0001213900-20-015197.txt : 20200617 0001213900-20-015197.hdr.sgml : 20200617 20200617161644 ACCESSION NUMBER: 0001213900-20-015197 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200617 DATE AS OF CHANGE: 20200617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sustainable Opportunities Acquisition Corp. CENTRAL INDEX KEY: 0001798562 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39281 FILM NUMBER: 20969915 BUSINESS ADDRESS: STREET 1: 4516 LOVERS LANE, SUITE 384 CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: 214-642-9996 MAIL ADDRESS: STREET 1: 4516 LOVERS LANE, SUITE 384 CITY: DALLAS STATE: TX ZIP: 75225 10-Q 1 f10q0320_sustainable.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2020

 

OR

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from             to                

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

 

Cayman Islands   001-39281   98-1523768

(State or other jurisdiction of

incorporation or organization)

  (Commission File Number)  

(I.R.S. Employer

Identification Number)

 

1601 Bryan Street, Suite 4141

Dallas, Texas

  75201
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (952) 456-5304

 

Not Applicable

(Former name or former address, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company  
Emerging growth company      

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒  No ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)  

Name of each exchange

on which registered

Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant   SOAC.U   The New York Stock Exchange
Class A Ordinary Shares included as part of the units   SOAC   The New York Stock Exchange
Warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50   SOAC WS   The New York Stock Exchange

 

As of June 17, 2020, 30,000,000 Class A ordinary shares, par value $0.0001 per share, and 8,625,000 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding.

 

 

 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

Quarterly Report on Form 10-Q

Table of Contents

 

    Page No.
   
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements 1
     
  Condensed Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019 1
     
  Unaudited Condensed Statement of Operations for the three months ended March 31, 2020 2
     
  Unaudited Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the three months ended March 31, 2020 3
     
  Unaudited Condensed Statement of Cash Flows for the three months ended March 31, 2020 4
     
  Notes to Unaudited Condensed Financial Statements 5
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 17
     
Item 4. Controls and Procedures 17
   
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 18
     
Item 1A. Risk Factors 18
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18
     
Item 3. Defaults Upon Senior Securities 18
     
Item 4. Mine Safety Disclosures 19
     
Item 5. Other Information 19
     
Item 6. Exhibits 19
   
SIGNATURES  

 

i

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Unaudited Financial Statements

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

 

CONDENSED BALANCE SHEETS

 

   March 31,
2020
   December 31,
2019
 
   (unaudited)     
Assets:        
Current assets:        
Prepaid expenses  $16,865   $15,961 
Total current assets   16,865    15,961 
Deferred offering costs associated with initial public offering   605,232    103,660 
Total Assets  $622,097   $119,621 
           
Liabilities and Shareholders' Equity (Deficit):          
Current liabilities:          
Accounts payable  $111,227   $23,060 
Accrued expenses   407,596    80,600 
Note payable - related party   146,312    - 
Total current liabilities   665,135    103,660 
           
Commitments and Contingencies          
           
Shareholders' Equity (Deficit):          
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    - 
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized; none issued and outstanding   -    - 
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 8,625,000 shares issued and outstanding (1)   863    863 
Additional paid-in capital   24,137    24,137 
Accumulated deficit   (68,038)   (9,039)
Total shareholders' equity (deficit)   (43,038)   15,961 
Total Liabilities and Shareholders' Equity (Deficit)  $622,097   $119,621 

 

(1)This number includes up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

1 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

 

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2020

 

General and administrative expenses  $58,999 
Net loss  $(58,999)
      
Weighted average shares outstanding, basic and diluted (1)   7,500,000 
      
Basic and diluted net loss per share  $(0.01)

 

(1)This number excludes an aggregate of up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).

 

The accompanying notes are an integral part of these unaudited condensed financial statements. 

 

2 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

 

UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE MONTHS ENDED MARCH 31, 2020

 

   Ordinary Shares   Additional       Total 
   Class A   Class B (1)   Paid-in   Accumulated   Shareholders' 
   Shares   Amount   Shares   Amount   Capital   Deficit   Equity (Deficit) 
Balance - December 31, 2019   -   $-    8,625,000   $863   $24,137   $(9,039)  $15,961 
Net loss   -    -    -    -    -    (58,999)   (58,999)
Balance - March 31, 2020 (unaudited)   -   $-    8,625,000   $863   $24,137   $(68,038)  $(43,038)

 

(1)This number includes up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

3 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

 

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2020

 

Cash Flows from Operating Activities:    
Net loss  $(58,999)
Adjustments to reconcile net loss to net cash used in operating activities:     
General and administrative expenses paid by related party under note agreement   53,456 
Changes in operating assets and liabilities:     
Prepaid expenses   (4,175)
Accounts payable   9,718 
Net cash used in operating activities   - 
      
Net change in cash   - 
      
Cash - beginning of the period   - 
Cash - end of the period  $- 
      
Supplemental disclosure of noncash investing and financing activities:     
Deferred offering costs included in accounts payable  $78,449 
Deferred offering costs included in accrued expenses  $326,996 
Deferred offering costs included in note payable  $92,856 
Use of retainer for deferred offering costs  $(3,271)

  

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

4 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

Note 1 — Description of Organization and Business Operations

 

Sustainable Opportunities Acquisition Corp. (the “Company”) is a newly organized blank check company incorporated as a Cayman Islands exempted company on December 18, 2019. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company has not selected any Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

 

As of March 31, 2020, the Company had not commenced any operations. All activity for the period from December 18, 2019 (inception) through March 31, 2020 relates to the Company’s formation and the initial public offering described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on 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.

 

The Company’s sponsor is Sustainable Opportunities Holdings LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on May 5, 2020. On May 8, 2020, the Company consummated its Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5 million in deferred underwriting commissions (Note 5). The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 Units at the Initial Public Offering price to cover over-allotments, if any.  To date, the over-allotment option has not been exercised yet.

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 9,500,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5 million (Note 4).

 

Upon the closing of the Initial Public Offering and the Private Placement, $300.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed 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, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

 

5 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

  

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 one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing 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”).

 

The Company will provide the holders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001 per share 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 a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount 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 underwriter (as discussed in Note 5). These Public Shares will be recorded at a redemption value and 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 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. 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 the amended and restated memorandum and articles of association, which the Company adopted upon the consummation of the Initial Public Offering (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. If the Company seeks shareholder approval in connection with a Business Combination, the Initial Shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.

 

Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association will provide 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 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.

 

The Company’s Sponsor, officers and directors (the “Initial Shareholders”) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with its initial business combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 18 months from the closing of the Initial Public Offering, or November 8, 2021 (the “Combination Period”) unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.

 

If the Company is unable to complete a Business Combination within the Combination Period, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay for its tax obligations, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the 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 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 the requirements of other applicable law.

 

6 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

  

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 acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to its deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in 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 to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

 

Liquidity

 

As of March 31, 2020, the Company had no cash and working capital deficit of approximately $648,000.

 

The Company’s liquidity needs up to March 31, 2020 have been satisfied through a $25,000 contribution from the Sponsor in exchange for the issuance of the Founder Shares to the Sponsor and the advancement of funds by the Sponsor of approximately $146,000 under the Note (see Note 4) to the Company to cover for offering costs in connection with the Initial Public Offering. Subsequent to March 31, 2020, the Company borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note. The Company fully repaid the Note on May 8, 2020. Subsequent to the consummation of the Initial Public Offering and the Private Placement Warrants, the Company’s liquidity has been satisfied through the proceeds from the consummation of the Private Placement not held in the Trust Account of approximately $3.1 million. 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, provide the Company Working Capital Loans (see Note 4). As of March 31, 2020, there were no amounts outstanding under any Working Capital Loans.

 

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

 

Note 2 — Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected through December 31, 2020.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on May 14, 2020 and May 6, 2020, respectively.

 

7 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

  

Emerging Growth Company

  

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

 

This may make comparison of the Company’s financial statements with another public company 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.

 

Concentration of Credit Risk

 

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. At March 31, 2020 and December 31, 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

  

Financial Instruments

  

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements” approximates the carrying amounts represented in the balance sheets primarily due to their short-term nature.

 

Use of Estimates

  

The preparation of the balance sheets in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates.

  

Deferred Offering Costs Associated with the Initial Public Offering

  

Deferred offering costs consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering and that were charged to additional paid-in capital upon the completion of the Initial Public Offering in May 2020.

  

Net Loss Per Ordinary Share

  

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters. At March 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.

 

8 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

Income Taxes

 

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.

 

FASB 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 and December 31, 2019. 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 and December 31, 2019. 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.

 

The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision is zero for the period presented.

 

Recent Accounting Standards

 

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the financial statements.

  

Note 3 — Initial Public Offering

  

On May 8, 2020, the Company consummated its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5 million in deferred underwriting commissions. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”). Each 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).

  

Note 4 — Related Party Transactions

 

Founder Shares

 

On December 31, 2019, the Sponsor purchased 8,625,000 shares (the “Founder Shares”) of the Company’s Class B ordinary shares, par value $0.0001 for an aggregate price of $25,000. In March 2020, the Sponsor transferred 30,000 Founder Shares to each of the Company’s independent directors.  The Founder Shares will automatically convert into Class A ordinary shares at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions, as described in Note 6. The Sponsor has agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriter so that the Founder Shares will represent 20.0% of the Company’s issued and outstanding shares after the Initial Public Offering.

 

The Initial Shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, 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 (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction 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.

 

9 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

  

Private Placement Warrants

  

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5 million. Each Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share.

 

A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

 

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.

 

Related Party Loans

  

On December 31, 2019, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed approximately $146,000 under the Note. Subsequent to March 31, 2020, the Company borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note and fully repaid this amount on May 8, 2020.

 

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. To date, the Company had no borrowings under the Working Capital Loans.

 

Administrative Support Agreement

 

The Company entered into an agreement, commencing on May 8, 2020 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to reimburse the Sponsor a total of $10,000 per month for office space, secretarial and administrative services.

 

Note 5 — Commitments & Contingencies

 

Registration and Shareholder Rights

 

The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to Class A ordinary shares) pursuant to a registration and shareholder rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

10 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

Underwriting Agreement

  

The Company granted the underwriter a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at $10.00 per Unit, less the underwriting discounts and commissions. To date, the over-allotment option has not been exercised yet.

  

The underwriter was entitled to an underwriting discount of $0.20 per unit, or $6.0 million in the aggregate paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $10.5 million in the aggregate will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriter 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.

  

If the over-allotment option is exercised in full, the underwriter will be entitled to an aggregate of $900,000 in fees payable upon closing and an additional deferred underwriting commissions of approximately $1.58 million.

 

Risk and Uncertainties

 

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Note 6 — Shareholders’ Equity (Deficit)

 

Preference Shares 

 

The Company is authorized to issue 1,000,000 preference shares 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 preference shares issued or outstanding.

  

Ordinary Shares

  

Class A Ordinary Shares — The Company is authorized to issue 300,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of March 31, 2020 and December 31, 2019, there were no Class A ordinary shares issued or outstanding.

