table presents fair value information as of
March 31, 2020 and indicates the fair value hierarchy of the
valuation techniques the Company utilized to determine such fair
value. Since all of the Company’s permitted investments
consist of treasury securities fund, fair values of its investments
are determined by Level 1 inputs utilizing quoted prices
(unadjusted) in active markets for identical assets as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0">
<tr>
<td width="54%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Carrying</b><br />
<b>Value</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Quoted Prices<br />
in Active<br />
Markets</b><br />
<b>(Level 1)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant<br />
Other<br />
Observable<br />
Inputs<br />
(Level 2)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant<br />
Other<br />
Unobservable<br />
Inputs<br />
(Level 3)</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Investments held in Trust Account – U.S. Treasury Securities
Money Market Fund</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">277,762,621</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">277,762,621</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
</table>
</div>
CITIC CAPITAL ACQUISITION CORP.
0001794621
001-38615
--12-31
false
10-Q
2020
Q1
9/F, East Tower, Genesis Beijing
2020-03-31
Non-accelerated Filer
true
true
false
86 10
5802 3889
Yes
true
100027
No. 8 Xinyuan South Road
Chaoyang District, Beijing
CN
120829
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Income Taxes</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company follows the asset and liability method of accounting
for income taxes under FASB ASC 740, “Income Taxes.”
Deferred tax assets and liabilities are recognized for the
estimated future tax consequences attributable to differences
between the financial statements carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The
effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that included the
enactment date. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount expected to
be realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
ASC 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.
There were no unrecognized tax benefits as of March 31, 2020.
The Company’s management determined that the Cayman Islands
is the Company’s only major tax jurisdiction. The Company
recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. No amounts were accrued for the
payment of interest and penalties as of March 31, 2020. The
Company is currently not aware of any issues under review that
could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax
examinations by major taxing authorities since inception.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 4—Related Party Transactions</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 6pt">
<b><i>Founder Shares</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On November 14, 2019, the Sponsor paid $25,000, or
approximately $0.004 per share, to cover certain offering costs in
consideration for 5,750,000 Class B ordinary shares, par value
$0.0001 (the “Founder Shares”). Effective
December 10, 2019, the Sponsor transferred 718,750 Founder
Shares to Henri Arif, the Company’s independent director, for
a purchase price of $3,125 (the <font style="WHITE-SPACE: nowrap">same per-share price</font>
initially paid by the Sponsor), resulting in the Sponsor holding
5,031,250 Founder Shares. On February 10, 2020, the Company
effected a share capitalization of 1,150,000 Class B ordinary
shares and as a result, the Sponsor now holds 6,037,500 Founder
Shares and Mr. Arif now holds 862,500 Founder Shares. The
initial shareholders had agreed to forfeit up to
900,000 Founder Shares to the extent that the over-allotment
option was not exercised in full by the underwriters. As of
March 31, 2020, the underwriter exercised its over-allotment
option in full, hence, these Founder Shares were no longer subject
to forfeiture.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The initial shareholders agreed, subject to limited exceptions, not
to transfer, assign or sell any of their Founder Shares and any
Class A ordinary share issuable upon conversion thereof until
the earlier to occur of: (i) one year after the completion of
the initial Business Combination, or (ii) the date on which
the Company completes a liquidation, merger, share exchange or
other similar transaction after the initial Business Combination
that results in all of the Company’s shareholders having the
right to exchange their Class A ordinary shares for cash,
securities or other property; except to certain permitted
transferees and under certain circumstances <font style="WHITE-SPACE: nowrap">(the “lock-up”). Notwithstanding</font>
the foregoing, if (1) the closing price of Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for
share splits, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within
<font style="WHITE-SPACE: nowrap">any 30-trading day</font> period
commencing at least 150 days after the initial Business Combination
or (2) if the Company consummates a transaction after the
initial Business Combination which results in the Company’s
shareholders having the right to exchange their shares for cash,
securities or other property, the Founder Shares will be released
from <font style="WHITE-SPACE: nowrap">the lock-up.</font></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Private Placement Warrants</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Concurrently with the closing of the Initial Public Offering, the
Sponsor purchased an aggregate of 7,520,000 Private Placement
Warrants at a price of $1.00 per Private Placement Warrant. Each
warrant is exercisable to purchase one Class A ordinary share
at $11.50 per share. The proceeds from the Private Placement
