0
0
15812500
63250000
0.002
25000
24117
15812500
1581
23419
-883
50000000
400000000
10.00
20700000
33200000
40276
11.50
0.0001
632500000
0.25
0.1
15812500
0.375
786117
1577727
641980998
834942
643584250
1395982
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1671109
22408609
643584250
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181745
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4998257
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20737500
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9500000
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641980998
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50000000
15812500
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15812500
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15812500
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400000000
1632436
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1632436
163
616175640
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61617564
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63250000
1632436
163
4998257
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18.00
1491470
1824255
639719665
375406
635139
641569445
1666639
2243603
22981103
641569445
25525
0
157616
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1000000
0
4622826
116994
5000002
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0
20737500
639719665
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50000000
15812500
0.0001
15812500
1581
15812500
1581
400000000
1891166
0.0001
1891166
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613588340
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61358834
1891166
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375406
4622826
40000
25000
11500000
2062500
4000000
63250000
632500000
8250000
14650000
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883
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25000
-883
-883
-883
25000
112500
30000
37500
106
777
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25000
15812500
15812500
1581
23419
-883
0.25
0.1
0.375
false
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 59px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Basis of Presentation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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
(“<b>GAAP</b>”) for interim 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
U.S. 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 three months ended March 31, 2019 are not
necessarily indicative of the results that may be expected through
December 31, 2019. These accompanying unaudited condensed
financial statements should be read in conjunction with the audited
financial statements and notes thereto included in the
Company’s Annual Report on <font style="WHITE-SPACE: nowrap">Form 10-K filed by</font> the
Company with the SEC on March 29, 2019.</p>
</div>
The Company’s amended certificate of incorporation provides that, other than the withdrawal of interest to pay taxes, if any, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of its Initial Business Combination; (ii) the redemption of any shares of Class A common stock included in the Units (the “Public Shares”) sold in the Initial Public Offering that have been properly tendered in connection with a stockholder vote to amend the Company’s certificate of incorporation (A) to modify the substance or timing of its obligation to redeem 100% of such shares of Class A common stock if the Company does not complete its Initial Business Combination by June 14, 2020 (or September 14, 2020 if the Company has executed a letter of intent, agreement in principle or definitive agreement for the Initial Business Combination by June 14, 2020 but has not completed the Initial Business Combination by such date) (the “Combination Period”) or (B) with respect to any other provision relating to stockholders’ rights for pre-Initial Business Combination activities; and (iii) the redemption of 100% of the shares of Class A common stock included in the Units sold in the Initial Public Offering if the Company is unable to complete an Initial Business Combination within the Combination Period, subject to the requirements of law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.
-270657
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>Note 5—Commitments and Contingencies</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
<b><i>Underwriting Agreement</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The underwriters were entitled to an underwriting discount
of $0.20 per unit, or $11.85 million in the aggregate,
paid upon the closing of the Initial Public Offering. In addition,
the underwriters were entitled to a deferred underwriting
commission of $0.35 per unit, or approximately
$20.7 million in the aggregate. 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 an Initial
Business Combination, subject to the terms of the underwriting
agreement. The underwriters did not receive, and will not receive,
any underwriting discounts on Units purchased, directly or
indirectly, by Third Point.</p>
</div>
Holders of the Company's common stock are entitled to one vote for each share of common stock.
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Concentration of Credit Risk</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Financial instruments that potentially subject the Company to
concentrations of credit risk consist of cash accounts in a
financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation coverage of $250,000. At
March 31, 2019 and December 31, 2018, the Company has not
experienced losses on these accounts and management believes the
Company is not exposed to significant risks on such accounts.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Offering Costs</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company complies with the requirements of the <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">FASB ASC 340-10-S99-1 and SEC</font></font></font>
Staff Accounting Bulletin Topic 5A—“Expenses of
Offering.” Offering costs consist of costs incurred in
connection with formation and preparation for the Initial Public
Offering. These costs, together with the underwriting discount,
were charged <font style="WHITE-SPACE: nowrap">to additional paid-in capital upon</font>
completion of the Initial Public Offering.</p>
</div>
--12-31
Q1
2019
10-Q
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Net Income (Loss) Per Share</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company complies with accounting and disclosure requirements of
FASB ASC Topic 260, “<i>Earnings Per Share</i>.” Net
income (loss) per share is computed by dividing net income (loss)
applicable to common stockholders by the weighted average number of