 

11 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

Class B Ordinary Shares — The Company is authorized to issue 30,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of March 31, 2020 and December 31, 2019, there were 8,625,000 Class B ordinary shares outstanding.  Of these, an aggregate of up to 1,125,000 shares are subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriter’s over-allotment option is not exercised in full or in part, so that the Initial Shareholders will collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering.

 

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.

 

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) 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 upon conversion of Working Capital Loans. Any conversion of Class B ordinary shares will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

 

Warrants 

 

Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. 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 issuance of 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 certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a 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. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

 

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to us and subsequent reissuance by the Company) by the Sponsor in connection with 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 on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates its 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 discussed below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

12 

 

 

SUSTAINABLE OPPORTUNITIES ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

The Company may call the Public Warrants for redemption (except with respect to the Private Placement Warrants):

 

  in whole and not in part;
     
  at a price of $0.01 per warrant;
     
  upon a minimum of 30 days’ prior written notice of redemption, and
     
  if, and only if, the closing price of the Company’s Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) 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.

 

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.

 

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

 

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.

 

Note 7 — Subsequent Events

  

The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

13 

 

 

  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

References to the “Company,” “Sustainable Opportunities Acquisition Corp.,” “our,” “us” or “we” refer to Sustainable Opportunities Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other U.S. Securities and Exchange Commission (“SEC”) filings.

 

Overview

 

We are a blank check company incorporated as a Cayman Islands exempted company on December 18, 2019 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that we have not yet identified (“Business Combination”). Although we are not limited to a particular industry or geographic region for purposes of consummating a Business Combination, we intend to focus within industries that benefit from strong Environmental, Social and Governance (“ESG”) profiles. While investing in ESG covers a broad range of themes, we are focused on evaluating suitable targets that have existing environmental sustainability practices or that may benefit, both operationally and economically, from our management team’s commitment and expertise in executing such practices. Our sponsor is Sustainable Opportunities Holdings LLC, a Delaware limited liability company (the “Sponsor”). 

 

The registration statement for our Initial Public Offering was declared effective on May 5, 2020. On May 8, 2020, we consummated our Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5 million in deferred underwriting commissions. We granted the underwriter a 45-day option to purchase up to an additional 4,500,000 Units at the Initial Public Offering price to cover over-allotments, if any.  To date, the over-allotment option has not yet been exercised.

 

Simultaneously with the closing of the Initial Public Offering, we consummated the private placement (“Private Placement”) of 9,500,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to our Sponsor, generating gross proceeds of $9.5 million.

 

Upon the closing of the Initial Public Offering and the Private Placement, $300.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed 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, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by us meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by us, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Our 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.

 

14 

 

 

If we are unable to complete a Business Combination within 18 months from the closing of the Initial Public Offering, or November 8, 2021 (the “Combination Period”), we will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay for our tax obligations, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the 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 remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

 

Results of Operations

 

Our entire activity from December 18, 2019 (inception) through March 31, 2020, was in preparation for our Initial Public Offering, and since such offering, our activity has been limited to the search for a prospective initial Business Combination. We will not generate any operating revenues until the closing and completion of our initial Business Combination.

 

For the three months ended March 31, 2020, we had net loss of approximately $59,000, which consisted solely of general and administrative expenses.

 

Liquidity

 

As of March 31, 2020, we had no cash and working capital deficit of approximately $648,000.

 

Our liquidity needs up to March 31, 2020 have been satisfied through a $25,000 contribution from our Sponsor in exchange for the issuance of the Founder Shares to our Sponsor and the advancement of funds by our Sponsor of approximately $146,000 under the Note to us to cover for offering costs in connection with the Initial Public Offering. Subsequent to March 31, 2020, we borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note. We fully repaid the Note on May 8, 2020. Subsequent to the consummation of the Initial Public Offering and the Private Placement Warrants, our liquidity has been satisfied through the proceeds from the consummation of the Private Placement not held in the Trust Account of approximately $3.1 million. In addition, in order to finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor, or certain of our officers and directors may, but are not obligated to, provide the Company Working Capital Loans. As of March 31, 2020, there were no amounts outstanding under any Working Capital Loans.

 

Based on the foregoing, management believes that we will have sufficient working capital and borrowing capacity from our Sponsor or an affiliate of our Sponsor, or certain of our officers and directors to meet our needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, we will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

 

Other Contractual Obligations

 

Registration and Shareholder Rights

 

The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to Class A ordinary shares) pursuant to a registration and shareholder rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

15 

 

 

Underwriting Agreement

 

The Company granted the underwriter a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at $10.00 per Unit, less the underwriting discounts and commissions. To date, the over-allotment option has not been exercised yet.

 

The underwriter was entitled to an underwriting discount of $0.20 per unit, or $6.0 million in the aggregate paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $10.5 million in the aggregate will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriter 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.

 

If the over-allotment option is exercised in full, the underwriter will be entitled to an aggregate of $900,000 in fees payable upon closing and an additional deferred underwriting commissions of approximately $1.58 million.

 

Administrative Support Agreement

 

We entered into an agreement, commencing on May 8, 2020 through the earlier of our consummation of a Business Combination and our liquidation, to reimburse our Sponsor a total of $10,000 per month for office space, secretarial and administrative services.

 

Risk and Uncertainties

 

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn.  

 

Critical Accounting Policies and Estimates

 

This management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to fair value of financial instruments and accrued expenses. We base our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe there have been no significant changes in our critical accounting policies as discussed in the Form 8-K and the final prospectus filed by us with the SEC on May 14, 2020 and May 6, 2020, respectively.

 

16 

 

 

Off-Balance Sheet Arrangements

 

As of March 31, 2020, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

 

JOBS Act

 

On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As such, our financial statements may not be comparable to companies that comply with public company effective dates.

 

Recent Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

 

  Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As of March 31, 2020, we were not subject to any market or interest rate risk.  Following the consummation of our Initial Public Offering, the net proceeds of our Initial Public Offering, including amounts in the Trust Account, were invested in U.S. government treasury bills, notes or bonds or in certain money market funds that invest solely in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

 

We have not engaged in any hedging activities since our inception and we do not expect to engage in any hedging activities with respect to the market risk to which we are exposed.

  

  Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2020, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer has concluded that during the period covered by this report, our disclosure controls and procedures were effective.

 

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended March 31, 2020 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

17 

 

 


PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

Item 1A. Risk Factors

 

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our final prospectus filed with the SEC on May 6, 2020.

  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

 

Unregistered Sales

 

On December 31, 2019, the Sponsor paid $25,000, or approximately $0.003 per share, in consideration of 8,625,000 Class B ordinary shares, par value $0.0001 per share. Such securities were issued in connection with the Company’s organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

 

On May 5, 2020, the Sponsor purchased 9,500,000 Private Placement Warrants, each exercisable to purchase one ordinary share at $11.50 per share, at a price of $1.00 per warrant ($9,500,000 in the aggregate), in a private placement that closed simultaneously with the closing of the Initial Public Offering. This issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

 

No underwriting discounts or commissions were paid with respect to such sales.

 

Use of Proceeds

 

In connection with the Initial Public Offering, we incurred offering costs of approximately $17.4 million (including deferred underwriting commissions of approximately $10.5 million). Other incurred offering costs consisted principally preparation fees related to the Initial Public Offering. After deducting the underwriting discounts and commissions (excluding the deferred portion, which amount will be payable upon consummation of the Initial Business Combination, if consummated) and the Initial Public Offering expenses, $300 million of the net proceeds from our Initial Public Offering and certain of the proceeds from the private placement of the Private Placement Warrants (or $10.00 per Unit sold in the Initial Public Offering) was placed in the Trust Account. The net proceeds of the Initial Public Offering and certain proceeds from the sale of the Private Placement Warrants are held in the Trust Account and invested as described elsewhere in this Quarterly Report on Form 10-Q.

 

There has been no material change in the planned use of the proceeds from the Initial Public Offering and Private Placement as is described in the Company’s final prospectus related to the Initial Public Offering.

  

Item 3. Defaults Upon Senior Securities

 

None.

 

18 

 

 

Item 4. Mine Safety Disclosures

 

None.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits.

 

Exhibit
Number
  Description
     
31.1*   Certification of Chief Executive Officer Pursuant to Rules  13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2*   Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
 32.2*   Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

  

 

 

19
 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 17, 2020 By:  

/s/ Scott Leonard

  Name:   Scott Leonard
  Title:   Chief Executive Officer

 

20

EX-31.1 2 f10q0320ex31-1_sustainable.htm CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Scott Leonard, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 of Sustainable Opportunities Acquisition Corp.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. [Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: June 17, 2020 By:

/s/ Scott Leonard

    Scott Leonard
   

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 f10q0320ex31-2_sustainable.htm CERTIFICATION

EXHIBIT 31.2

 

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, David Quiram, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 of Sustainable Opportunities Acquisition Corp.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.[Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

  

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: June 17, 2020 By:

/s/ David Quiram

    David Quiram
   

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

EX-32.1 4 f10q0320ex32-1_sustainable.htm CERTIFICATION

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Sustainable Opportunities Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Scott Leonard, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: June 17, 2020

 

  /s/ Scott Leonard
  Name: Scott Leonard
  Title: Chief Executive Officer
    (Principal Executive Officer)

 

EX-32.2 5 f10q0320ex32-2_sustainable.htm CERTIFICATION

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Sustainable Opportunities Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Quiram, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: June 17, 2020

 

  /s/ David Quiram
  Name:  David Quiram
  Title: Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