Warrants were added to the proceeds from the Initial Public
Offering held in the Trust Account. On March 30, 2020, the
Sponsor transferred 940,000 Private Placement Warrants to
Mr. Arif. If the Company does not complete a Business
Combination within the Combination Period, the Private Placement
Warrants will expire worthless.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Sponsor and the Company’s officers and directors 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.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Related Party Advances</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
As of March 31, 2020, the amount due to related parties was
$41,645. The amounts were unpaid reimbursements for the operating
expenses, administrative support expenses (as described below
– Administrative Support Agreement), and deferred offering
costs paid by the related parties on behalf of the Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Sponsor Loan</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On December 9, 2019, the Sponsor loaned the Company $300,000
to cover expenses related to the Initial Public Offering pursuant
to a promissory note (the “Note”). This loan
<font style="WHITE-SPACE: nowrap">was non-interest bearing</font> and
payable on the earlier of December 31, 2020 or the completion
of the Initial Public Offering. The full $300,000 was repaid on
February 13, 2020.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Working Capital Loans</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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 will repay the
Working Capital Loans. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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
$1.5 million of such Working Capital Loans may be convertible
into private placement warrants at a price of $1.00 per warrant. As
of March 31, 2020 and December 31, 2019, the Company had
no borrowings under the Working Capital Loans.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Administrative Support Agreement</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Commencing on the date of the final prospectus, the Company has
agreed to pay the Sponsor a total of $10,000 per month for office
space, utilities, secretarial and administrative support services.
For the period from February 13, 2020 to March 31, 2020,
the Company incurred and accrued $15,714, of administrative
services under this arrangement. Upon completion of the
Initial Business Combination or the Company’s liquidation,
the Company will cease paying these monthly fees.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Cash and Cash Equivalents</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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
March 31, 2020.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Concentration of Credit Risk</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Financial instruments that potentially subject the Company to
concentrations of credit risk consist of cash accounts in a
financial institution, which, at times, may exceed the federal
depository insurance coverage of $250,000. The Company has not
experienced losses on these accounts and management believes the
Company is not exposed to significant risks on such accounts.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Net Income per Ordinary Share</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company’s condensed statement of operations includes a
presentation of income (loss) per share for common shares subject
to possible redemption in a manner similar to the <font style="WHITE-SPACE: nowrap">two-class</font> method of income (loss) per
share. Net income per common share, basic and diluted for
Class A redeemable ordinary shares is calculated by dividing
the interest income earned on the Trust Account and the gain on the
sale of marketable securities of approximately $1,763,000 by the
weighted average number of Class A redeemable ordinary shares
outstanding since original issuance. Net loss per common share,
basic and diluted for Class B <font style="WHITE-SPACE: nowrap">non-redeemable</font> common stock is
calculated by dividing the net income, adjusted for income
attributable to Class A redeemable ordinary shares, by the
weighted average number of Class B <font style="WHITE-SPACE: nowrap">non-redeemable</font> ordinary shares
outstanding for the period. Class B <font style="WHITE-SPACE: nowrap">non-redeemable</font> ordinary shares
includes the Founder Shares as these shares do not have any
redemption features and do not participate in the income earned on
the Trust Account.</p>
</div>
-4206
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Fair Value Measurements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Fair value is defined as the price that would be received for sale
of an asset or paid for transfer of a liability, in an orderly
transaction between market participants at the measurement date.
GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3
measurements). These tiers include:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 1, defined as observable inputs such as
quoted prices (unadjusted) for identical instruments in active
markets;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in
markets that are not active; and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 3, defined as unobservable inputs in which
little or no market data exists, therefore requiring an entity to
develop its own assumptions, such as valuations derived from
valuation techniques in which one or more significant inputs or
significant value drivers are unobservable.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
In some circumstances, the inputs used to measure fair value might
be categorized within different levels of the fair value hierarchy.