shares of common stock outstanding for the period. The Company has
not considered the effect of the warrants sold in the Initial
Public Offering and private placement to purchase an aggregate
of 30,850,000 shares of Class A common stock in the
calculation of diluted earnings per share, since their inclusion
would be anti-dilutive under the treasury stock method. As a
result, diluted earnings per share is the same as basic earnings
per share for the period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company’s statements of operations include a presentation
of income per share for common stock subject to redemption in a
manner similar to the <font style="WHITE-SPACE: nowrap">two-class</font> method of
income per share. Net income per share, basic and diluted for
Class A common stock is calculated by dividing the investment
income earned on the Trust Account, net of applicable income and
franchise taxes of approximately $867,000, by the weighted average
number of shares of Class A common stock outstanding for the
period. Net income per share, basic and diluted for Class B
common stock is calculated by dividing the net income, less income
attributable to Class A common stock, by the weighted average
number of shares of Class B common stock outstanding for the
period.</p>
</div>
0001735858
2018-02-23
FAR POINT ACQUISITION CORP
true
45241
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 7—Fair Value Measurements</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The following table presents information about the Company’s
assets that are measured on a recurring basis as of March 31,
2019 and December 31, 2018 and indicates the fair value
hierarchy of the valuation techniques that the Company utilized to
determine such fair value:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>March 31, 2019</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="63%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell">
<b>Description</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Quoted Prices<br />
in Active Markets<br />
(Level 1)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Observable Inputs<br />
(Level 2)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Unobservable Inputs<br />
(Level 3)</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Investments held in Trust Account</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">641,980,998</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>December 31, 2018</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="63%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell">
<b>Description</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Quoted Prices<br />
in Active Markets<br />
(Level 1)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Observable Inputs<br />
(Level 2)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Unobservable Inputs<br />
(Level 3)</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Investments held in Trust Account</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">639,719,665</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
As of March 31, 2019 and December 31, 2018, the
investments held in the Trust Account were held in marketable
securities.</p>
</div>
2019-03-31
true
false
Non-accelerated Filer
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Financial Instruments</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under the FASB ASC 820,
“<i>Fair Value Measurements and Disclosures</i>,”
approximates the carrying amounts represented in the balance
sheet.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The following table presents information about the Company’s
assets that are measured on a recurring basis as of March 31,
2019 and December 31, 2018 and indicates the fair value
hierarchy of the valuation techniques that the Company utilized to
determine such fair value:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>March 31, 2019</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="63%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell">
<b>Description</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Quoted Prices<br />
in Active Markets<br />
(Level 1)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Observable Inputs<br />
(Level 2)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Unobservable Inputs<br />
(Level 3)</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Investments held in Trust Account</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">641,980,998</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>December 31, 2018</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="63%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell">
<b>Description</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Quoted Prices<br />
in Active Markets<br />
(Level 1)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Observable Inputs<br />
(Level 2)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Significant Other<br />
Unobservable Inputs<br />
(Level 3)</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Investments held in Trust Account</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">639,719,665</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Fair Value Measurements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Fair value is defined as the price that would be received for sale
of an asset or paid for transfer of a liability, in an orderly
transaction between market participants at the measurement date.
GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3
measurements). These tiers include:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 1, defined as observable inputs such as
quoted prices (unadjusted) for identical instruments in active
markets;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in
markets that are not active; and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Level 3, defined as unobservable inputs in which
little or no market data exists, therefore requiring an entity to
develop its own assumptions, such as valuations derived from
valuation techniques in which one or more significant inputs or
significant value drivers are unobservable.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
In some circumstances, the inputs used to measure fair value might
be categorized within different levels of the fair value hierarchy.
In those instances, the fair value measurement is categorized in
its entirety in the fair value hierarchy based on the lowest level
input that is significant to the fair value measurement.</p>
</div>
334396
3409212
821913
1527266
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Income Taxes</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company follows the asset and liability method of accounting
for income taxes under FASB ASC 740, “Income Taxes.”
