CONDENSED STATEMENT OF CASH FLOWS
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 31,882
|
$ 64,521
|
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
| Increase in prepaid expenses |
|
(198,652)
|
| Net cash used in operating activities |
|
(134,131)
|
| Cash flows from investing activities: |
|
|
| Cash deposited into trust account |
|
(500,000,010)
|
| Trust income retained in Trust Account |
(234,232)
|
(296,814)
|
| Net cash used in investing activities |
|
(500,296,824)
|
| 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 |
|
(746,021)
|
| Proceeds from Sponsor note |
|
150,000
|
| Payment of Sponsor note |
|
(300,000)
|
| Net cash provided by financing activities |
|
501,103,979
|
| Net increase in cash |
|
673,024
|
| Cash at beginning of period |
|
105,500
|
| Cash at end of period |
778,524
|
778,524
|
| Supplemental disclosure of non-cash financing activities: |
|
|
| Deferred Underwriting Commission |
$ 17,500,000
|
$ 17,500,000
|