XML 40 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments and Contingencies (Details) - USD ($)
1 Months Ended 12 Months Ended
Nov. 02, 2020
Dec. 23, 2020
Dec. 31, 2020
Commitments and Contingencies (Textual)      
Business combination agreement, description     The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to 3.5% of the gross proceeds of Initial Public Offering, or $8,452,500 (exclusive of any applicable finders' fees which might become payable); provided that up to 33% of the fee may be allocated at the Company's sole discretion to other third parties who are investment banks or financial advisory firms not participating in the Initial Public Offering that assist the Company in identifying and consummating a Business Combination.
Business combination amount $ 1,700,000,000    
Divided per share price $ 10.00    
Termination fee amount $ 68,000,000    
Total offering price $ 30,000,000    
Common stock exceeds per share     $ 12.50
Estimated transaction expenses payable     $ 52,000,000
Estimated transaction expenses, description     (i) approximately $16 million of placement agent fees and related expenses, (ii) financial and transaction advisory fees of approximately $16 million, (iii) a fee of 8,452,500 payable to EarlyBirdCapital under the business combination marketing agreement (see “Business Combination Marketing Agreement” above), and (iv) printing, legal, accounting and other fees of $11.5 million.
Subscription Agreements [Member]      
Commitments and Contingencies (Textual)      
Aggregate of common stock, shares 12,000,000    
Per share price $ 10.00    
Gross proceeds $ 120,000,000    
Commitments and contingencies, description   The Company entered into separate subscription agreements with an institutional accredited investor and its affiliates (collectively, the “Investors”) pursuant to which the Investors agreed to purchase an aggregate of approximately 16,168,478 shares of the Company’s common stock for an aggregate purchase price of approximately $200,000,000, consisting of a $150,000,000 tranche with a purchase price of $11.50 per share and a $50,000,000 tranche with a purchase price of $16.00 per share, in a private placement (collectively, the “December 2020 PIPE”). The investors who agreed to purchase December 2020 PIPE shares in the $150,000,000 tranche also entered into waiver and lockup agreements with the Company pursuant to which each agreed (1) to vote all shares of common stock held by such investor on the record date for the special meeting in favor of the proposal to approve the Proposed Business Combination, (2) not to submit any such shares of common stock for conversion in connection with such vote and (3) to a lock-up of such tranche of December 2020 PIPE shares for a period of one year following the Closing.