Deferred tax assets and liabilities are recognized for the
estimated future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on
deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that included the enactment
date. Valuation allowances are established, when necessary, to
reduce deferred tax assets to the amount expected to be
realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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, 2019
and December 31, 2018. 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 at March 31, 2019 and December 31, 2018. The
Company is currently not aware of any issues under review that
could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax
examinations by major taxing authorities since inception.</p>
</div>
199803
-705353
24129
3788849
3788849
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Recent Accounting Pronouncements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Management does not believe that any recently issued, but not yet
effective, accounting pronouncements, if currently adopted, would
have an effect on the Company’s financial statements.</p>
</div>
1527516
-1798173
2587299
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b>Note 1—Description of Organization and Business
Operations</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
<b><i>Organization and General</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Far Point Acquisition Corporation (the
“<b>Company</b>”) was incorporated in Delaware on
February 23, 2018. The Company was formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses (the “<b>Initial Business
Combination</b>”). The Company is an “emerging growth
company,” as defined in Section 2(a) of the Securities
Act of 1933, as amended (the “<b>Securities Act</b>”),
as modified by the Jumpstart Our Business Startups Act of 2012 (the
“<b>JOBS Act</b>”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
At March 31, 2019, the Company had not commenced any
operations. All activity for the period from February 23, 2018
(inception) through March 31, 2019 had been related to the
Company’s formation and the initial public offering
(“<b>Initial Public Offering</b>”) described below, and
since the offering, the search for a prospective Initial Business
Combination. The Company will not generate any operating revenues
until after completion of its Initial Business Combination, at the
earliest. The Company will <font style="WHITE-SPACE: nowrap">generate non-operating income in</font>
the form of income earned on investments on cash and cash
equivalents in the Trust Account (as defined below). The Company
has selected December 31st as its fiscal year end.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Sponsor and Financing</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company’s Sponsor is Far Point LLC, a Delaware limited
liability company (the “<b>Sponsor</b>”). On
May 11, 2018, the Sponsor changed its name from FPAC Sponsor
LLC to Far Point LLC. The registration statement for the
Company’s Initial Public Offering was declared effective by
the U.S. Securities and Exchange Commission
(“<b>SEC</b>”) on June 11, 2018. On June 14,
2018, the Company consummated its Initial Public Offering of
63,250,000 units (each, a “<b>Unit</b>” and
collectively, the “<b>Units</b>”), including 8,250,000
Units issued pursuant to the exercise in full of the
underwriters’ over-allotment option, at $10.00 per Unit,
generating gross proceeds of $632.5 million, and
incurring offering costs of approximately $33.2 million,
inclusive of $20.7 million in deferred underwriting
commissions (Note 3). The Company intends to finance its
Initial Business Combination with the proceeds from the Initial
Public Offering and a $14.65 million private placement of
warrants (Note 4). Upon the closing of the Initial Public
Offering and the private placement, $632.5 million was held in
a trust account (the “<b>Trust Account</b>”) (discussed
below).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Trust Account</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The proceeds held in the Trust Account will be invested only in
U.S. government treasury bills with a maturity of one hundred
eighty (180) days or less or in money market funds that
<font style="WHITE-SPACE: nowrap">meet certain conditions under Rule 2a-7 under the Investment Company</font>
Act of 1940 and that invest only in direct U.S. government
obligations. Funds will remain in the Trust Account until the
earlier of (i) the consummation of the Initial Business
Combination or (ii) the distribution of the Trust Account
proceeds as described below. The remaining proceeds outside the
Trust Account may be used to pay for business, legal and accounting
due diligence on prospective acquisitions and general and
administrative expenses.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company’s amended certificate of incorporation provides
that, other than the withdrawal of interest to pay taxes, if any,
none of the funds held in the Trust Account will be released until
the earlier of: (i) the completion of its Initial Business
Combination; (ii) the redemption of any shares of Class A
common stock included in the Units (the “<b>Public
Shares</b>”) sold in the Initial Public Offering that have
been properly tendered in connection with a stockholder vote to
amend the Company’s certificate of incorporation (A) to
modify the substance or timing of its obligation to redeem 100% of
such shares of Class A common stock if the Company does not
complete its Initial Business Combination by June 14, 2020 (or
September 14, 2020 if the Company has executed a letter of
intent, agreement in principle or definitive agreement for the
Initial Business Combination by June 14, 2020 but has not
completed the Initial Business Combination by such date) (the
“<b>Combination Period</b>”) or (B) with respect
to any other provision relating to <font style="WHITE-SPACE: nowrap">stockholders’ rights for pre-Initial Business</font>
Combination activities; and (iii) the redemption of 100% of
the shares of Class A common stock included in the Units sold
in the Initial Public Offering if the Company is unable to complete
an Initial Business Combination within the Combination Period,
subject to the requirements of law. The proceeds deposited in the
Trust Account could become subject to the claims of the
Company’s creditors, if any, which could have priority over
the claims of the Company’s public stockholders.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
<b><i>Initial Business Combination</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company’s management has broad discretion with respect to
the specific application of the net proceeds of the Initial Public
Offering, although substantially all of the net proceeds of the
Initial Public Offering are intended to be generally applied toward
consummating an Initial Business Combination. The Initial Business
Combination must occur with one or more target businesses that
together have an aggregate fair market value of at least 80% of the
assets held in the Trust Account (excluding the amount of any
deferred underwriting discount held in the Trust Account) at the
