Investments Held in Trust Account

6 Months Ended

Jun. 30, 2018

Assets Held In Trust [Abstract]

Investments Held in Trust Account

5. Investments Held in Trust Account

Gross proceeds of $450,000,000 and $11,000,000 from the Public Offering and the sale of the Private Placement Warrants, respectively, less underwriting discounts of $9,000,000; and funds of $2,000,000 designated to pay the Company’s accrued formation and offering costs, ongoing administrative and acquisition search costs, plus repay notes payable of $300,000 to the Sponsor at the Close Date were placed in the Trust Account at the Close Date.

On January 2, 2018, all funds held in the Trust Account were invested in Permitted Investments, which are considered Level 1 investments under ASC 820. For the three months and six months ended June 30, 2018, the Permitted Investments generated interest income of $1,801,259 and $3,216,244, respectively, all of which was reinvested in Permitted Investments.

At June 30, 2018, the balance of funds held in the Trust Account was $453,216,244.