EX-101.INS 6 soac-20200331.xml XBRL INSTANCE FILE 0001798562 2020-01-01 2020-03-31 0001798562 us-gaap:CommonClassAMember 2020-06-17 0001798562 us-gaap:CommonClassBMember 2020-06-17 0001798562 2020-03-31 0001798562 2019-12-31 0001798562 us-gaap:CommonClassAMember 2020-03-31 0001798562 us-gaap:CommonClassBMember 2020-03-31 0001798562 us-gaap:CommonClassAMember 2019-12-31 0001798562 us-gaap:CommonClassBMember 2019-12-31 0001798562 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001798562 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001798562 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001798562 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001798562 us-gaap:RetainedEarningsMember 2019-12-31 0001798562 us-gaap:RetainedEarningsMember 2020-03-31 0001798562 SOAC:CommonStockAMember 2020-01-01 2020-03-31 0001798562 SOAC:CommonStockAMember 2019-12-31 0001798562 SOAC:CommonStockAMember 2020-03-31 0001798562 SOAC:CommonStockBMember 2020-01-01 2020-03-31 0001798562 SOAC:CommonStockBMember 2019-12-31 0001798562 SOAC:CommonStockBMember 2020-03-31 0001798562 SOAC:FounderSharesMember 2019-01-01 2019-12-31 0001798562 SOAC:FounderSharesMember 2020-01-01 2020-03-31 0001798562 SOAC:SponsorsMember 2020-01-01 2020-03-31 0001798562 us-gaap:SubsequentEventMember 2020-05-08 0001798562 us-gaap:SubsequentEventMember 2020-05-01 2020-05-08 0001798562 SOAC:OrdinaryShareMember 2020-01-01 2020-03-31 0001798562 us-gaap:SubsequentEventMember us-gaap:IPOMember 2020-05-01 2020-05-08 0001798562 us-gaap:SubsequentEventMember us-gaap:IPOMember 2020-05-08 0001798562 us-gaap:SubsequentEventMember us-gaap:CommonClassAMember 2020-05-08 0001798562 us-gaap:SubsequentEventMember us-gaap:PrivatePlacementMember 2020-05-01 2020-05-08 0001798562 us-gaap:SubsequentEventMember us-gaap:PrivatePlacementMember 2020-05-08 0001798562 SOAC:SponsorMember 2020-01-01 2020-03-31 0001798562 us-gaap:IPOMember 2020-03-31 0001798562 us-gaap:IPOMember 2020-01-01 2020-03-31 0001798562 SOAC:SponsorMember 2020-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure false --12-31 10-Q 2020-03-31 Q1 2020 Yes true true false 30000000 8625000 Yes Sustainable Opportunities Acquisition Corp. 0001798562 Non-accelerated Filer true 001-39281 TX 665135 103660 146312 407596 80600 111227 23060 622097 119621 16865 15961 16865 15961 863 863 622097 119621 -43038 15961 24137 24137 -9039 -68038 863 863 -68038 -9039 24137 24137 0.0001 0.0001 1000000 1000000 0.0001 0.0001 0.0001 0.0001 300000000 300000000 300000000 300000000 8625000 8625000 8625000 8625000 1125000 -58999 7500000 -0.01 8625000 8625000 -58999 -58999 4175 9718 53456 78449 326996 92856 -3271 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Basis of Presentation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("GAAP") for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected through December 31, 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on May 14, 2020 and May 6, 2020, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Emerging Growth Company</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Section&#160;102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 to opt out of the extended transition period and comply with the requirements that apply to&#160;non-emerging&#160;growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">This may make comparison of the Company's financial statements 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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. At March 31, 2020 and December 31, 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Financial Instruments</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The fair value of the Company's assets and liabilities, which qualify as financial instruments under the FASB ASC 820, "Fair Value Measurements" approximates the carrying amounts represented in the balance sheets primarily due to their short-term&#160;nature.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Deferred Offering Costs Associated with the Initial Public Offering</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Deferred offering costs consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering and that were charged to additional&#160;paid-in&#160;capital upon the completion of the Initial Public Offering in May 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Net Loss Per Ordinary Share</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 ordinary shares that are subject to forfeiture if the over-allotment&#160;option is not exercised by the underwriters. At March 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Income Taxes</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">FASB 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 and December 31, 2019. 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 and December 31, 2019. 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision is zero for the period presented.</font></p> 250000 1125000 1125000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 4 &#8212; Related Party Transactions</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Founder Shares</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">On December 31, 2019, the Sponsor purchased 8,625,000&#160;shares (the "Founder Shares") of the Company's Class&#160;B ordinary shares, par value $0.0001 for an aggregate price of $25,000. In March 2020, the Sponsor transferred 30,000 Founder Shares to each of the Company's independent directors.&#160; The Founder Shares will automatically convert into Class&#160;A ordinary shares at the time of the Company's initial Business Combination and are subject to certain transfer restrictions, as described in Note 6. The Sponsor has agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment&#160;option is not exercised in full by the underwriter so that the Founder Shares will represent 20.0% of the Company's issued and outstanding shares after the Initial Public Offering.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Initial Shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading&#160;day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Private Placement Warrants</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of&#160;</font><font style="font: 10pt Times New Roman, Times, Serif">9,500,000&#160;<font style="background-color: white">Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5&#160;million.&#160;</font>Each Private Placement Warrant is exercisable for one whole Class&#160;A ordinary share at a price of $11.50 per share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be&#160;non-redeemable&#160;and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Related Party Loans</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">On December 31, 2019, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the "Note"). This loan was&#160;non-interest&#160;bearing and payable upon the completion of the Initial Public Offering. The Company borrowed approximately $146,000 under the Note. Subsequent to March 31, 2020, the Company borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note and fully repaid this amount on May 8, 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender's discretion, up to $1.5&#160;million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. To date, the Company had no borrowings under the Working Capital Loans.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Administrative Support Agreement</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company entered into an agreement, commencing on May 8, 2020 through the earlier of the Company's consummation of a Business Combination and its liquidation, to reimburse the Sponsor a total of $10,000 per month for office space, secretarial and administrative services.</font></p> 8625000 12.00 0.0001 25000 30000 0.20 0.20 Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5 million. Each Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. 300000 146000 17000 10000 1.00 163000 ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days' prior written notice of redemption, and ● if, and only if, the closing price of the Company's Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) 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. Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to us and subsequent reissuance by the Company) by the Sponsor in connection with 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 on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company's Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates its 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 discussed below 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 7 &#8212; Subsequent Events</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.</font></p> 1500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 6 &#8212; Shareholders' Equity (Deficit)</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Preference Shares&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company is authorized to issue 1,000,000 preference shares 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 preference shares issued or outstanding.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Ordinary Shares</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Class&#160;A Ordinary Shares&#160;</i></b>&#8212; The Company is authorized to issue 300,000,000 Class&#160;A ordinary shares with a par value of $0.0001 per share. As of March 31, 2020 and December&#160;31, 2019, there were no Class&#160;A ordinary shares issued or outstanding.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Class&#160;B Ordinary Shares&#160;</i></b>&#8212; The Company is authorized to issue 30,000,000 Class&#160;B ordinary shares with a par value of $0.0001 per share. Holders of Class&#160;B ordinary shares are entitled to one vote for each share. As of March 31, 2020 and December&#160;31, 2019, there were 8,625,000 Class B ordinary shares outstanding.&#160; Of these, an aggregate of up to 1,125,000&#160;shares are subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriter's over-allotment&#160;option is not exercised in full or in part, so that the Initial Shareholders will collectively own 20% of the Company's issued and outstanding ordinary shares after the Initial Public Offering.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Holders of the Class&#160;A ordinary shares and holders of the Class&#160;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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Class&#160;B ordinary shares will automatically convert into Class&#160;A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted&#160;basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked&#160;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&#160;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 upon conversion of Working Capital Loans. Any conversion of Class B ordinary shares will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Warrants&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of&#160;(a) 30 days after the completion of a Business Combination or (b) 12&#160;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 issuance of 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 certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a 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. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60<sup>th</sup>&#160;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. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Each whole Public Warrant entitles the holder to purchase one Class&#160;A ordinary share at a price of $11.50 per share. If (x) the Company issues additional Class A ordinary shares or equity-linked&#160;securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to us and subsequent reissuance by the Company) by the Sponsor in connection with 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 on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company's Class A ordinary shares during the 20-trading&#160;day period starting on the trading day prior to the day on which the Company consummates its 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 discussed below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company may call the Public Warrants for redemption (except with respect to the Private Placement Warrants):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">in whole and not in part;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">at a price of $0.01 per warrant;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">upon a minimum of 30 days' prior written notice of redemption, and</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">if, and only if, the closing price of the Company's Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading&#160;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.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be&#160;non-redeemable&#160;so long as they are held by the initial purchasers or such purchasers' permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> 58999 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 1 &#8212; Description of Organization and Business Operations</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Sustainable Opportunities Acquisition Corp. (the "Company") is a newly organized blank check company incorporated as a Cayman Islands exempted company on December&#160;18, 2019. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the "Business Combination"). The Company has not selected any Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">As of March 31, 2020, the Company had not commenced any operations. All activity for the period from December&#160;18, 2019 (inception) through March 31, 2020 relates to the Company's formation and the initial public offering described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate&#160;non-operating&#160;income 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&#160;31 as its fiscal year end.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company's sponsor is Sustainable Opportunities Holdings LLC, a Delaware limited liability company (the "Sponsor").&#160;<font style="background-color: white">The registration statement for the Company's Initial Public Offering was declared effective on May 5, 2020. On&#160;</font>May 8, 2020<font style="background-color: white">, the Company consummated its&#160;Initial Public Offering of&#160;</font>30,000,000&#160;<font style="background-color: white">units (the "Units" and, with respect to the Class&#160;A ordinary shares included in the Units being offered, the "Public Shares") at $10.00 per Unit, generating gross proceeds of&#160;$300.0&#160;million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5&#160;million in deferred underwriting commissions (Note&#160;5).&#160;</font>The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 Units at the Initial Public Offering price to cover over-allotments, if any.&#160;&#160;<font style="background-color: white">To date, the over-allotment option has not been exercised yet.</font></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement ("Private Placement") of&#160;</font><font style="font: 10pt Times New Roman, Times, Serif">9,500,000 warrants&#160;<font style="background-color: white">(each, a "Private Placement Warrant" and collectively, the "Private Placement Warrants") at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5&#160;million (Note 4).</font></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Upon the closing of the Initial Public Offering and the Private Placement, $300.0&#160;million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed&#160;in a trust account (the "Trust Account"),</font><font style="font: 10pt Times New Roman, Times, Serif">&#160;located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer&#160;&#38; Trust Company acting as trustee, and invested only in U.S. government securities, within the meaning set forth in Section&#160;2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended&#160;investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule&#160;2a-7&#160;of the Investment Company Act, as determined by the Company, until the earlier of: (i)&#160;the completion of a Business Combination and (ii)&#160;the distribution of the Trust Account as described below.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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 one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction&#160;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").</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company will provide the holders (the "Public Shareholders") of its Class&#160;A ordinary shares, par value $0.0001 per share 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)&#160;in connection with a shareholder meeting called to approve the Business Combination or (ii)&#160;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 a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). The&#160;per-share&#160;amount 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 underwriter (as discussed in Note 5). These Public Shares will be recorded at a redemption value and 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 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. 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 the amended and restated memorandum and articles of association, which the Company adopted upon the consummation of the Initial Public Offering (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. If the Company seeks shareholder approval in connection with a Business Combination, the Initial Shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association will provide 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&#160;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 15% or more of the Class&#160;A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company's Sponsor, officers and directors (the "Initial Shareholders") have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company's obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with its initial business combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 18&#160;months from the closing of the Initial Public Offering, or November 8, 2021 (the "Combination Period") unless the Company provides the Public Shareholders with the opportunity to redeem their Class&#160;A ordinary shares in conjunction with any such amendment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">If the Company is unable to complete a Business Combination within the Combination Period, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share&#160;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 for its tax obligations, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding&#160;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 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 the requirements of other applicable law.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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 acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to its deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in 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 to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company's indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Liquidity</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">As of&#160;March 31, 2020, the Company had no cash and working capital deficit of approximately&#160;$648,000.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company's liquidity needs up to March 31, 2020 have been satisfied through a $25,000 contribution from the Sponsor in exchange for the issuance of the Founder Shares to the Sponsor and the advancement of funds by the Sponsor of approximately $146,000 under the Note (see Note 4) to the Company to cover for offering costs in connection with the Initial Public Offering. Subsequent to March 31, 2020, the Company borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note. The Company fully repaid the Note on May 8, 2020. Subsequent to the consummation of the Initial Public Offering and the Private Placement Warrants, the Company's liquidity has been satisfied through the proceeds from the consummation of the Private Placement not held in the Trust Account of approximately $3.1 million. 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, provide the Company Working Capital Loans (see Note 4). As of March 31, 2020, there were no amounts outstanding under any Working Capital Loans.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</font></p> 300000000 9500000 10.00 10.00 1.00 17400000 30000000 10500000 P45D 4500000 9500000 Upon the closing of the Initial Public Offering and the Private Placement, $300.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed 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, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. 