time of the agreement to enter into the Initial Business
Combination. Furthermore, there is no assurance that the Company
will be able to successfully effect an Initial Business
Combination.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company, after signing a definitive agreement for an Initial
Business Combination, will either (i) seek stockholder
approval of the Initial Business Combination at a meeting called
for such purpose in connection with which stockholders may seek to
redeem their shares, regardless of whether they vote for or against
the Initial Business Combination, for cash equal to their pro rata
share of the aggregate amount then on deposit in the Trust Account
as of two business days prior to the consummation of the Initial
Business Combination, including interest earned on the funds held
in the Trust Account and not previously released to the Company to
pay the Company’s taxes, or (ii) provide stockholders
with the opportunity to sell their Public Shares to the Company by
means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount in cash equal to their pro rata
share of the aggregate amount then on deposit in the Trust Account
as of two business days prior to the consummation of the Initial
Business Combination, including interest earned on the funds held
in the Trust Account and not previously released to the Company to
pay the Company’s taxes. The decision as to whether the
Company will seek stockholder approval of the Initial Business
Combination or will allow stockholders to sell their Public Shares
in a tender offer will be made by the Company, solely in its
discretion, and will be based on a variety of factors, such as the
timing of the transaction and whether the terms of the transaction
would otherwise require the Company to seek stockholder approval,
unless a vote is required by law or under NYSE rules. If the
Company seeks stockholder approval, it will complete its Initial
Business Combination only if a majority of the outstanding shares
of common stock voted are voted in favor of the Initial Business
Combination. However, in no event will the Company redeem its
Public Shares in an amount that would cause its net tangible assets
to be less than $5,000,001 upon consummation of the Initial
Business Combination. In such case, the Company would not proceed
with the redemption of its Public Shares and the related Initial
Business Combination, and instead may search for an alternate
Initial Business Combination.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
If the Company holds a stockholder vote or there is a tender offer
for shares in connection with an Initial Business Combination, a
public stockholder will have the right to redeem its shares for an
amount in cash equal to its pro rata share of the aggregate amount
then on deposit in the Trust Account as of two business days prior
to the consummation of the Initial Business Combination, including
interest earned on the funds held in the Trust Account and not
previously released to the Company to pay the Company’s
taxes. As a result, such shares of Class A common stock have
been recorded as temporary equity in accordance with the Financial
Accounting Standards Board (“<b>FASB</b>”) Accounting
Standards Codification (“<b>ASC</b>”) 480,
“Distinguishing Liabilities from Equity.”</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Pursuant to the Company’s amended certificate of
incorporation, if the Company is unable to complete the Initial
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 no
more than ten business days thereafter, redeem the <font style="WHITE-SPACE: nowrap">Public Shares, at a per-share price, payable in</font>
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 the
Company’s taxes (less $100,000 of accrued interest to pay
dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (including the right to
receive further liquidating distributions, if any), subject to
applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the
Company’s remaining stockholders and the Company’s
board of directors, dissolve and liquidate, subject in each case to
the Company’s obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law.
The Sponsor and the Company’s directors and officers have
entered into a letter agreement with the Company, pursuant to which
they agreed to waive their rights to liquidating distributions from
the Trust Account with respect to any Founder Shares (as defined
below) held by them if the Company fails to complete the Initial
Business Combination within the Combination Period. However, if the
Sponsor or any of the Company’s directors, officers or
affiliates acquires shares of Class A common stock in or after
the Initial Public Offering, they will be entitled to liquidating
distributions from the Trust Account with respect to such shares if
the Company fails to complete the Initial Business Combination
within the Combination Period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">
In the event of a liquidation, dissolution or winding up of the
Company after an Initial Business Combination, the Company’s
stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and
after provision is made for each class of stock, if any, having
preference over the common stock. The Company’s stockholders
have no preemptive or other subscription rights. There are no
sinking fund provisions applicable to the common stock, except that
the Company will provide its stockholders with the opportunity to
redeem their Public Shares for cash equal to their pro rata share
of the aggregate amount then on deposit in the Trust Account, upon
the completion of the Initial Business Combination, subject to the
limitations described herein.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
<b>Liquidity</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
As of March 31, 2019, the Company had approximately
$1.4 million in its operating bank account and approximately
$9.5 million of investment income available in the Trust
Account to pay for franchise and income taxes.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Through March 31, 2019, the Company’s liquidity needs
have been satisfied through receipt of a $25,000 capital
contribution from the Sponsor in exchange for the issuance of the
Founder Shares (Note 4) to the Sponsor, $300,000 in note payable
and $40,276 in advances from related party, and the proceeds from
the consummation of the private placement not held in Trust Account
of approximately $2.2 million. The Company fully repaid these
borrowings and advances from the Sponsor and related parties on
June 15, 2018.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Based on the foregoing, management believes that the Company will
have sufficient working capital and borrowing capacity to meet the
Company’s needs through the earlier of the consummation of an
Initial 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 Initial Business
Combination.</p>
</div>
-379637
2587299
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 4—Related Party Transactions</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
<b><i>Founder Shares</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On March 16, 2018, the Sponsor purchased
