Trust Account and Fair Value Measurement
|9 Months Ended
Sep. 30, 2019
|Fair Value Disclosures [Abstract]
|TRUST ACCOUNT AND FAIR VALUE MEASUREMENT
NOTE 5 - TRUST ACCOUNT AND FAIR VALUE MEASUREMENT
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 September 30, 2019 the proceeds of the Trust Account were invested primarily in U.S. government treasury bills that matured in September 2019 yielded interest of approximately 2.45% per year. Upon maturity, the proceeds were invested in U.S. government treasury bills maturing in December 2019 and yielding interest of approximately 1.77% 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 September 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 September 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 September 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:
In June and September 2019, the Company withdrew an aggregate of approximately $887,000 from the Trust Account to pay estimated 2019 income and franchise taxes.