0.50 The Company will provide the holders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001 per share 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 a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). 5000001 0.15 1.00 P18M (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay for its tax obligations, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the 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 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 the requirements of other applicable law. 648000 25000 17000 163000 3100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 3 &#8212; Initial Public Offering</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">On&#160;</font><font style="font: 10pt Times New Roman, Times, Serif">May 8, 2020<font style="background-color: white">, the Company consummated its&#160;Initial Public Offering of&#160;</font>30,000,000&#160;<font style="background-color: white">Units at $10.00 per Unit, generating gross proceeds of&#160;$300.0&#160;million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5&#160;million in deferred underwriting commissions.&#160;</font>Each Unit consists of one Class&#160;A ordinary share and&#160;one-half&#160;of one redeemable warrant (each, a "Public Warrant"). Each Public Warrant entitles the holder to purchase one Class&#160;A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 6).</font></p> Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”). Each 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 5 &#8212; Commitments&#160;&#38; Contingencies</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Registration and Shareholder Rights</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to Class&#160;A ordinary shares) pursuant to a registration and shareholder rights agreement. These holders will be entitled to certain demand and "piggyback" registration rights. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable&#160;lock-up&#160;period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Underwriting Agreement</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company granted the underwriter a&#160;45-day&#160;option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at $10.00 per Unit, less the underwriting discounts and commissions. To date, the&#160;<font style="background-color: white">over-allotment option has not been exercised yet.</font></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The underwriter was entitled to an underwriting discount of $0.20 per unit, or $6.0&#160;million in the aggregate paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $10.5&#160;million in the aggregate will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriter 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">If the over-allotment option is exercised in full, the underwriter will be entitled to an aggregate of $900,000 in fees payable upon closing and an additional deferred underwriting commissions of approximately $1.58 million.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Risk and Uncertainties</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus (the "COVID-19 outbreak"). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company's results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company's results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company's ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company's ability to have meetings with potential investors or affect the ability of a potential target company's personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company's ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p> The underwriter was entitled to an underwriting discount of $0.20 per unit, or $6.0 million in the aggregate paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $10.5 million in the aggregate will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriter 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. 1580000 900000 10.00 10.00 10.00 146000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 2 &#8212; Summary of Significant Accounting Policies</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Basis of Presentation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("GAAP") for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected through December 31, 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on May 14, 2020 and May 6, 2020, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Emerging Growth Company</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Section&#160;102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 to opt out of the extended transition period and comply with the requirements that apply to&#160;non-emerging&#160;growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">This may make comparison of the Company's financial statements 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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. At March 31, 2020 and December 31, 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Financial Instruments</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The fair value of the Company's assets and liabilities, which qualify as financial instruments under the FASB ASC 820, "Fair Value Measurements" approximates the carrying amounts represented in the balance sheets primarily due to their short-term&#160;nature.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Use of Estimates</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The preparation of the balance sheets in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Deferred Offering Costs Associated with the Initial Public Offering</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Deferred offering costs consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering and that were charged to additional&#160;paid-in&#160;capital upon the completion of the Initial Public Offering in May 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Net Loss Per Ordinary Share</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 ordinary shares that are subject to forfeiture if the over-allotment&#160;option is not exercised by the underwriters. At March 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Income Taxes</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">FASB 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 and December 31, 2019. 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 and December 31, 2019. 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision is zero for the period presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Standards</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Use of Estimates</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The preparation of the balance sheets in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Standards</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">The Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the financial statements.</font></p> 605232 103660 This number includes up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4). This number excludes an aggregate of up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4). EX-101.SCH 7 soac-20200331.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Unaudited Condensed Statement of Operations link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Unaudited Condensed Statement of Operations (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Unaudited Condensed Statement of Changes In Shareholders’ Equity (Deficit) link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - Unaudited Condensed Statement of Changes In Shareholders’ Equity (Deficit) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000008 - Statement - Unaudited Condensed Statement of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Description of Organization and Business Operations link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Initial Public Offering link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Commitments & Contingencies link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Shareholders’ Equity (Deficit) link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Description of Organization and Business Operations (Details) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Initial Public Offering (Details) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Commitments & Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Shareholders’ Equity (Deficit) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 soac-20200331_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 soac-20200331_def.xml XBRL DEFINITION FILE EX-101.LAB 10 soac-20200331_lab.xml XBRL LABEL FILE Class of Stock [Axis] Common Class A [Member] Common Class B [Member] Equity Components [Axis] Additional Paid-In Capital Retained Earnings / Accumulated Deficit Common Stock Common Stock Sale of Stock [Axis] Founder Shares [Member] Sponsor [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Ordinary Shares [Member] IPO [Member] Private Placement [Member] Sponsor [Member] Statement [Table] Statement [Line Items] Ordinary Shares Class A [Member] Ordinary Shares Class B [Member] Entity Registrant Name Entity Central Index Key Amendment Flag Current Fiscal Year End Date Document Type Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Entity Current reporting Status Entity Filer Category Entity Small Business Entity Shell Company Entity Emerging Growth Company Entity Ex Transition Period Entity Common Stock Shares Outstanding Entity File Number Entity Interactive Data Current Entity Incorporation State Country Code Assets Current assets: Prepaid expenses Total current assets Deferred offering costs associated with initial public offering Total Assets Liabilities and Shareholders' Equity (Deficit): Current liabilities: Accounts payable Accrued expenses Note payable - related party Total current liabilities Commitments and Contingencies Shareholders' Equity (Deficit): Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding Ordinary stock value Additional paid-in capital Accumulated deficit Total shareholders' equity (deficit) Total Liabilities and Shareholders' Equity (Deficit) Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Forfeiture if the over-allotment option Income Statement [Abstract] General and administrative expenses Net loss Weighted average shares outstanding, basic and diluted Basic and diluted net loss per share Forfeiture if the over allotment option Ordinary Shares Class A Ordinary Shares Class B Additional Paid-in Capital Accumulated Deficit Beginning balance Beginning balance, shares Net loss Ending balance Ending balance, shares Statement of Stockholders' Equity [Abstract] Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Net loss Adjustments to reconcile net loss to net cash used in operating activities: General and administrative expenses paid by related party under note agreement Changes in operating assets and liabilities: Prepaid expenses Accounts payable Net cash used in operating activities Net change in cash Cash - beginning of the period Cash - end of the period Supplemental disclosure of noncash investing and financing activities: Deferred offering costs included in accounts payable Deferred offering costs included in accrued expenses Deferred offering costs included in note payable Use of retainer for deferred offering costs Organization, Consolidation and Presentation of Financial Statements [Abstract] Description of Organization and Business Operations Accounting Policies [Abstract] Summary of Significant Accounting Policies Initial Public Offering [Abstract] Initial Public Offering Related Party Transactions [Abstract] Related Party Transactions Commitments and Contingencies Disclosure [Abstract] Commitments & Contingencies Equity [Abstract] Shareholders’ Equity (Deficit) Subsequent Events [Abstract] Subsequent Events Basis of Presentation Emerging Growth Company Concentration of Credit Risk Financial Instruments Use of Estimates Deferred Offering Costs Associated with the Initial Public Offering Net Loss Per Ordinary Share Income Taxes Recent Accounting Standards Initial Public Offering [Member] Description of Organization and Business Operations (Textual) Gross proceeds from issuance offering Unit price (in dollars per unit) Price per shares Offering costs Advancement funds Consummated Initial public Offering, shares Deferred underwriting commissions Options term Additional Purchase of shares Number of units issued in transaction Closing initial public offering ,description Percentage of outstanding voting securities Public Shareholders, description Amount of tangible assests Redeeming shares, percentage Percentage of redemption of company's outstanding public shares Business Combination term Description of business combination within the combination period Working capital deficit Contribution amount Borrowing amount Addditional amount Private Placement held in trust account Cash Summary of Significant Accounting Policies (Textual) Federal Depository Insurance Coverage Aggregate ordinary shares of subject to forfeiture Unrecognized tax benefits Accrued interest Initial Public Offering (Textual) Initial public offering, description Related Party Transactions (Textual) Sponsor purchased of ordinary shares Ordinary shares, par value Aggregate price Sponsor transferred founder Shares Percentage of issued and outstanding shares Private placement warrants, description Cover expenses Borrowings Borrowed an additional amount Payment for secretarial administrative fees Repaid amount Business Combination price Working Capital Loans Commitments & Contingencies (Textual) Unit price (in dollars per unit) Underwriting agreement, description Deferred underwriting commissions Underwriter fees payable Shareholders’ Equity (Deficit) Textual) Description of warrant redemption Forfeiture if the over allotment option. Emerging Growth Company. Deferred Offering Costs Associated with the Initial Public Offering. .Deferred underwriting commissions Amount of tangible assests. Refers to percentage of trust account required for business combination. Working capital during the period. The entire disclosure for Initial public offering. Description of underwriting agreement. Deferred underwriting commissions. Per share or per unit amount of equity securities issued. SponsorMember Assets, Current Assets [Default Label] Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Net Income (Loss) Attributable to Parent Shares, Outstanding Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable Net Cash Provided by (Used in) Operating Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash and Cash Equivalents, at Carrying Value SharesIssuedPricePerShares DeferredUnderwritingCommission EX-101.PRE 11 soac-20200331_pre.xml XBRL PRESENTATION FILE XML 12 R20.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions (Details) - USD ($)
3 Months Ended 12 Months Ended
May 08, 2020
Mar. 31, 2020
Dec. 31, 2019
Related Party Transactions (Textual)      
Aggregate ordinary shares of subject to forfeiture   1,125,000 1,125,000
Percentage of issued and outstanding shares   20.00%  
Private placement warrants, description   Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5 million. Each Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share.  
Cover expenses   $ 300,000  
Borrowings   $ 146,000  
Business Combination price   $ 1.00  
Working Capital Loans   $ 1,500,000  
Subsequent Event [Member]      
Related Party Transactions (Textual)      
Borrowed an additional amount $ 17,000    
Payment for secretarial administrative fees 10,000    
Repaid amount $ 163,000    
Sponsor [Member]      
Related Party Transactions (Textual)      
Percentage of issued and outstanding shares   20.00%  
Common Class B [Member]      
Related Party Transactions (Textual)      
Ordinary shares, par value     $ 0.0001
Common Class A [Member]      
Related Party Transactions (Textual)      
Ordinary shares, par value   $ 12.00  
Founder Shares [Member]      
Related Party Transactions (Textual)      
Sponsor purchased of ordinary shares     8,625,000
Aggregate price     $ 25,000
Sponsor transferred founder Shares   30,000  
XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 36 201 1 true 13 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://soac.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Balance Sheets Sheet http://soac.com/role/BalanceSheets Condensed Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Balance Sheets (Parenthetical) Sheet http://soac.com/role/BalanceSheetsParenthetical Condensed Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Unaudited Condensed Statement of Operations Sheet http://soac.com/role/UnauditedCondensedStatementOfOperations Unaudited Condensed Statement of Operations Statements 4 false false R5.htm 00000005 - Statement - Unaudited Condensed Statement of Operations (Parenthetical) Sheet http://soac.com/role/UnauditedCondensedStatementOfOperationsParenthetical Unaudited Condensed Statement of Operations (Parenthetical) Statements 5 false false R6.htm 00000006 - Statement - Unaudited Condensed Statement of Changes In Shareholders??? Equity (Deficit) Sheet http://soac.com/role/UnauditedCondensedStatementOfChangesInShareholdersEquityDeficit Unaudited Condensed Statement of Changes In Shareholders??? Equity (Deficit) Statements 6 false false R7.htm 00000007 - Statement - Unaudited Condensed Statement of Changes In Shareholders??? Equity (Deficit) (Parenthetical) Sheet http://soac.com/role/UnauditedCondensedStatementOfChangesInShareholdersEquityDeficitParenthetical Unaudited Condensed Statement of Changes In Shareholders??? Equity (Deficit) (Parenthetical) Statements 7 false false R8.htm 00000008 - Statement - Unaudited Condensed Statement of Cash Flows Sheet http://soac.com/role/UnauditedCondensedStatementOfCashFlows Unaudited Condensed Statement of Cash Flows Statements 8 false false R9.htm 00000009 - Disclosure - Description of Organization and Business Operations Sheet http://soac.com/role/DescriptionOfOrganizationAndBusinessOperations Description of Organization and Business Operations Notes 9 false false R10.htm 00000010 - Disclosure - Summary of Significant Accounting Policies Sheet http://soac.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 10 false false R11.htm 00000011 - Disclosure - Initial Public Offering Sheet http://soac.com/role/InitialPublicOffering Initial Public Offering Notes 11 false false R12.htm 00000012 - Disclosure - Related Party Transactions Sheet http://soac.com/role/RelatedPartyTransactions Related Party Transactions Notes 12 false false R13.htm 00000013 - Disclosure - Commitments & Contingencies Sheet http://soac.com/role/CommitmentsContingencies Commitments & Contingencies Notes 13 false false R14.htm 00000014 - Disclosure - Shareholders??? Equity (Deficit) Sheet http://soac.com/role/ShareholdersEquityDeficit Shareholders??? Equity (Deficit) Notes 14 false false R15.htm 00000015 - Disclosure - Subsequent Events Sheet http://soac.com/role/SubsequentEvents Subsequent Events Notes 15 false false R16.htm 00000016 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://soac.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://soac.com/role/SummaryOfSignificantAccountingPolicies 16 false false R17.htm 00000017 - Disclosure - Description of Organization and Business Operations (Details) Sheet http://soac.com/role/DescriptionOfOrganizationAndBusinessOperationsDetails Description of Organization and Business Operations (Details) Details http://soac.com/role/DescriptionOfOrganizationAndBusinessOperations 17 false false R18.htm 00000018 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://soac.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://soac.com/role/SummaryOfSignificantAccountingPoliciesPolicies 18 false false R19.htm 00000019 - Disclosure - Initial Public Offering (Details) Sheet http://soac.com/role/InitialPublicOfferingDetails Initial Public Offering (Details) Details http://soac.com/role/InitialPublicOffering 19 false false R20.htm 00000020 - Disclosure - Related Party Transactions (Details) Sheet http://soac.com/role/RelatedPartyTransactionsDetails Related Party Transactions (Details) Details http://soac.com/role/RelatedPartyTransactions 20 false false R21.htm 00000021 - Disclosure - Commitments & Contingencies (Details) Sheet http://soac.com/role/CommitmentsContingenciesDetails Commitments & Contingencies (Details) Details http://soac.com/role/CommitmentsContingencies 21 false false R22.htm 00000022 - Disclosure - Shareholders??? Equity (Deficit) (Details) Sheet http://soac.com/role/ShareholdersEquityDeficitDetails Shareholders??? Equity (Deficit) (Details) Details http://soac.com/role/ShareholdersEquityDeficit 22 false false All Reports Book All Reports soac-20200331.xml soac-20200331.xsd soac-20200331_cal.xml soac-20200331_def.xml soac-20200331_lab.xml soac-20200331_pre.xml http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/us-gaap/2019-01-31 true true XML 14 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 15 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions
3 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 4 — Related Party Transactions