In those instances, the fair value measurement is categorized in
its entirety in the fair value hierarchy based on the lowest level
input that is significant to the fair value measurement.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Fair Value of Financial Instruments</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under the FASB ASC 820,
“Fair Value Measurements and Disclosures,” approximates
the carrying amounts represented in the condensed balance
sheets.</p>
</div>
1714085
405510
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 2—Summary of Significant Accounting Policies</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 6pt">
<b><i>Basis of Presentation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The accompanying unaudited condensed financial statements of the
Company are presented in U.S. dollars in conformity with accounting
principles generally accepted in the United States of America and
pursuant to the rules and regulations of the SEC, and reflect all
adjustments, consisting only of normal recurring adjustments, which
are, in the opinion of management, necessary for the fair
presentation of the financial position as of March 31, 2020
and the results of operations and cash flows for the period
presented and should be read in conjunction with the
Company’s prospectus for its Initial Public Offering as filed
with the SEC on February 12, 2020, as well as the
Company’s Current Reports on Form <font style="WHITE-SPACE: nowrap">8-K,</font> as filed with the SEC on
February 13, 2020, February 20, 2020, and March 30,
2020. The interim results for the three months ended March 31,
2020 are not necessarily indicative of the results to be expected
for the year ending December 31, 2020 or for any future
periods.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Emerging Growth Company</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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 auditor
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 shareholder approval of any
golden parachute payments not previously approved.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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
an emerging growth company can elect <font style="WHITE-SPACE: nowrap">to opt-out of</font> the extended
transition period and comply with the requirements that apply
<font style="WHITE-SPACE: nowrap">to non-emerging growth</font>
companies but any such an election <font style="WHITE-SPACE: nowrap">to opt-out is</font> irrevocable.
The Company has elected not <font style="WHITE-SPACE: nowrap">to opt-out of</font> 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 the comparison of
the Company’s financial statement with another public company
that is neither an emerging growth company nor an emerging growth
company that has opted out of using the extended transition period
difficult or impossible because of the potential differences in
accounting standards used.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Use of Estimates</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The preparation of these financial statements in conformity with
U.S. 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
expenses during the reporting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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 statement, 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Cash and Cash Equivalents</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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
March 31, 2020.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Cash Held in Trust Account</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
At March 31, 2020, the assets held in the Trust Account were
held in money market funds.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Deferred Offering Costs</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company complies with the requirements of FASB ASC <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">340-10-S99-1</font></font></font>
and SEC Staff Accounting Bulletin (SAB) Topic
5A—“Expenses of Offering”. Offering costs consist
of legal, accounting, underwriting fees and other costs that are
directly related to the Initial Public Offering. Offering costs
amounting to $15,700,900 were charged to shareholders’ equity
upon the completion of the Initial Public Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Class A Ordinary Shares Subject to Possible
Redemption</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company accounts for its Class A ordinary shares subject
to possible redemption in accordance with the guidance in ASC Topic
480 “<i>Distinguishing Liabilities from Equity</i>.”
Class A ordinary shares subject to mandatory redemption (if
any) are classified as liability instruments and are measured at
fair value. Conditionally redeemable Class A ordinary shares
(including Class A ordinary shares that feature 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) are classified as temporary
equity. At all other times, Class A ordinary shares are
classified as shareholders’ equity. The Company’s
Class A ordinary shares feature certain redemption rights that
are considered to be outside of the Company’s control and
subject to the occurrence of uncertain future events. Accordingly,
as of March 31, 2020, 26,453,521 Class A ordinary shares
subject to possible redemption were presented as temporary equity,
outside of the shareholders’ equity section of the
Company’s unaudited condensed balance sheet.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Net Income per Ordinary Share</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company’s condensed statement of operations includes a
presentation of income (loss) per share for common shares subject
to possible redemption in a manner similar to the <font style="WHITE-SPACE: nowrap">two-class</font> method of income (loss) per
share. Net income per common share, basic and diluted for
Class A redeemable ordinary shares is calculated by dividing
the interest income earned on the Trust Account and the gain on the
sale of marketable securities of approximately $1,763,000 by the
weighted average number of Class A redeemable ordinary shares
outstanding since original issuance. Net loss per common share,
basic and diluted for Class B <font style="WHITE-SPACE: nowrap">non-redeemable</font> common stock is
calculated by dividing the net income, adjusted for income
attributable to Class A redeemable ordinary shares, by the
weighted average number of Class B <font style="WHITE-SPACE: nowrap">non-redeemable</font> ordinary shares
outstanding for the period. Class B <font style="WHITE-SPACE: nowrap">non-redeemable</font> ordinary shares
includes the Founder Shares as these shares do not have any
redemption features and do not participate in the income earned on
the Trust Account.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Income Taxes</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company follows the asset and liability method of accounting
for income taxes under FASB ASC 740, “Income Taxes.”
Deferred tax assets and liabilities are recognized for the
estimated future tax consequences attributable to differences
between the financial statements carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The
effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that included the
enactment date. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount expected to
be realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
ASC 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.
There were no unrecognized tax benefits as of March 31, 2020.
