5.Investment Held in Trust Account

 

On the IPO Closing Date, gross proceeds of $500,000,000 and $12,000,000 from the Public Offering and the Private Placement, respectively, less underwriting discounts of $10,000,000 and $2,000,000 designated to fund the Company’s accrued formation and offering costs (including the note payable to the Sponsor), business, legal and accounting due diligence expenses on prospective acquisitions, and continuing general and administrative expenses, were placed in the Trust Account.

 

As of June 30, 2016, marketable securities held in the Trust Account had a fair value of $500,296,824 which was invested in a money market instrument that invests in United States Treasury Securities with original maturities of six months or less.