 

Founder Shares

 

On December 31, 2019, the Sponsor purchased 8,625,000 shares (the "Founder Shares") of the Company's Class B ordinary shares, par value $0.0001 for an aggregate price of $25,000. In March 2020, the Sponsor transferred 30,000 Founder Shares to each of the Company's independent directors.  The Founder Shares will automatically convert into Class A ordinary shares at the time of the Company's initial Business Combination and are subject to certain transfer restrictions, as described in Note 6. The Sponsor has agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriter so that the Founder Shares will represent 20.0% of the Company's issued and outstanding shares after the Initial Public Offering.

 

The Initial Shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, 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 (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction 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.

 

Private Placement Warrants

  

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5 million. Each Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share.

 

A portion of the proceeds from the sale of the Private Placement Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

 

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.

 

Related Party Loans

  

On December 31, 2019, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the "Note"). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed approximately $146,000 under the Note. Subsequent to March 31, 2020, the Company borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note and fully repaid this amount on May 8, 2020.

 

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender's discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. To date, the Company had no borrowings under the Working Capital Loans.

 

Administrative Support Agreement

 

The Company entered into an agreement, commencing on May 8, 2020 through the earlier of the Company's consummation of a Business Combination and its liquidation, to reimburse the Sponsor a total of $10,000 per month for office space, secretarial and administrative services.

XML 16 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("GAAP") for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected through December 31, 2020.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on May 14, 2020 and May 6, 2020, respectively.

Emerging Growth Company

Emerging Growth Company

  

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

 

This may make comparison of the Company's financial statements with another public company 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.

Concentration of Credit Risk

Concentration of Credit Risk

 

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. At March 31, 2020 and December 31, 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Financial Instruments

Financial Instruments

  

The fair value of the Company's assets and liabilities, which qualify as financial instruments under the FASB ASC 820, "Fair Value Measurements" approximates the carrying amounts represented in the balance sheets primarily due to their short-term nature.

Use of Estimates

Use of Estimates

  

The preparation of the balance sheets in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates.

Deferred Offering Costs Associated with the Initial Public Offering

Deferred Offering Costs Associated with the Initial Public Offering

  

Deferred offering costs consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering and that were charged to additional paid-in capital upon the completion of the Initial Public Offering in May 2020.

Net Loss Per Ordinary Share

Net Loss Per Ordinary Share

  

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters. At March 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.

Income Taxes

Income Taxes

 

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.

 

FASB 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 and December 31, 2019. 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 and December 31, 2019. 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.

 

The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision is zero for the period presented.

Recent Accounting Standards

Recent Accounting Standards

 

The Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the financial statements.

XML 17 R3.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2020
Dec. 31, 2019
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Forfeiture if the over-allotment option 1,125,000  
Ordinary Shares Class A [Member]    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued
Common stock, shares outstanding
Ordinary Shares Class B [Member]    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 8,625,000 8,625,000
Common stock, shares outstanding 8,625,000 8,625,000
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Unaudited Condensed Statement of Changes In Shareholders’ Equity (Deficit) (Parenthetical)
Mar. 31, 2020
shares
Statement of Stockholders' Equity [Abstract]  
Forfeiture if the over allotment option 1,125,000
XML 19 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments & Contingencies
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments & Contingencies

Note 5 — Commitments & Contingencies

 

Registration and Shareholder Rights

 

The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to Class A ordinary shares) pursuant to a registration and shareholder rights agreement. These holders will be entitled to certain demand and "piggyback" registration rights. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Underwriting Agreement

  

The Company granted the underwriter a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at $10.00 per Unit, less the underwriting discounts and commissions. To date, the over-allotment option has not been exercised yet.

  

The underwriter was entitled to an underwriting discount of $0.20 per unit, or $6.0 million in the aggregate paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $10.5 million in the aggregate will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriter 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.

  

If the over-allotment option is exercised in full, the underwriter will be entitled to an aggregate of $900,000 in fees payable upon closing and an additional deferred underwriting commissions of approximately $1.58 million.

 

Risk and Uncertainties

 

On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus (the "COVID-19 outbreak"). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company's results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company's results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company's ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company's ability to have meetings with potential investors or affect the ability of a potential target company's personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company's ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