The Company’s management determined that the Cayman Islands
is the Company’s only major tax jurisdiction. The Company
recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. No amounts were accrued for the
payment of interest and penalties as of March 31, 2020. The
Company is currently not aware of any issues under review that
could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax
examinations by major taxing authorities since inception.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Concentration of Credit Risk</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Financial instruments that potentially subject the Company to
concentrations of credit risk consist of cash accounts in a
financial institution, which, at times, may exceed the federal
depository insurance coverage of $250,000. The Company has not
experienced losses on these accounts and management believes the
Company is not exposed to significant risks on such accounts.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Fair Value of Financial Instruments</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under the FASB ASC 820,
“Fair Value Measurements and Disclosures,” approximates
the carrying amounts represented in the condensed balance
sheets.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Fair Value Measurements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Fair value is defined as the price that would be received for sale
of an asset or paid for transfer of a liability, in an orderly
transaction between market participants at the measurement date.
GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3
measurements). These tiers include:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 1, defined as observable inputs such as
quoted prices (unadjusted) for identical instruments in active
markets;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in
markets that are not active; and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 3, defined as unobservable inputs in which
little or no market data exists, therefore requiring an entity to
develop its own assumptions, such as valuations derived from
valuation techniques in which one or more significant inputs or
significant value drivers are unobservable.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
In some circumstances, the inputs used to measure fair value might
be categorized within different levels of the fair value hierarchy.
In those instances, the fair value measurement is categorized in
its entirety in the fair value hierarchy based on the lowest level
input that is significant to the fair value measurement.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Recent Accounting Pronouncements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Management does not believe that any recently issued, but not yet
effective, accounting pronouncements, if currently adopted, would
have a material impact on the Company’s unaudited condensed
financial statements.</p>
</div>
<div>
<p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<b>Note 8—Subsequent Events</b></p>
<p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The Company evaluated subsequent events and transactions that
occurred after the balance sheet date up to the date that the
condensed financial statements were available to be issued and has
concluded that all such events that would require adjustment or
disclosure have been recognized or disclosed.</p>
</div>
7520000
15700900
1056604
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Initial Business Combination on a one-for-one basis (as adjusted). In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.
-276000000
277226985
1357111
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt">
<b><i>Use of Estimates</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The preparation of these financial statements in conformity with
U.S. 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
expenses during the reporting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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 statement, 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.</p>
</div>
7520000
276000000
5993015
300000
-170381
5520000
<div>
<p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<b>Note 5—Commitments & Contingencies</b></p>
<p style="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">
<b><i>Risks and Uncertainties</i></b></p>
<p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
Management is currently evaluating the impact of the <font style="white-space:nowrap">COVID-19</font> pandemic on the industry and
has concluded that while it is reasonably possible that the virus
could have a negative effect on the Company’s financial
position, results of its operations and/or search for a target
company, the specific impact is not readily determinable as of the
date of these financial statements. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.</p>
<p style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">
<b><i>Registration Rights</i></b></p>
<p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The holders of Founder Shares, Private Placement Warrants, and
securities that may be issued upon conversion of Working Capital
Loans, if any, will be entitled to registration rights pursuant to
a registration rights agreement dated as of February 10, 2020.
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 <font style="white-space:nowrap">applicable lock-up period</font> for
the securities to be registered. The Company will bear the expenses
incurred in connection with the filing of any such registration
statements.</p>
<p style="font-size:1px;margin-top:18px;margin-bottom:0px">
 </p>
<p style="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">
<b><i>Underwriting Agreement</i></b></p>
<p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The underwriters were paid a cash underwriting discount of
$5,520,000, or $0.20 per Unit of the gross proceeds of the initial
27,600,000 Units (inclusive of 3,600,000 unit over-allotment
option) sold in the Initial Public Offering, in the aggregate. In
addition, the underwriters are entitled to a deferred fee of (i)
$0.35 per Unit of the gross proceeds of the initial 24,000,000
Units sold in the Initial Public Offering, or $8,400,000, and (ii)
$0.35 per Unit of the gross proceeds from the 3,600,000 Units sold
pursuant to the over-allotment option, or $1,260,000, aggregating
to a deferred fee of $9,660,000. The deferred fee will become
payable to the underwriters from the amounts held in the Trust
Account solely in the event that the Company completes a Business
Combination, subject to the terms of the underwriting
agreement.</p>
</div>
-48536
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Class A Ordinary Shares Subject to Possible
Redemption</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company accounts for its Class A ordinary shares subject
to possible redemption in accordance with the guidance in ASC Topic
480 “<i>Distinguishing Liabilities from Equity</i>.”
