Note 6 - Commitments

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

6

 — Commitments

Registration Rights

The holders of the Founder Shares, Private Placement Warrants and warrants that

may

be issued upon conversion of the Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that

may

be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement. The holders of these securities will be entitled to make up to

three

demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. However, the registration rights agreement provides that the Company will

not

permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a

45

-day option to purchase up to

1,875,000

additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriters were entitled to a cash underwriting discount of

$0.20

per Unit, or

$2,500,000

in the aggregate (or

$2,875,000

if the underwriters' over-allotment is exercised in full), paid upon the closing of the Proposed Public Offering. In addition, the underwriters are entitled to a deferred fee of

$0.35

per Unit, or

$4,375,000

in the aggregate (or

$5,031,250

if the underwriters' over-allotment is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Promissory Note — Related Party

On

August 31, 2020,

the Sponsor agreed to lend 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 is non-interest bearing and payable on the earlier of

December 31, 2020

or the completion of the Initial Public Offering. As of

September 30, 2020,

there was

$150,000

 outstanding under the Note.