11,500,000 shares of Class B common stock (the
“<b>Founder Shares</b>”) for an aggregate price of
$25,000, or approximately $0.002 per share. In June 2018, the
Company effected two stock dividends, the first for 0.25 share per
share, and the second for 0.1 share per share, aggregating 0.375
share of Class B common stock for each outstanding share of
Class B common stock, resulting in 15,812,500 Founder Shares
outstanding. On May 18, 2018, the Sponsor transferred 40,000
Founder Shares to each of the Company’s independent director
nominees, at the original per share purchase price. Following the
stock dividends in June 2018, each of the independent director
nominees transferred 15,000 shares back to the Sponsor. As used
herein, unless the context otherwise requires, “Founder
Shares” shall be deemed to include the shares of Class A
common stock issuable upon conversion thereof. The Founder Shares
are identical to the Class A common stock included in the
Units sold in the Initial Public Offering except that the Founder
Shares automatically convert into shares of Class A common
stock at the time of the Company’s Initial Business
Combination on <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">a one-for-one basis,</font></font>
subject to adjustments and certain transfer restrictions, as
described in more detail below. Holders of Founder Shares may also
elect to convert their shares of Class B common stock into an
equal number of shares of Class A common stock, subject to
adjustment as provided above, at any time. The Sponsor had agreed
to forfeit up to 2,062,500 Founder Shares to the extent that
the over-allotment option was not exercised in full by the
underwriters. On June 14, 2018, the underwriters exercised
their over-allotment option in full, hence, these Founder Shares
were no longer subject to forfeiture.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company’s initial stockholders 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 Company’s 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 <font style="WHITE-SPACE: nowrap">30-trading</font> day period commencing at
least 150 days after the Initial Business Combination, or
(y) the date on which the Company completes a liquidation,
merger, stock exchange or other similar transaction that results in
all of the Company’s stockholders having the right to
exchange their shares of common stock for cash, securities or other
property.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
<b><i>Private Placement</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Concurrently with the closing of the Initial Public Offering, the
Sponsor purchased an aggregate of 9,766,667 whole warrants at a
price of $1.50 per whole warrant (the “<b>Private Placement
Warrants</b>”) ($14.65 million in the aggregate) in a
private placement. Each whole Private Placement Warrant is
exercisable for one whole share of the Company’s Class A
common stock at a price of $11.50 per share. A portion of the
purchase price of the Private Placement Warrants was added to the
proceeds from the Initial Public Offering held in the Trust
Account. If the Initial Business Combination is not completed
within the Combination Period, the proceeds from the sale of the
Private Placement Warrants held in the Trust Account will be used
to fund the redemption of the Public Shares (subject to the
requirements of applicable law) and the Private Placement Warrants
will expire worthless. The Private <font style="WHITE-SPACE: nowrap">Placement Warrants will be non-redeemable and exercisable on a</font>
cashless basis so long as they are held by the Sponsor or its
permitted transferees.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Sponsor and the Company’s officers and directors agreed,
subject to limited exceptions, not to transfer, assign or sell any
of their Private Placement Warrants until 30 days after the
completion of the Initial Business Combination.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Forward Purchase Agreement</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On May 18, 2018, Cloudbreak Aggregator LP, the managing
member of the Sponsor and an affiliate of Third Point, (the
“<b>Forward Purchaser</b>”), entered into a forward
purchase agreement (“<b>Forward Purchase
Agreement</b>”) with the Company that provides for the
purchase of shares of the Company’s Class A common stock
for $9.50 per share in a private placement that will close
simultaneously with the closing of the Company’s Initial
Business Combination (“<b>Forward Purchase
Shares</b>”). The actual number of Forward Purchase Shares to
be purchased will be a number of shares (rounded up to the nearest
whole share) equal to (A) the excess of the number of shares
of Class A common stock that are redeemed from holders in
connection with the Company’s Initial Business Combination
(which redemptions are not revoked prior to the date of the
Company’s Initial Business Combination) over 20,000,000,
multiplied by (B) a fraction, the numerator of which is $10.00
and the denominator of which is $9.50. The Forward Purchase Shares
will be identical to the shares of Class A common stock
included in the Units sold in the Initial Public Offering, except
that the Forward Purchase Shares will be subject to transfer
restrictions and certain registration rights. The Forward Purchaser
has the right to transfer a portion of its obligation to purchase
the Forward Purchase Shares to permitted transferees, and the
Sponsor may, in its discretion, transfer, directly or indirectly,
certain of its Founder Shares and Private Placement Warrants to any
such permitted transferees, subject to compliance with applicable
securities laws. The Forward Purchase Agreement also provides that
the Forward Purchaser and any permitted transferees are entitled to
certain registration rights with respect to their Forward Purchase
Shares.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Registration Rights</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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
shares of Class A common stock) pursuant to a registration
rights agreement dated as of June 11, 2018. These holders are
entitled to certain demand and “piggyback” registration
rights. However, the registration rights agreement provides that
the Company will not permit any registration statement filed under
the Securities Act to become effective until <font style="WHITE-SPACE: nowrap">termination of the applicable lock-up period for the securities</font>
to be registered. The Company will bear the expenses incurred in
connection with the filing of any such registration statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Related Party Loans and Advances</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company’s Sponsor had agreed to loan the Company an
aggregate of $300,000 to cover expenses related to the Initial
Public Offering pursuant to a promissory note (the
“<b>Note</b>”). This loan was <font style="WHITE-SPACE: nowrap">non-interest</font> bearing and payable on
the earlier of December 31, 2018 or the completion of the
Initial Public Offering. In addition to the fully outstanding Note,