Class A ordinary shares subject to mandatory redemption (if
any) are classified as liability instruments and are measured at
fair value. Conditionally redeemable Class A ordinary shares
(including Class A ordinary shares that feature 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) are classified as temporary
equity. At all other times, Class A ordinary shares are
classified as shareholders’ equity. The Company’s
Class A ordinary shares feature certain redemption rights that
are considered to be outside of the Company’s control and
subject to the occurrence of uncertain future events. Accordingly,
as of March 31, 2020, 26,453,521 Class A ordinary shares
subject to possible redemption were presented as temporary equity,
outside of the shareholders’ equity section of the
Company’s unaudited condensed balance sheet.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Deferred Offering Costs</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company complies with the requirements of FASB ASC <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">340-10-S99-1</font></font></font>
and SEC Staff Accounting Bulletin (SAB) Topic
5A—“Expenses of Offering”. Offering costs consist
of legal, accounting, underwriting fees and other costs that are
directly related to the Initial Public Offering. Offering costs
amounting to $15,700,900 were charged to shareholders’ equity
upon the completion of the Initial Public Offering.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Cash Held in Trust Account</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
At March 31, 2020, the assets held in the Trust Account were
held in money market funds.</p>
</div>
<div>
<p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<b>Note 3—Initial Public Offering</b></p>
<p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
On February 13, 2020, the Company
sold 27,600,000 Units at a price of $10.00 per Unit,
including 3,600,000 Units issued pursuant to the exercise
in full of the underwriters’ over-allotment option. Each
Unit consists of one Class A ordinary share, par value $0.0001
per share <font style="white-space:nowrap">and one-half of</font> one
redeemable warrant (each, a “Public Warrant”). Each
whole Public Warrant entitles the holder to purchase one
Class A ordinary share at a price of $11.50 per share, subject
to adjustment (see Note 6).</p>
<p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
The Company paid an underwriting discount at the closing of the
Initial Public Offering of $5.52 million. An additional fee of
$9.66 million was deferred and will become payable upon the
Company’s completion of an initial Business Combination. The
deferred portion of the discount will become payable to the
underwriters from the amounts held in the Trust Account solely in
the event the Company completes its initial Business
Combination.</p>
</div>
9660000
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt">
<b><i>Emerging Growth Company</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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 auditor
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 shareholder approval of any
golden parachute payments not previously approved.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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
an emerging growth company can elect <font style="WHITE-SPACE: nowrap">to opt-out of</font> the extended
transition period and comply with the requirements that apply
<font style="WHITE-SPACE: nowrap">to non-emerging growth</font>
companies but any such an election <font style="WHITE-SPACE: nowrap">to opt-out is</font> irrevocable.
The Company has elected not <font style="WHITE-SPACE: nowrap">to opt-out of</font> 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 the comparison of
the Company’s financial statement with another public company
that is neither an emerging growth company nor an emerging growth
company that has opted out of using the extended transition period
difficult or impossible because of the potential differences in
accounting standards used.</p>
</div>
true
Yes
100000
P24M
10.00
9660000
0.20
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 6—Trust Account and Fair Value Measurements</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
As of March 31, 2020, investment securities in the
Company’s Trust Account consisted of a treasury securities
fund in the amount of $277,762,621 which was held as money market
funds. The following table presents fair value information as of
March 31, 2020 and indicates the fair value hierarchy of the
valuation techniques the Company utilized to determine such fair
value. Since all of the Company’s permitted investments
consist of treasury securities fund, fair values of its investments
are determined by Level 1 inputs utilizing quoted prices
(unadjusted) in active markets for identical assets as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0">
<tr>
<td width="54%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Carrying</b><br />
<b>Value</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Quoted Prices<br />
in Active<br />
Markets</b><br />
<b>(Level 1)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant<br />
Other<br />
Observable<br />
Inputs<br />
(Level 2)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant<br />
Other<br />
Unobservable<br />
Inputs<br />
(Level 3)</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Investments held in Trust Account – U.S. Treasury Securities
Money Market Fund</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">277,762,621</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">277,762,621</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
 </p>
</div>
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10000
CCAC.U
Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant
NYSE
CCAC WS
Warrants, each exercisable for one share of Class A common stock
NYSE
300000
25000
27600000
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3600000
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CCAC
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Class A common stock, par value $0.0001 per share
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2400
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360
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1714085
the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price of the Warrants will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
0.60
if, and only if, the last reported closing price of the Class A ordinary shares 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.
The Sponsor and the Company's officers and directors 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.
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