|6 Months Ended|
Jun. 30, 2020
|Subsequent Events [Abstract]|
Note 6—Subsequent Events
Management has performed an evaluation of subsequent events through the date of issuance of the financial statements, noting no other items which require adjustment or disclosure other than those disclosed below.
On July 2, 2020, upon closing of the initial Public Offering the Company issued 75,000,000 Units, including the issuance of 5,000,000 Units as a result of the underwriters’ partial exercise of their option to purchase additional Units. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per Class A common stock and one-quarter of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $750,000,000.
Substantially concurrently with the closing of the initial Public Offering, the Company completed the sale of 8,500,000 Private Placement Warrants at a purchase price of $2.00 per Private Placement Warrant, to the Sponsor, generating gross proceeds to the Company of $17,000,000.
On July 2, 2020, the Company placed
of proceeds (including
of deferred underwriting discount) from the Public Offering and the Private Placement Warrants in a Trust Account and also held
(net of offering expenses, other than underwriting discounts, paid upon the closing of the Public Offering) of such proceeds outside the Trust Account. The proceeds held in the Trust Accoun
t were i
nvested in Goldman Sachs Financial Square Treasury Investments Fund, a money market fund managed by an affiliate of the Sponsor.
On July 2, 2020 the Company repaid the full $300,000 balance of the Note.
Upon the closing of Public Offering, the Company deconsolidated from the Parent for tax purposes and the tax sharing arrangement with the Parent was terminated. Beginning July 2020, the Company will file separate corporate federal and state and local income tax returns. To the extent the Company generates tax losses, tax benefits from losses will be accrued if it is more likely than not the losses may be carried forward and utilized against future expected profits. Income taxes are provided for using the assets and liabilities method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities.
On August 13, 2020, the Sponsor forfeited at no cost 1,375,000 Founder Shares in connection with the expiration of the remainder of the option granted to the underwriters of the Company’s initial Public Offering to purchase additional Units.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef