CONDENSED STATEMENT OF CASH FLOWS
|
3 Months Ended |
|
Mar. 31, 2016
USD ($)
|
|---|
| Cash flow from operating activities: |
|
| Net income |
$ 32,639
|
| Adjustments to reconcile net income to net cash used by operations: |
|
| Increase in prepaid expenses |
(27,936)
|
| Increase in accounts payable and accrued liabilities |
7,554
|
| Net cash provided by operating activities |
12,257
|
| Cash flows from investing activities: |
|
| Cash deposited into trust account |
(500,000,010)
|
| Trust income retained in Trust Account |
(62,582)
|
| Net cash used in investing activities |
(500,062,592)
|
| Cash flows from financing activities: |
|
| Proceeds from public offering |
500,000,000
|
| Proceeds from sale of Private Placement Warrants |
12,000,000
|
| Payment of underwriting discounts |
(10,000,000)
|
| Payment of offering costs |
(191,388)
|
| Proceeds from Sponsor note |
150,000
|
| Payment of Sponsor note |
(300,000)
|
| Net cash provided by financing activities |
501,658,612
|
| Net increase in cash |
1,608,277
|
| Cash at beginning of period |
105,500
|
| Cash at end of period |
1,713,777
|
| Supplemental disclosure of non-cash financing activities: |
|
| Deferred Underwriting Commission |
17,500,000
|
| Accrued offering costs |
$ 243,305
|