XML 20 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Description of Organization and Business Operations (Details) - USD ($)
3 Months Ended
May 08, 2020
Mar. 31, 2020
Description of Organization and Business Operations (Textual)    
Price per shares   $ 10.00
Closing initial public offering ,description   Upon the closing of the Initial Public Offering and the Private Placement, $300.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed 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, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
Percentage of outstanding voting securities   50.00%
Public Shareholders, description   The Company will provide the holders (the “Public Shareholders”) of its Class A ordinary shares, par value $0.0001 per share 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 a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share).
Amount of tangible assests   $ 5,000,001
Redeeming shares, percentage   15.00%
Percentage of redemption of company's outstanding public shares   100.00%
Business Combination term   18 months
Description of business combination within the combination period   (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay for its tax obligations, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the 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 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 the requirements of other applicable law.
Working capital deficit   $ 648,000
Borrowing amount   17,000
Addditional amount   163,000
Private Placement held in trust account   3,100,000
Cash  
Sponsor [Member]    
Description of Organization and Business Operations (Textual)    
Price per shares   $ 10.00
Advancement funds   $ 146,000
Contribution amount   $ 25,000
Initial Public Offering [Member]    
Description of Organization and Business Operations (Textual)    
Options term   45 days
Additional Purchase of shares   4,500,000
Subsequent Event [Member]    
Description of Organization and Business Operations (Textual)    
Deferred underwriting commissions $ 10,500,000  
Subsequent Event [Member] | Common Class A [Member]    
Description of Organization and Business Operations (Textual)    
Unit price (in dollars per unit) $ 10.00  
Subsequent Event [Member] | Initial Public Offering [Member]    
Description of Organization and Business Operations (Textual)    
Gross proceeds from issuance offering $ 300,000,000  
Unit price (in dollars per unit) $ 10.00  
Offering costs $ 17,400,000  
Consummated Initial public Offering, shares 30,000,000  
Subsequent Event [Member] | Private Placement [Member]    
Description of Organization and Business Operations (Textual)    
Gross proceeds from issuance offering $ 9,500,000  
Unit price (in dollars per unit) $ 1.00  
Number of units issued in transaction 9,500,000  
XML 21 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Prepaid expenses $ 16,865 $ 15,961
Total current assets 16,865 15,961
Deferred offering costs associated with initial public offering 605,232 103,660
Total Assets 622,097 119,621
Current liabilities:    
Accounts payable 111,227 23,060
Accrued expenses 407,596 80,600
Note payable - related party 146,312
Total current liabilities 665,135 103,660
Commitments and Contingencies
Shareholders' Equity (Deficit):    
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-in capital 24,137 24,137
Accumulated deficit (68,038) (9,039)
Total shareholders' equity (deficit) (43,038) 15,961
Total Liabilities and Shareholders' Equity (Deficit) 622,097 119,621
Ordinary Shares Class A [Member]    
Shareholders' Equity (Deficit):    
Ordinary stock value
Ordinary Shares Class B [Member]    
Shareholders' Equity (Deficit):    
Ordinary stock value [1] $ 863 $ 863
[1] This number includes up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).
XML 22 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Unaudited Condensed Statement of Changes In Shareholders’ Equity (Deficit) - 3 months ended Mar. 31, 2020 - USD ($)
Ordinary Shares Class A
Ordinary Shares Class B
[1]
Additional Paid-in Capital
Accumulated Deficit
Total
Beginning balance at Dec. 31, 2019 $ 863 $ 24,137 $ (9,039) $ 15,961
Beginning balance, shares at Dec. 31, 2019 8,625,000      
Net loss (58,999) (58,999)
Ending balance at Mar. 31, 2020 $ 863 $ 24,137 $ (68,038) $ (43,038)
Ending balance, shares at Mar. 31, 2020 8,625,000      
[1] This number includes up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).
XML 23 R21.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments & Contingencies (Details)
3 Months Ended
Mar. 31, 2020
USD ($)
$ / shares
shares
Commitments & Contingencies (Textual)  
Underwriting agreement, description The underwriter was entitled to an underwriting discount of $0.20 per unit, or $6.0 million in the aggregate paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $10.5 million in the aggregate will be payable to the underwriter for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriter 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.
Deferred underwriting commissions $ 1,580,000
Underwriter fees payable $ 900,000
Initial Public Offering [Member]  
Commitments & Contingencies (Textual)  
Options term 45 days
Additional Purchase of shares | shares 4,500,000
Unit price (in dollars per unit) | $ / shares $ 10.00
XML 24 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Unaudited Condensed Statement of Operations
3 Months Ended
Mar. 31, 2020
USD ($)
$ / shares
shares
Income Statement [Abstract]  
General and administrative expenses $ 58,999
Net loss $ (58,999)
Weighted average shares outstanding, basic and diluted | shares 7,500,000 [1]
Basic and diluted net loss per share | $ / shares $ (0.01)
[1] This number excludes an aggregate of up to 1,125,000 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 4).
XML 25 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Unaudited Condensed Statement of Cash Flows
3 Months Ended
Mar. 31, 2020
USD ($)
Cash Flows from Operating Activities:  
Net loss $ (58,999)
Adjustments to reconcile net loss to net cash used in operating activities:  
General and administrative expenses paid by related party under note agreement 53,456
Changes in operating assets and liabilities:  
Prepaid expenses (4,175)
Accounts payable 9,718
Net cash used in operating activities
Net change in cash
Cash - beginning of the period
Cash - end of the period
Supplemental disclosure of noncash investing and financing activities:  
Deferred offering costs included in accounts payable 78,449
Deferred offering costs included in accrued expenses 326,996
Deferred offering costs included in note payable 92,856
Use of retainer for deferred offering costs $ (3,271)
XML 26 R19.htm IDEA: XBRL DOCUMENT v3.20.1
Initial Public Offering (Details) - Subsequent Event [Member] - Initial Public Offering [Member]
May 08, 2020
USD ($)
$ / shares
shares
Initial Public Offering (Textual)  
Gross proceeds from issuance offering $ 300,000,000
Unit price (in dollars per unit) | $ / shares $ 10.00
Offering costs $ 17,400,000
Consummated Initial public Offering, shares | shares 30,000,000
Initial public offering, description Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a “Public Warrant”). Each 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).
XML 27 R11.htm IDEA: XBRL DOCUMENT v3.20.1
Initial Public Offering
3 Months Ended
Mar. 31, 2020
Initial Public Offering [Abstract]  
Initial Public Offering

Note 3 — Initial Public Offering

  

On May 8, 2020, the Company consummated its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5 million in deferred underwriting commissions. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant (each, a "Public Warrant"). Each 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).

XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 7 — Subsequent Events

  

The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

XML 29 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 30 R22.htm IDEA: XBRL DOCUMENT v3.20.1
Shareholders’ Equity (Deficit) (Details) - $ / shares
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Shareholders’ Equity (Deficit) Textual)    
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Aggregate ordinary shares of subject to forfeiture 1,125,000 1,125,000
Percentage of issued and outstanding shares 20.00%  
Description of warrant redemption ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days' prior written notice of redemption, and ● if, and only if, the closing price of the Company's Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) 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.  
Ordinary Shares Class A [Member]    
Shareholders’ Equity (Deficit) Textual)    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued
Common stock, shares outstanding
Ordinary Shares Class B [Member]    
Shareholders’ Equity (Deficit) Textual)    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 8,625,000 8,625,000
Common stock, shares outstanding 8,625,000 8,625,000
Ordinary Shares [Member]    
Shareholders’ Equity (Deficit) Textual)    
Description of warrant redemption Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to us and subsequent reissuance by the Company) by the Sponsor in connection with 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 on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company's Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates its 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 discussed below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.  
EXCEL 32 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001213900-20-015197-xbrl.zip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�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