the Sponsor and certain affiliates of the Company also paid certain
administrative expenses and offering costs of $40,276 on behalf of
the Company. These advances were due on demand <font style="WHITE-SPACE: nowrap">and were non-interest bearing. The</font>
Company fully repaid the Note and advances to the Sponsor and
affiliates on June 15, 2018.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Note 2—Summary of Significant Accounting
Policies</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Basis of Presentation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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
(“<b>GAAP</b>”) for interim 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
U.S. 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 three months ended March 31, 2019 are not
necessarily indicative of the results that may be expected through
December 31, 2019. These accompanying unaudited condensed
financial statements should be read in conjunction with the audited
financial statements and notes thereto included in the
Company’s Annual Report on <font style="WHITE-SPACE: nowrap">Form 10-K filed by</font> the
Company with the SEC on March 29, 2019.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Emerging Growth Company</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Section 102(b)(1) of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised
financial accounting standards until private companies (that is,
those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered
under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) are required to comply with the new or
revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period
and comply with the requirements
that <font style="WHITE-SPACE: nowrap">apply to non-emerging growth</font> 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 and 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 which is neither
an emerging growth company nor an emerging growth company which has
opted out of using the extended transition period difficult or
impossible because of the potential differences in accounting
standards used.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Net Income (Loss) Per Share</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company complies with accounting and disclosure requirements of
FASB ASC Topic 260, “<i>Earnings Per Share</i>.” Net
income (loss) per share is computed by dividing net income (loss)
applicable to common stockholders by the weighted average number of
shares of common stock outstanding for the period. The Company has
not considered the effect of the warrants sold in the Initial
Public Offering and private placement to purchase an aggregate
of 30,850,000 shares of Class A common stock in the
calculation of diluted earnings per share, since their inclusion
would be anti-dilutive under the treasury stock method. As a
result, diluted earnings per share is the same as basic earnings
per share for the period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company’s statements of operations include a presentation
of income per share for common stock subject to redemption in a
manner similar to the <font style="WHITE-SPACE: nowrap">two-class</font> method of
income per share. Net income per share, basic and diluted for
Class A common stock is calculated by dividing the investment
income earned on the Trust Account, net of applicable income and
franchise taxes of approximately $867,000, by the weighted average
number of shares of Class A common stock outstanding for the
period. Net income per share, basic and diluted for Class B
common stock is calculated by dividing the net income, less income
attributable to Class A common stock, by the weighted average
number of shares of Class B common stock outstanding for the
period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Concentration of Credit Risk</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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
Deposit Insurance Corporation coverage of $250,000. At
March 31, 2019 and December 31, 2018, the Company has not
experienced losses on these accounts and management believes the
Company is not exposed to significant risks on such accounts.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Financial Instruments</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under the FASB ASC 820,
“<i>Fair Value Measurements and Disclosures</i>,”
approximates the carrying amounts represented in the balance
sheet.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Fair Value Measurements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Fair value is defined as the price that would be received for sale
of an asset or paid for transfer of a liability, in an orderly
transaction between market participants at the measurement date.
GAAP establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3
measurements). These tiers include:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">Level 1, defined as observable inputs such as
quoted prices (unadjusted) for identical instruments in active
markets;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly
observable such as quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in
markets that are not active; and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">Level 3, defined as unobservable inputs in which
little or no market data exists, therefore requiring an entity to
develop its own assumptions, such as valuations derived from
valuation techniques in which one or more significant inputs or
significant value drivers are unobservable.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
In some circumstances, the inputs used to measure fair value might
be categorized within different levels of the fair value hierarchy.
In those instances, the fair value measurement is categorized in
its entirety in the fair value hierarchy based on the lowest level
input that is significant to the fair value measurement.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Use of Estimates</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The preparation of the financial statements 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 financial statements. Actual results could differ
from those estimates.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Offering Costs</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company complies with the requirements of
the <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">FASB ASC 340-10-S99-1 and SEC</font></font></font> Staff
Accounting Bulletin Topic 5A—“Expenses of
Offering.” Offering costs consist of costs incurred in
connection with formation and preparation for the Initial Public
Offering. These costs, together with the underwriting discount,
were charged <font style="WHITE-SPACE: nowrap">to additional paid-in capital upon</font> completion
of the Initial Public Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Class A Common Stock Subject to Possible
Redemption</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company accounts for its Class A common stock subject to
possible redemption in accordance with the guidance in ASC Topic
480 “<i>Distinguishing Liabilities from Equity</i>.”
