0001193125-20-291762.txt : 20201112 0001193125-20-291762.hdr.sgml : 20201112 20201112164226 ACCESSION NUMBER: 0001193125-20-291762 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201112 DATE AS OF CHANGE: 20201112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Burgundy Technology Acquisition Corp CENTRAL INDEX KEY: 0001815526 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39474 FILM NUMBER: 201307457 BUSINESS ADDRESS: STREET 1: PO BOX 309 STREET 2: UGLAND HOUSE CITY: GRAND CAYMAN STATE: E9 ZIP: KY1-1104 BUSINESS PHONE: (619) 736-6855 MAIL ADDRESS: STREET 1: PO BOX 309 STREET 2: UGLAND HOUSE CITY: GRAND CAYMAN STATE: E9 ZIP: KY1-1104 10-Q 1 d14953d10q.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

 

 

Burgundy Technology Acquisition Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Cayman Islands   001-39474   N/A

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

PO Box 1093

Boundary Hall, Cricket Square

Grand Cayman, KY1-1102

Cayman Islands

  N/A
(Address of principal executive offices)   (Zip Code)

(345) 945-7099

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Units, each consisting of one Class A Ordinary Share and one-half of one Redeemable Warrant

   BTAQU    The NASDAQ Stock Market LLC

Class A Ordinary Shares, par value $0.0001 per share

   BTAQ    The NASDAQ Stock Market LLC

Warrants, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share

   BTAQW    The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company  
Emerging growth company       

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☒    No  ☐

As of November 12, 2020, 35,562,500 Class A ordinary shares, par value $0.0001 per share, and 8,625,000 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding, respectively.

 

 

 


Table of Contents

BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

Quarterly Report on Form 10-Q

Table of Contents

 

    Page No.  

PART I. FINANCIAL INFORMATION

 

Item 1.

  

Financial Statements

    1  
  

Unaudited Condensed Balance Sheet as of September 30, 2020

    1  
  

Unaudited Condensed Statements of Operations for the three months ended September 30, 2020 and for the period from June 4, 2020 (inception) through September 30, 2020

    2  
  

Unaudited Condensed Statements of Changes in Shareholders’ Equity for the three months ended September 30, 2020 and for the period from June 4, 2020 (inception) through September 30, 2020

    3  
  

Unaudited Condensed Statement of Cash Flows for the period from June  4, 2020 (inception) through September 30, 2020

    4  
  

Notes to Unaudited Condensed Financial Statements

    5  

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

    16  

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

    19  

Item 4.

  

Controls and Procedures

    19  

PART II. OTHER INFORMATION

 

Item 1.

   Legal Proceedings     19  

Item 1A.

   Risk Factors     19  

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities     20  

Item 3.

   Defaults Upon Senior Securities     20  

Item 4.

   Mine Safety Disclosures     20  

Item 5.

   Other Information     20  

Item 6.

   Exhibits     21  

SIGNATURES

    22  


Table of Contents

PART I—FINANCIAL INFORMATION

 

Item 1.

Financial Statements.

BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

UNAUDITED CONDENSED BALANCE SHEET

SEPTEMBER 30, 2020

 

Assets

  

Current assets:

  

Cash

   $ 1,570,008  

Prepaid expenses

     206,042  
  

 

 

 

Total current assets

     1,776,050  

Investments held in Trust Account

     346,729,821  
  

 

 

 

Total assets

   $ 348,505,871  
  

 

 

 

Liabilities and Shareholders’ Equity

  

Current liabilities:

  

Accounts payable

   $ 474,721  

Accrued expenses

     79,575  
  

 

 

 

Total current liabilities

     554,296  

Deferred underwriting commissions

     12,075,000  
  

 

 

 

Total liabilities

     12,629,296  

Commitments and Contingencies

  

Class A ordinary shares, $0.0001 par value; 32,923,042 shares subject to possible redemption at $10.00 per share

     330,876,572  

Shareholders’ Equity:

  

Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding

     —    

Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,639,458 shares issued and outstanding (excluding 32,923,042 shares subject to possible redemption)

     264  

Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding

     863  

Additional paid-in capital

     5,142,455  

Accumulated deficit

     (143,579
  

 

 

 

Total shareholders’ equity

     5,000,003  
  

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 348,505,871  
  

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

 

     For the Three
Months Ended
September 30, 2020
    For the Period
From June 4, 2020
(Inception) through
September 30, 2020
 

Operating expenses:

    

General and administrative expenses

   $ 125,839     $ 148,400  
  

 

 

   

 

 

 

Loss from operations

     (125,839     (148,400

Other income:

    

Gain on marketable securities, dividends and interest held in Trust Account

     4,821       4,821  
  

 

 

   

 

 

 

Total other income

     4,821       4,821  
  

 

 

   

 

 

 

Net loss

   $ (121,018   $ (143,579
  

 

 

   

 

 

 

Weighted average Class A ordinary shares outstanding, basic and diluted

     32,884,274       32,884,274  
  

 

 

   

 

 

 

Basic and diluted net income per ordinary share, Class A

   $ 0.00     $ 0.00  
  

 

 

   

 

 

 

Weighted average Class B ordinary shares outstanding, basic and diluted

     8,625,000       8,625,000  
  

 

 

   

 

 

 

Basic and diluted net loss per ordinary share, Class B

   $ (0.01   $ (0.02
  

 

 

   

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 AND

FOR THE PERIOD FROM JUNE 4, 2020 (INCEPTION) THROUGH SEPTEMBER 30, 2020

 

          Ordinary Shares     Additional
Paid-in
Capital
    Accumulated
Deficit
    Total
Shareholders’
Equity
 