%^FV EKHFX*C$M; _):>,H M[&Z1JV0<=XL4O=1;1C!T,Z/Y/"DM:V)M@-_8L#ZQ;AA8_6WPD8^1TC9+8! ] M]IL K]]9%H_TUV\,3_U,O)PNSAJ>VPO15PX]>2-)^X.'Y?6:/;+I?(OT&DZV M?@_JC:A.]VUW, 3C8<>P55)Q-+NB^1RUK9NS5-!V2UNU/<7%[7F:WP]=G&$W M":1((WF#$!4\1/V92%IEQXV0L (G-C8VX>S8&.8NB4E\\OBY(/%%-F5] N8) MD2;\$B-YDM$NP6T*\KS/NF5%>YNQ(TL!(^*MJ2MA,FA+0I@AKBB,X MN^G@EH7T]&#OJ4_B?ZP+F4KM.K\DO)7X%7OMFESGNW$R^_DIOXEA]O>PNNO4 MN_\=,*YLCY53E\*;GT)ECFC]8YL-5O8I_SOB7G'-?@4E&J!)\OEM;5*W]RHPP!_,FC.>\11R?R.2$;AZ[Z7O1.F/3 M*)3Q#+]X08D8[<+0.',#E.""?"#R_ULO?K6/-1S/[%R YQ#GD17K13T[6H/1 M]VC*RF#UEOT7/PS4<7C7*ZA5[M[!YORD^F9AA:JOA%V>71L_HGPK M19F1!7=UMK&Z(]^OXY8\M3*]RR:<'X)B%U9WAFK8A=25#:A+3D];:@)W*& <;]WJQN!L"H9T>47Y/WPGX0ZG?)9X2=AX)(E8W\&_ M8(/Q[@!WG GI6#U%WK#@04B63"Q2V<=Y]?-M&M]80Y/TH?606MV!_/*G VU^[+D) 0:EC"-N:$3"KT5P;3Z/80#K MU2H5BVHXK7>=+[)Y3I>8QV8/102X6GL-#AA7I4Z<@)LIF(6K<7R5Z(&6-8J3 M(DKS@A\78C+-V&/FNDVR.];SBD$QT^\\R7 6[7C#P9"/I+Z]>UI=QRUN^F;] M/.O7^4#?OFZP50G>LI5L5[7F@,XX\^!:W9ZSZX7N254.'[GA'2\^;*U.?I-E MM4377U'8J@1 ZM15;80ZV^9?BSHUG+=4IX\;3@?JPZ_+W-YO=JRAJ%)3)5=% MMDR_"C6J?+=18M:Z,G5/*OQM/>J(HTLG.R@J&X M,53[8F.V?,!(*VO$!I_\/AR= &',>*9T@;/DGV* ?)IG19XFL1PM9_&,/58^ M'.;_.9V?R^$N3ILPVZ'(L1V5[36<99>/HQ/HLHN"@[\?^ZB->EA]4_9+U"E= M3+O:Y?-WK?F%33(V>"'?3WI@'YK)*+_9)EEDR3R)<%96\P3F46:L/'Z)[C5Y M*$]8-;[LH]VVHO'5O+Q/>,@[>\^WX/#_PR5L7W%UM%=$-%G5SJ'-2GB/DW7! M.N:BJ"/H&5,8'D*MZE!CFZK+;!!?<2*)] MU55F2-BAMB&X(9FIAIO)T-"X;%0)$)1IJ9J+2#7FX/5JYNPN71AZY0DG$WDL MD\?_Y&+\2#(^>&S-W^T.=&09OF_<&5V]_A4\S@6 T>TVK'67]%1EB$663BEH M4PPX%^Q4^2$O/+80<**V^N)Q)7Q=LA[RR&U=?XN7J_==9K9 )LX8S M8P%-@>64ZPIL0JM^SBX>*>'NU$;8^TUU-;):]G2+!F,P"AS+6%G^XVD *_MO MOSG^XW?OZP1LSZN,QB^ R'5]4Y#?U\S3GMTY1!:8X7Y#J^VDN['4>BPL.CI"H:8^&4OQ73>VX!YE/\> M4I:KL4^9C:M06W-NEF $.(JN[HZ?@F^>M2,8]K3E<;8D=,%3"M'\OKQE4X\5 MS@8$-L+.V_;'F&HTFR N1L$5-9:I,E.H3)&T194Q# =WRILU*V5(S&52?#FE M)$Y*_I=QAFVQ\+O&,4B]NZ!AA >7F#M'=:FB92'RWPH+Q$U@*.P<)U2<#6U% M@%UD;,BX%@LL\ATR/ ]'6Y^J&U6=MOZ<#,$H<0Q;YD*'(FRI+$OR3EK3:TP6'4 MM;.BPYX9V_YAV ^4C2\WN(#W4!GC4;0FD$J4CS8_@.[9+XBT"*##9_HWIKK- M@P>M0MYGZS#S'3 )KN!Q/'4Y?W@69\3,4/?&2!BBDXFFK_&#F]K,<,_)$:VD M>SD1M5@PPAH@J$8 "A[I9_(?6LAB.89^S,BK9&LF[3&%^,W!>)VE>PF M0AQ7!AB);DE><^(D+@X9]*Y*(HUOUE0._DQO/DC[#W?=3JN6KVK4-V,@RM[ M6\;*7164SPE652GR]JFD*J?): %#L%_YBVIHUPK_O] Z0[ MV_T&+!BQ#1!4E@&9#IFT&! ]3S(4YVF*:<$S0J)UMH/8)$//+RCQ=X'$-IT, M8+WUUT-TFZ[8! PN#Q=VZI4-7!9<"I#NLJU7\,2ZW>F:_9F98M3T4)^NQ4:V M[59TN.":<2"G9([9:7XE@_.8Q'>XFE&>K[-8F[)+Q7AS%B9ZC9/H X(WM(V5 M>C-< T-SCMM3(_,$)OSD?,E3S&G&2O)B;EU%7"V]"6)<51J9N)G!$,\HKIK MB=JXV7-9=5NF7&^J+&#L801KP--[C@7>J2)UZ52QV4\NL>N&<]>=Q 9OB1 M?S2YQS2>BM6,XNR!T"@I>*K,7TBRN&4OSN2.4+P@EV2)DTP\JTRLC:QQ>DWH M\M@T6PC!Q.O<+MRC[DP;_=,(_AZ'K[LR.I4%HI)A 'F"0D[);(^O@7A_=WKD M%%%7W\-26Y>4.H2-$RX$L>%!HULL0Z$@37);JSB?UGP+AOU'JV(762LWP?!" MD$,1@=;;G"MG6(,;M(>CR_&DE? 08<>ERI?F"K$&+)-GEQO;?4W'TKQ@CE8[ MN&]MM&CG!JZF_B9DXRJSF9&YV077W!9DE3F9M&;BZLS'FOS9+^--$3!<9KV= M-XE^7R>%^$OK+HW5AR1YNORX)'G7#)WXER4$&B-=W)99PN41'RO6T?(A_9 MA(EL,)/7QRZH^. :&T%249)TF6WD2[1#MVE:'5_R>*GI_)IQ2=B<:5(4Q'"O MA1'J;ZW<3G:S9*['P9"'G9PR^Q!HA4=8&NQ)$)7EJI.QQ733 ;8< MG]:;;%V4-V$]L;*-[+8L!X8HGT;>/ERB37G\OR)9XA^*SC"JFDGL=3^G'A&R M.MTDF5AOY.N"NL=AA'I3Y0#91G4&' Q5VT\-0&_.SDJT<75:5' A#5+KJZ7"HDB"^35T M'+V_B)F2)C=KL;LF)AF&2 T%Y3,2QD"Q'?72@\!H=R,O331+ T18(/_Y%1+&UE8@_D8U>G*;T4SW>QB-K">EC%YJU'Z;=Q(W^Y3F!M: / 8Z&@BV M(AU["!C-;**EV2AN=HKWVM0SFMSADLQ2+",K_XND8D=P7=07#FEG<@Y6_N;6 MSE783*,'36#(Q9FG)H">&Z+&$MTR4[EARXSKN^%A3'I.<7%K&#G+K[PF%&N1 MZ60.8Y\'%X6&C#((8%_MZ^B,O$]L.A^\E6S@L.R6!?D[=/.4BFY.Y&Q32G") M/9GZ]K?003L#>TYB0OE,:Y4727F1%6O*#R"T4^XD:M1#@ZO.C9]Z9GN#1B5^0#<5?E_.+8JH"%&5$53:-Z>B].0V M7JC[?? FMY#27&I-98"OA/F^Z'5@_N!F%_[25]OLP,4(AF1&,'7-[K2S@;Y+ M(*-+VAIGJS#AC(,I:AQ-8 C*F:=)3KV0Q MU5,N?G,M(+ATG\):67E;,;GFE+E+"8_%N8+NY!"(AEOGT9RR=YGQH8ZI#N?O M,H'A:&Z H7*HN2NEEVB%*;KC]T4 497^'1(W6CS-,1J* . 7K95S<(M:>S@* M'4_:O$PF)6@+S;80B;99"S#\-5T1YU,)O!$-IXFN'UV8:^'%OIA)K]@GB*E+ :.USN9!0L#LE3"& >DL0$B,&>BIDB@ M51,)=%_9^E@V$9N?U>:I(65>!^ Q'EA#K!4*W/H6A@)TE-0 8(9!I +M._97 MVY[M;_U'_*HMN?D*1C,J?(PAOOMM/]9#.<3XFK&>V]9,M]?2*A!2NQO9Z54@ MQ@$(^PH%E@G0SG-Z12)*2DP3QC)>)EE2B+M%[\@Y(84^V&FK$OR-#;:JVF:8 M,,H#YF1OO$D-GNH[O<>=U!46JUM MDLV7,,2@8:1N>'#(CCS,WO(JR2OM^,*-885HP"9PEB25_D RI(U!<"&-8>ET MZGJ?ZV_=LY(?]0I9.^!1L8M M,_T2OP7M]T89*^7NG3):*)2+!MUH KEZJ!/WU$XO/UE0(M;F=+5SL0H3E6:M M@CXJ36L"PQ$Y\U35U,KXCVNPC]55^U4%^DK:+8!<':$1D0T.RALY4?5^?81! M00U)0OEJ )OO\V3WNFJ9D-X48Z?:*$4/@^%BK-R,;H7U2GR!!:TD?)\CF2I9 MZ!F;V96/5889E_.\SK9^1SDCJM,=\S@8PE#42+9*>$/+_-MOOG]]_.?W2!:# MGE<%O4 ^8_6K?@7B"#7I^HOE]>5NE!!69 1ZY SIA+N6+TF8N1K : M;@3C?NO5IDC:HLHX2&O5X]7ZP(ZXH'-2%'F4\&,3OR3EK?9@SU"#[JA<6&V^ MVTH9IP[-Z3I1/MK\@,@+*5YWPWF\H!+:U>6!()O<3K;?E*^>- W<5T,]-5,^ MJ(:QDW3/F!_DE0F=11Q42SZM$NKV-WOS"IX?8]4)Q^VD2V,C6GF#BPB(T*7@ M#2*+IV2V!=6D-HJ#&6[%>1#1R\E\QT&:PGA67C_<$G'_SM,9SE#C04V<>N!JC6<^8[,+=?:S<[ X@QVXA &LM!ZZC M]Q""M-)NMIM!M[5:> PC28//+V M5\*O_%3;J/WM;Z]A+%KJ21G.\DF4YR=;!\_)HZFG:_:>=CL5+0# \[7S4N9+ M O425;B@#]G\=,$]UH'GB7YEKAVOTQ*)3>>_!WJL'Q-\DZ3"/UD$K*( /6X+ MN?ZC;T%#ZUF<>N]L\ND>O(KZ[8]@'KR%G.*F6] _U+N1DU+>;,$WP/DD?88# MMD=+&I,L=FN=(1N8+XF=JN65$>>7)3Q0(WTBY47&!K_D8UYH^X(.X+S4_U6-)W3UD \@O.5-5TP9* Q[3(O]ZP6_"J*Q190ZFT:K,^+H( M-VA]':T!-N05I7;_%RT!U(>CF$3WGY;"F?8&:HM"FK$#MRUGR?_@HY@ZG M_(C))2E8'QN5).9?L,%1]X,64N:EZDO_["%*U[R#8'_\^&@ WL8! !4 !S;V%C+3(P,C P,S,Q7W!R M92YX;6SM75MSX[:2?M^J_0]L:GU&*MN3G-V7%"Q" M$L]0I *2ON37+T!2,D42-Y)0@Q.F*C,>&0VA^T,#C4:C^^>_/ZU\YP&3R N# M3PCF[/Q^,#)XI1X"(_#/"G@R \^/M__?N_.?2_ MG__C\-"Y\K#O?G NPMGA.)B''YW/:(4_.+_@ !,4A^2C\ROR$_9)^,^SFVOZ MS^SK/CAO7KV>.8>'"IW]B@,W)%]NQMO.EG&\_G!T]/CX^"H(']!C2+Y&KV:A M6G>W84)F>-M7%*+9?YY>G!Z?'A^_?GWRZFE.!WV!8OHK]AG]U?%/](^3G^Z. MWWUX\_;#\?O_4_R>&,5)M/V>XZ=WQ\=OCX^/3S+RGWTO^/J!_7&/(NQ0*(+H MPU/D?3HHULB5?HT L8)#-\L*%BO=31G;Q___XH M_>VF::7ETSWQ-]_Q^F@SG&W/]+>>H'UA))'W(4J'=QW.4)S.*.G7.-P6[%^' MFV:'[*/#D]-#!D_D'FR$GTJ0A#Z^P7.'_4WGR/9;&:YT3JR.V"^.*#C)"@?Q M*' O@]B+GQE29)4.E X^[6E)\/S3 :,[?)D-D?N="FW\O*;:$7FKM4^%<=1@ MA&?(9Y*\76(<1[(AU3;N> Q31"C32QQ[,^1K#:B6LOWHO@0H<;T8N^=AX.(@ MPBY3,&NF M E0;R (%WI^I0M E_"R)O !'D?J"T:RW]ES<)JL5(L^3^:VW"#R*,J)[T&P6 M)G03"A;3T*>X8^GH]7II/^IQX,4>\J?)/>UY,I]C0K]&-D@A4?LQW6"?3C>7 MZDC\?$=0$*&9$O(RNO8C.P]7*R]FBA!1W6"(4 M< 54970>SK^GJO8=U^3:Y MC_ ?">7^\H&)0*X#]>WWI:/=ZFKW.JNWPEW@&'E^Q\MFJ=-](:/(2Z/.#*VE MBD-6H36WLBH.4I'.B)!( M1389G?\N&NOH/HH)G9B;CGQTC_VT^]\9K1KI49/!YF)-72-S%-VG_I$D.EP@ MM#XZ/3YY?X3].-I\_0/4.[PD7>L-RN/.3BO!B1 MW>$C,MMT3'_XFB=GED.9TO/W\ZG.0E7NK+-!Q(*N0D)U8E/!R?' MQW: 034+C^F/D0(@A;; H'"$*T:@,/PO)4P*B2 M]!&3*A=;!0%%ICBNBW"%O( /25U;R[#@S:\2+'6F ("/YT*B/ 9;0P5^CHJ1U-L'N=,<\=8SK !TSNPPBG;6T! M\4P#Q#--$%_;!.*972!&&Q0C/'NU"!^.7.QE -(?RKC1CW[/S)T;O/"8E1/$ M[$ZQ!C7:M+ZE(F:F(..;.1O(N".O +9OH9_381/DC^DQY^E_\+-(ZI6FBF(_ ML4#N'#9!!#^B0W;9L*]\M*@7>*D)],:B).A:MD $?)X0QM25%\V0_[\8D"I3$+F,6!('-4?:.]ELO]=T6BI+^$532=4R!2G>*B1>ZPLG- M::HH[S=6R+N635#!9\J6C>N*?E9WDBXP4--<$8"?K " RZX%(+ 53QF"0F-% M -Y:!$"%54BS,=MU;O Z).R&((O_$UJ/' I%(-[98$0*F09$X\KS,3FG?"Q" M(C3A2PT59?_> MG7L@@H\ML5\OW-S:Y(Y*6&RFRR.DS)?8]\_#U1H% MPEF^VTY5XC8<4^LX!!3XY0J3!5WH?B'A8[Q4D#R'0!4"V .L L^06#RE,0,> MDUEFB@F!J&FMB@+L>5;&+:31DWI<4\]L&GH039(X?2]2B-^K-7V$=*JPP!Y^ MU24 ; =]3C@^_QU38M-*5?BP)V$>=X"B'@PLBLPV0((QO"R.P)([,J FD((VL61F;L M7/D-A)&U!W$41=10EENDY7;6QY-QQMW=,;0KV>.0Q,+.E1AP290=MA15 UX\T 'A%H.&^\K M<1@C'WY7N#P4VH&'>*F ULMAS;IC$Q9X.TO?2WY5M3CVD/WGN_% M'HY&@9L:H#MO=.6V@'H/]H?1:;-DD[(51JULR(EHH(/NM%'@@FBUL90&!J<]=&B>@KQ#)48L X#,O"HDXA.)GA ITX"%]ZB H!K:V#;\5HEYE-S?VXZC@;?('8W (X?PY2%\V2 *0_CR$+YL$HLA?'D( M7P8WVH?PY6\ Q%VO)C6?)R1=9=S4J3;%)'V#K>K$)VQYP] MFA\E\3(DWI\OYS$9=E4ZZ,#HAJ#Q!& O6.,H2G2!VM! QTNW FF7<7L!$B?A M$##8) L'8&X454YLPJMP$:2_?2D10X=5*^.F(0KKL%/?MH1$T$9E$ZSLWK J M Y7M5ER"WD122UBV%!>E3:J3/%& F5B4V.@&)DZ4YU5(YMB+$X+'\PD]QXU\ M/TQCK2;K8B&N4HRGE HZ$%HN>B4VN*+?Y_V2;D7JG#!)W2XJ8H!CNVH<\XSKB[#FN3U.;M2LV@70MZ@-3RV/>8B]^PMUC296U$ MEW&TR+/^3>;I=EK83<]0Y,WH5+SP_"06F7U-^X-V8.A-A792LT-E-Q%>FS.A M,L120F@/AQZ6BG+HAS&C$$;SIKEE8U%D#;"E8^6I %B?FIT,NK@QLT81SY8B"LR3BZMK>*+AL*K'R!F& V5M$M4BX>K(^8E//B1T1<:6Q MR8+B.,TM0T4TX\K&?SU#A?NA+LW#@K^:'_#&6M8UA':6:(F7QX01\Z]C:/AA M;"6N=&/8S$=?-("&'\MFW\-)67RAA S:+]%D@5*21/\#$,O/#F5(\]I;$Z2A M ;&8]_YCNZ\GFN#7T0;>Z*W3BE1T!"2V $CU (/F407P(8HJH00]1G%*PKD7 MB^_IBFVLV35EN%49L\.8:;?^_7YJT:ZFOP*RX7>B/9>!"Z\[;59 #2#AXQ)K M1V\(QQYY[Q6NU]X:=N5;= =GL6O_+W4_U\B'/]S6S<]1M+SRPT=.". [;4VF M_3E9AU8HY98_+5VLH8(-+&,#HK;=@T9R/T,)6TC=9)2A-4Z@D?NO),J2D=Z%-W@6!C-69+C( M[%W8F::;^39H#T9G<\PD&'8L(A-J'Y-;[-..%XWCR;4Z@7:3&,4T;"X7FV8% M%07!*,(7./N[P'Q^KZ(41ZC.A.A3 GM[0&%OUZ, M^H;,^\R0"?""O6*&-V2JG)9J@>C,F HI].-8T"G#$63_C5]UPZV+PRO\ ]X] MSB)]T?;]Q19CE_W/W'L/R&="OL%41MZ,N;GH+Z@MMOM!H>4T]<&75>_R:>8G MS,M/?TB]T3=TK;V=#L! MKRVF*_NP.:_ Z+&2D+E/HNZPI<;1;B?@Y<:,HE8N,#1C'AIW,]D/B$+ M%'A_9@P&[ED240ZB2)8TZ[USZ%QXT

