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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 6—Subsequent Events

On April 4, 2017, the Company consummated its Public Offering of 35,000,000 Units, each Unit consisting of one share of Class A Common Stock and one-third of one Warrant to purchase one share of Class A Common Stock. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $350,000,000. On April 4, 2017, simultaneously with the consummation of the Public Offering, the Company completed a private placement of an aggregate of 6,000,000 Private Placement Warrants to the Sponsor, generating gross proceeds of $9,000,000.

On April 21, 2017, the Company consummated the closing of the sale of 2,732,112 additional Units upon receiving notice of the underwriters’ election to partially exercise their over-allotment option, generating an additional gross proceeds of $27,321,120. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of an additional 364,281 Private Placement Warrants to the Sponsor, generating gross proceeds of $546,422.

In addition, the 10,062,500 Founder Shares held by the Company’s initial stockholders (prior to the exercise of the over-allotment) included an aggregate of up to 1,312,500 Founder Shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option was not exercised in full, so that the initial stockholders would collectively own 20.0% of issued and outstanding shares of the Company. Since the underwriters exercised the over-allotment option in part and purchased 2,732,112 of the total possible 5,250,000 Over-Allotment Units, the Sponsor forfeited 629,472 Founder Shares on April 21, 2017 in order to maintain ownership of 20.0% of issued and outstanding shares of the Company. The Founder Shares forfeited by the Sponsor were cancelled by the Company.

On April 26, 2017, the Company announced that, commencing on April 27, 2017, the holders of Units issued in its Public Offering may elect to separately trade shares of Class A Common Stock and Warrants included in the Units. The Units not separated will continue to trade on The Nasdaq Capital Market under the symbol “KAACU.” Shares of Class A Common Stock and the Warrants are trading on The Nasdaq Capital Market under the symbols “KAAC” and “KAACW,” respectively. No fractional warrants will be issued upon separation of the Units and only whole Warrants will trade.