Shares of Class A common stock subject to mandatory redemption
(if any) are classified as liability instruments and are measured
at fair value. Shares of conditionally redeemable Class A
common stock (including Class A common stock that feature
redemption rights that are either within the control of the holder
or subject to redemption upon the occurrence of uncertain events
not solely within the Company’s control) are classified as
temporary equity. At all other times, shares of Class A common
stock are classified as stockholders’ equity. The
Company’s Class A common stock features certain
redemption rights that are considered to be outside of the
Company’s control and subject to the occurrence of uncertain
future events.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
As discussed in Note 1, all of the 63,250,000 Public Shares contain
a redemption feature which allows for the redemption of
Class A common stock under the Company’s liquidation or
tender offer/stockholder approval provisions. In accordance with
FASB ASC 480, redemption provisions not solely within the control
of the Company require the security to be classified outside of
permanent equity. Ordinary liquidation events, which involve the
redemption and liquidation of all of the entity’s equity
instruments, are excluded from the provisions of FASB ASC 480.
Although the Company has not specified a maximum redemption
threshold, its amended and restated certificate of incorporation
provides that in no event will the Company redeem its Public Shares
in an amount that would cause its net tangible assets to be less
than $5,000,001.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company recognizes changes in redemption value immediately as
they occur and will adjust the carrying value of the security at
the end of each reporting period. Increases or decreases in the
carrying amount of redeemable shares of Class A common stock
shall be affected by charges <font style="WHITE-SPACE: nowrap">against additional paid-in capital</font> or
in the absence of additional paid-in capital, retained
earnings.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Accordingly, at March 31, 2019 and December 31, 2018,
61,617,564 and 61,358,834 shares of Class A common stock
subject to possible redemption are presented as temporary equity,
outside of the stockholders’ equity section of the
Company’s balance sheet, respectively.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Income Taxes</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on
deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that included the enactment
date. Valuation allowances are established, when necessary, to
reduce deferred tax assets to the amount expected to be
realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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, 2019
and December 31, 2018. 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 at March 31, 2019 and December 31, 2018. The
Company is currently not aware of any issues under review that
could result in significant payments, accruals or material
deviation from its position. The Company is subject to income tax
examinations by major taxing authorities since inception.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Recent Accounting Pronouncements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Management does not believe that any recently issued, but not yet
effective, accounting pronouncements, if currently adopted, would
have an effect on the Company’s financial statements.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b><i>Emerging Growth Company</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Section 102(b)(1) of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised
financial accounting standards until private companies (that is,
those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered
under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) are required to comply with the new or
revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period
and comply with the requirements that <font style="WHITE-SPACE: nowrap">apply to non-emerging growth</font>
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 and 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
which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in
accounting standards used.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Class A Common Stock Subject to Possible
Redemption</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company accounts for its Class A common stock subject to
possible redemption in accordance with the guidance in ASC Topic
480 “<i>Distinguishing Liabilities from Equity</i>.”
Shares of Class A common stock subject to mandatory redemption
(if any) are classified as liability instruments and are measured
at fair value. Shares of conditionally redeemable Class A
common stock (including Class A common stock that feature
redemption rights that are either within the control of the holder
or subject to redemption upon the occurrence of uncertain events
not solely within the Company’s control) are classified as
temporary equity. At all other times, shares of Class A common
stock are classified as stockholders’ equity. The
Company’s Class A common stock features certain
redemption rights that are considered to be outside of the
Company’s control and subject to the occurrence of uncertain
future events.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
As discussed in Note 1, all of the 63,250,000 Public Shares contain
a redemption feature which allows for the redemption of
Class A common stock under the Company’s liquidation or
tender offer/stockholder approval provisions. In accordance with
FASB ASC 480, redemption provisions not solely within the control
of the Company require the security to be classified outside of
permanent equity. Ordinary liquidation events, which involve the
redemption and liquidation of all of the entity’s equity
instruments, are excluded from the provisions of FASB ASC 480.