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end XML 34 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Description of Organization and Business Operations
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Organization and Business Operations

Note 1 — Description of Organization and Business Operations

 

Sustainable Opportunities Acquisition Corp. (the "Company") is a newly organized blank check company incorporated as a Cayman Islands exempted company on December 18, 2019. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the "Business Combination"). The Company has not selected any Business Combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

 

As of March 31, 2020, the Company had not commenced any operations. All activity for the period from December 18, 2019 (inception) through March 31, 2020 relates to the Company's formation and the initial public offering described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on 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.

 

The Company's sponsor is Sustainable Opportunities Holdings LLC, a Delaware limited liability company (the "Sponsor"). The registration statement for the Company's Initial Public Offering was declared effective on May 5, 2020. On May 8, 2020, the Company consummated its Initial Public Offering of 30,000,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units being offered, the "Public Shares") at $10.00 per Unit, generating gross proceeds of $300.0 million, and incurring offering costs of approximately $17.4 million, inclusive of $10.5 million in deferred underwriting commissions (Note 5). The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 Units at the Initial Public Offering price to cover over-allotments, if any.  To date, the over-allotment option has not been exercised yet.

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement ("Private Placement") of 9,500,000 warrants (each, a "Private Placement Warrant" and collectively, the "Private Placement Warrants") at a price of $1.00 per Private Placement Warrant in a private placement to the Sponsor, generating gross proceeds of $9.5 million (Note 4).

 

Upon the closing of the Initial Public Offering and the Private Placement, $300.0 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement were placed 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, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

 

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 one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing 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").

 

The Company will provide the holders (the "Public Shareholders") of its Class A ordinary shares, par value $0.0001 per share 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 a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share). The per-share amount 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 underwriter (as discussed in Note 5). These Public Shares will be recorded at a redemption value and 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 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. 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 the amended and restated memorandum and articles of association, which the Company adopted upon the consummation of the Initial Public Offering (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. If the Company seeks shareholder approval in connection with a Business Combination, the Initial Shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.

 

Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association will provide 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 15% or more of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.

 

The Company's Sponsor, officers and directors (the "Initial Shareholders") have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company's obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with its initial business combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 18 months from the closing of the Initial Public Offering, or November 8, 2021 (the "Combination Period") unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.

 

If the Company is unable to complete a Business Combination within the Combination Period, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay for its tax obligations, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the 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 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 the requirements of other applicable law.

 

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 acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to its deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in 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 to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company's indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

 

Liquidity

 

As of March 31, 2020, the Company had no cash and working capital deficit of approximately $648,000.

 

The Company's liquidity needs up to March 31, 2020 have been satisfied through a $25,000 contribution from the Sponsor in exchange for the issuance of the Founder Shares to the Sponsor and the advancement of funds by the Sponsor of approximately $146,000 under the Note (see Note 4) to the Company to cover for offering costs in connection with the Initial Public Offering. Subsequent to March 31, 2020, the Company borrowed an additional amount of approximately $17,000, for a total amount of approximately $163,000 under the Note. The Company fully repaid the Note on May 8, 2020. Subsequent to the consummation of the Initial Public Offering and the Private Placement Warrants, the Company's liquidity has been satisfied through the proceeds from the consummation of the Private Placement not held in the Trust Account of approximately $3.1 million. 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, provide the Company Working Capital Loans (see Note 4). As of March 31, 2020, there were no amounts outstanding under any Working Capital Loans.

 

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

XML 35 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2020
Jun. 17, 2020
Entity Registrant Name Sustainable Opportunities Acquisition Corp.  
Entity Central Index Key 0001798562  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Mar. 31, 2020  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2020  
Entity Current reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Shell Company true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity File Number 001-39281  
Entity Interactive Data Current Yes  
Entity Incorporation State Country Code TX  
Ordinary Shares Class A [Member]    
Entity Common Stock Shares Outstanding   30,000,000
Ordinary Shares Class B [Member]    
Entity Common Stock Shares Outstanding   8,625,000
XML 36 R5.htm IDEA: XBRL DOCUMENT v3.20.1
Unaudited Condensed Statement of Operations (Parenthetical)
Mar. 31, 2020
shares
Income Statement [Abstract]  
Forfeiture if the over allotment option 1,125,000
XML 37 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("GAAP") for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the period for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected through December 31, 2020.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on May 14, 2020 and May 6, 2020, respectively.

 

Emerging Growth Company

  

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (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 to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

 

This may make comparison of the Company's financial statements with another public company 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.

 

Concentration of Credit Risk

 

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. At March 31, 2020 and December 31, 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

  

Financial Instruments

  

The fair value of the Company's assets and liabilities, which qualify as financial instruments under the FASB ASC 820, "Fair Value Measurements" approximates the carrying amounts represented in the balance sheets primarily due to their short-term nature.

 

Use of Estimates

  

The preparation of the balance sheets in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates.

  

Deferred Offering Costs Associated with the Initial Public Offering

  

Deferred offering costs consist of legal, accounting, underwriting fees and other costs that were directly related to the Initial Public Offering and that were charged to additional paid-in capital upon the completion of the Initial Public Offering in May 2020.

  

Net Loss Per Ordinary Share

  

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters. At March 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the period presented.

 

Income Taxes

 

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.

 

FASB 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 and December 31, 2019. 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 and December 31, 2019. 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.

 

The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision is zero for the period presented.

 

Recent Accounting Standards

 

The Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the financial statements.

XML 38 R14.htm IDEA: XBRL DOCUMENT v3.20.1
Shareholders’ Equity (Deficit)
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Shareholders’ Equity (Deficit)

Note 6 — Shareholders' Equity (Deficit)

 

Preference Shares 

 

The Company is authorized to issue 1,000,000 preference shares 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 preference shares issued or outstanding.

  

Ordinary Shares

  

Class A Ordinary Shares — The Company is authorized to issue 300,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of March 31, 2020 and December 31, 2019, there were no Class A ordinary shares issued or outstanding.

 

Class B Ordinary Shares — The Company is authorized to issue 30,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of March 31, 2020 and December 31, 2019, there were 8,625,000 Class B ordinary shares outstanding.  Of these, an aggregate of up to 1,125,000 shares are subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriter's over-allotment option is not exercised in full or in part, so that the Initial Shareholders will collectively own 20% of the Company's issued and outstanding ordinary shares after the Initial Public Offering.

 

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.

 

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) 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 upon conversion of Working Capital Loans. Any conversion of Class B ordinary shares will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

 

Warrants 

 

Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. 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 issuance of 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 certain circumstances). The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a 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. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th 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. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

 

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to us and subsequent reissuance by the Company) by the Sponsor in connection with 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 on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company's Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates its 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 discussed below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

The Company may call the Public Warrants for redemption (except with respect to the Private Placement Warrants):

 

  in whole and not in part;
     
  at a price of $0.01 per warrant;
     
  upon a minimum of 30 days' prior written notice of redemption, and
     
  if, and only if, the closing price of the Company's Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) 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.

 

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.

 

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers' permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

 

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.

XML 39 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Details) - USD ($)
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Summary of Significant Accounting Policies (Textual)    
Federal Depository Insurance Coverage $ 250,000  
Aggregate ordinary shares of subject to forfeiture 1,125,000 1,125,000
Unrecognized tax benefits
Accrued interest