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Note 7 - Stockholder's Equity
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
Note
7
 — Stockholder's Equity
 
Common stock
 
Class A common stock
 — The Company is authorized to issue
200,000,000
shares of Class A common stock with a par value of
$0.0001
per share. As of
September 30, 2020,
there were
no
shares of Class A common stock issued or outstanding.
 
Class B common stock
 — The Company is authorized to issue
20,000,000
shares of Class B common stock with a par value of
$0.0001
per share. As of
September 30, 2020,
there were
5,750,000
 shares of Class B common stock outstanding. On
October 9, 2020
and
October 21, 2020,
our Sponsor surrendered
1,437,500
and
718,750
Founder Shares, respectively, to the Company for
no
consideration, resulting in an aggregate of
3,593,750
Founder Shares outstanding. As a result of such surrender, the per-share purchase price increased to approximately
$0.0070
per share. The Founder Shares will automatically convert into Class A common stock on a
one
-for-
one
basis at the time of the Company's initial Business Combination and are subject to certain transfer restrictions. The initial stockholders have agreed to forfeit up to
468,750
Founder Shares to the extent that the over-allotment option is
not
exercised in full by the underwriters. The forfeiture will be adjusted to the extent that the over-allotment option is
not
exercised in full by the underwriters so that the Founder Shares will represent
20%
of the Company's issued and outstanding shares after the public offering.
 
Common stockholders of record are entitled to
one
vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of the Company's stockholders, except as required by law.
 
The shares of Class B common stock are identical to the shares of Class A common stock included in the units sold in the offering, and holders of Class B common stock have the same stockholder rights as public stockholders, except that (i) the shares of Class B common stock are subject to certain transfer restrictions, as described in more detail below, (ii) the Sponsor's officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed (A) to waive their redemption rights with respect to any Class B common stock and any public shares held by them in connection with the completion of the Business Combination and (B) to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete the Business Combination within the prescribed time period, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the Business Combination within such time period, (iii) the shares of Class B common stock will automatically convert into shares of the Class A common stock at the time of the initial Business Combination, on a
one
-for-
one
basis, subject to adjustment pursuant to certain anti-dilution rights and (iv) are subject to registration rights. If the Company submits the Business Combination to the public stockholders for a vote, the Sponsor has agreed to vote any Class B common stock held by it and any public shares purchased during or after this offering in favor of the initial Business Combination.
 
With certain limited exceptions, the shares of Class B common stock are
not
transferable, assignable or saleable (except to the officers and directors and other persons or entities affiliated with the Sponsor and other permitted transferees, each of whom will be subject to the same transfer restrictions) until the earlier 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 common stock equals or exceeds
$12.00
per share (as adjusted for stock splits, stock dividends, 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, capital stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to exchange their shares of common stock for cash, securities, or other property.
 
Preferred Stock
 — The Company is authorized to issue
1,000,000
shares of preferred stock, 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
September 30, 2020,
there were
no
shares of preferred stock issued or outstanding.