Quarterly report pursuant to Section 13 or 15(d)

Trust Account and Fair Value Measurement

Trust Account and Fair Value Measurement
6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  



The Company complies with FASB ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.


Upon the closing of the Public Offering and the Private Placement, a total of approximately $303,151,500 was deposited into the Trust Account. The proceeds in the Trust Account may be invested in either U.S. government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, and that invest solely in U.S. government treasury obligations.


At June 30, 2019 the proceeds of the Trust Account were invested primarily in U.S. government treasury bills maturing in September 2019 yielding interest of approximately 2.45% per year. The Company classifies its U.S. government treasury bills and equivalent securities as held-to-maturity in accordance with FASB ASC 320, "Investments – Debt and Equity Securities." Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity U.S. government treasury bills are recorded at amortized cost on the accompanying June 30, 2019 condensed balance sheet and adjusted for the amortization of discounts.


The following table presents information about the Company's assets that are measured at fair value on a recurring basis as of June 30, 2019 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. Since all of the Company's permitted investments at June 30, 2019 consisted of U.S. government treasury bills and money market funds that invest only in U.S. government treasury bills, fair values of its investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities as follows:


                Quoted Price  
                Prices in  
    Carrying value at     Gross Unrealized     Active Markets  
Description   June 30,
    Holding Gains     (Level 1)  
Cash and money market funds   $ 29,000     $ -     $ 29,000  
U.S. government treasury bills     304,988,000       166,000       305,154,000  
Total   $ 305,017,000     $ 166,000     $ 305,183,000  


In June 2019, the Company withdrew approximately $520,000 from the Trust Account to pay estimated 2019 income and franchise taxes.