Although the Company has not specified a maximum redemption
threshold, its amended and restated certificate of incorporation
provides that in no event will the Company redeem its Public Shares
in an amount that would cause its net tangible assets to be less
than $5,000,001.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company recognizes changes in redemption value immediately as
they occur and will adjust the carrying value of the security at
the end of each reporting period. Increases or decreases in the
carrying amount of redeemable shares of Class A common stock
shall be affected by charges <font style="WHITE-SPACE: nowrap">against additional paid-in capital</font> or
in the absence of additional paid-in capital, retained
earnings.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Accordingly, at March 31, 2019 and December 31, 2018,
61,617,564 and 61,358,834 shares of Class A common stock
subject to possible redemption are presented as temporary equity,
outside of the stockholders’ equity section of the
Company’s balance sheet, respectively.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 8—Subsequent Events</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company evaluated subsequent events and transactions that
occurred after the balance sheet date up to the date that the
financial statements were available to be issued.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Note 6—Stockholders’ Equity</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Common Stock</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
On June 11, 2018, the Company amended and restated the
certificate of incorporation, which increased the authorized common
stock of the Company to include up to 400,000,000 shares of
Class A common stock and 50,000,000 shares of Class B
common stock. If the Company enters into an Initial Business
Combination, it may (depending on the terms of such an Initial
Business Combination) be required to increase the number of shares
of Class A common stock which the Company is authorized to
issue at the same time as the Company’s stockholders vote on
the Initial Business Combination to the extent the Company seeks
stockholder approval in connection with the Initial Business
Combination. Holders of the Company’s common stock are
entitled to one vote for each share of common stock. The Company
effectuated two stock dividends in June 2018, the first for 0.25
share per share, and the second for 0.1 share per share,
aggregating 0.375 shares of Class B common stock for each
outstanding share of Class B common stock outstanding prior to
the initial dividend. At March 31, 2019 and December 31,
2018, there were 63,250,000 and 15,812,500 shares of
Class A and Class B common stock issued and outstanding,
respectively. Of the outstanding shares of Class A common
stock, 61,617,564 and 61,358,834 shares of Class A common
stock was subject to possible redemption at March 31, 2019 and
December 31, 2018, respectively.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Preferred Stock</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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. At March 31, 2019 and
December 31, 2018, there were no shares of preferred stock
issued or outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Warrants</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Public Warrants will become exercisable on the later of (a) 30
days after the completion of an Initial Business Combination or (b)
12 months from the closing of the Initial Public Offering; provided
in each case that the Company has an effective registration
statement under the Securities Act covering the Class A common
stock issuable upon exercise of the Public Warrants and a current
prospectus relating to them is available (or the Company permits
holders to exercise their Public Warrants on a cashless basis and
such cashless exercise is exempt from registration under the
Securities Act). The Company has agreed that as soon as
practicable, but in no event later than 15 business days, after the
closing of an Initial Business Combination, the Company will use
its best efforts to file with the SEC a registration statement for
the registration, under the Securities Act, of the Class A
common stock issuable upon exercise of the Public Warrants. The
Company will use its best efforts to cause the same to become
effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the
expiration of the Public Warrants in accordance with the provisions
of the warrant agreement. If a registration statement covering the
Class A common stock issuable upon exercise of the warrants is
not effective by the sixtieth (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 an Initial Business
Combination or earlier upon redemption or liquidation.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 Class A common
stock issuable upon exercise of the Private Placement Warrants will
not be transferable, assignable or salable until 30 days after the
completion of an Initial Business Combination, subject to certain
limited exceptions. Additionally, the
Private <font style="WHITE-SPACE: nowrap">Placement Warrants will be non-redeemable so long as they</font> are
held by the initial purchasers or such purchasers’ permitted
transferees. If the Private Placement Warrants are held by someone
other than the initial purchasers 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company may call the Public Warrants for redemption (except
with respect to the Private Placement Warrants):</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">in whole and not in part;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">at a price of $0.01 per warrant;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">upon a minimum of 30 days’ prior written notice
of redemption; and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="2%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">if, and only if, the last reported closing price of
the shares equals or exceeds $18.00 per share for any 20 trading
days within a <font style="WHITE-SPACE: nowrap">30-trading day</font> period
ending on the third trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
<b><i>Use of Estimates</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The preparation of the financial statements 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 financial statements. Actual results could differ
from those estimates.</p>
</div>
2587300
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 3—Initial Public Offering</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On June 14, 2018, the Company sold 63,250,000 Units at a price
of $10.00 per Unit, including 8,250,000 Units issued pursuant to
the exercise in full of the underwriters’ over-allotment
option.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Funds managed or advised by Third Point, LLC (“<b>Third
Point</b>”) directly or indirectly purchased an aggregate of
4,000,000 Units in the Initial Public Offering at the public
offering price.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Each Unit consists of one share of the Company’s Class A
common stock, <font style="WHITE-SPACE: nowrap">$0.0001 par value, and one-third of one warrant (each,</font>
a “<b>Public</b><b> Warrant</b>” and,
collectively, the “<b>Public Warrants</b>”). Each whole
Public Warrant entitles the holder to purchase one share of
Class A common stock at a price of $11.50 per share (see Note
6). No fractional shares will be issued upon separation of the
Units and only whole Public Warrants will trade.</p>
</div>
0.80
-66944
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P180D
25000
40276
14650000
P30D
2200000
9766667
1.50
(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 Company’s 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, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.
0
20000000
9.50
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15812500
30850000
0.05
63250000
2587300
P1Y
P20D
P30D
P150D
1.00
26
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375406
2587299
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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 Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain limited exceptions.
The Public Warrants will become exercisable on the later of (a) 30 days after the completion of an Initial Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act).
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