    Preference shares     Class A     Class B  
    Shares     Amount     Shares     Amount     Shares     Amount  

Balance - June 4, 2020 (inception)

    —       $ —         —       $ —         —       $ —       $ —       $ —       $ —    

Issuance of Class B ordinary shares to Sponsor

    —         —         —         —         8,625,000       863       24,137       —         25,000  

Net loss

    —         —         —         —         —         —         —         (22,561     (22,561
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance - June 30, 2020 (unaudited)

    —       $ —         —       $ —         8,625,000     $ 863     $ 24,137       $ (22,561   $ 2,439  

Sale of units in initial public offering, gross

    —         —         34,500,000       3,450       —         —         344,996,550       —         345,000,000  

Offering costs

    —         —         —         —         —         —         (19,629,846     —         (19,629,846

Sale of private placement units to Sponsor in private placement

    —         —         1,062,500       106       —         —         10,624,894       —         10,625,000  

Class A ordinary shares subject to possible redemption

    —         —         (32,923,042     (3,292     —         —         (330,873,280     —         (330,876,572

Net loss

    —         —         —         —         —         —         —         (121,018     (121,018
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance - September 30, 2020 (unaudited)

    —       $  —         2,639,458     $ 264       8,625,000     $  863     $ 5,142,455       $ (143,579)     $ 5,000,003  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM JUNE 4, 2020 (INCEPTION) THROUGH SEPTEMBER 30, 2020

 

Cash Flows from Operating Activities:

  

Net loss

   $  (143,579

Adjustments to reconcile net loss to net cash used in operating activities:

  

Gain on marketable securities, dividends and interest held in Trust Account

     (4,821

General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares

     19,800  

General and administrative expenses paid by Sponsor under promissory note

     11,055  

Changes in operating assets and liabilities:

  

Prepaid expenses

     (206,042

Accounts payable

     190,278  

Accrued expenses

     4,575  
  

 

 

 

Net cash used in operating activities

     (128,734
  

 

 

 

Cash Flows from Investing Activities:

  

Cash deposited in Trust Account

     (346,725,000
  

 

 

 

Net cash used in investing activities

     (346,725,000
  

 

 

 

Cash Flows from Financing Activities:

  

Proceeds from note payable to related party

     92,208  

Repayment of note payable to related party

     (188,213

Proceeds received from initial public offering, gross

     345,000,000  

Proceeds received from private placement

     10,625,000  

Offering costs paid

     (7,105,253
  

 

 

 

Net cash provided by financing activities

     348,423,742  
  

 

 

 

Net change in cash

     1,570,008  

Cash - beginning of the period

     —    
  

 

 

 

Cash - end of the period

   $ 1,570,008  
  

 

 

 

Supplemental disclosure of noncash investing and financing activities:

  

Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares

   $ 5,200  

Offering costs included in accounts payable

   $ 284,443  

Offering costs included in accrued expenses

   $ 75,000  

Offering costs funded with note payable

   $ 84,950  

Deferred underwriting commissions

   $ 12,075,000  

Initial value of Class A ordinary shares subject to possible redemption

   $ 330,986,901  

Change in initial value of Class A ordinary shares subject to possible redemption

   $ (110,329

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1—Description of Organization, Business Operations and Basis of Presentation

Burgundy Technology Acquisition Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on June 4, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

As of September 30, 2020, the Company had not commenced any operations. All activity for the period from June 4, 2020 (inception) through September 30, 2020 relates to the Company’s formation and the preparation of its initial public offering (the “Initial Public Offering”) and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.

The Company’s sponsor is Burgundy Technology Sponsor Limited, a Jersey private limited company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on August 26, 2020. On August 31, 2020, the Company consummated its Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $300.0 million. The underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 units (the “Over-Allotment Units”), generating additional gross proceeds of $45.0 million (the “Over-Allotment”). The Company incurred offering costs of approximately $19.6 million, including approximately $12.1 million in deferred underwriting fees (Note 5).

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 950,000 Units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $9.5 million. The Company consummated a second closing (the “Second Closing”) of the Private Placement simultaneously with the closing of the Over-Allotment on September 18, 2020 for an additional 112,500 Private Placement Units to the Sponsor, generating gross proceeds to the Company of approximately $1.1 million (Note 4).

Upon the closing of the Initial Public Offering, the Over-Allotment and the Private Placement, approximately $346.7 million ($10.05 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and was invested only in U.S. government securities within the meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in money market funds investing solely in United States Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of funds held in the Trust Account as described below.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, the Over-Allotment and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

The Company will provide the holders (the “Public Shareholders”) of its Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in

 

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Table of Contents

BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares will be classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company adopted upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which will require insiders to: (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders have agreed to waive their redemption rights with respect to their Founder Shares, private placement shares (the “Private Placement Shares”) underlying the Private Placement Units and Public Shares in connection with the completion of a Business Combination.

Notwithstanding the foregoing, if the Company seeks shareholder approval of its Business Combination and does not conduct redemptions in connection with its Business Combination pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.

The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a) that would modify the substance or timing of the Company’s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Company’s Public Shares if the Company does not complete its Business Combination within 18 months from the closing of the Initial Public Offering, or February 28, 2022 (as such may be extended, the “Combination Period”) or with respect to any other provision relating to the rights of Public Shareholders, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.

If the Company anticipates that it may not be able to consummate a Business Combination within 18 months, the Company may extend the Combination Period. In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account approximately $1.1 million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8 million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate.

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholder’s rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to consummate a Business Combination within the Combination Period.

The initial shareholders have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.05 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.05 per Public Share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (excluding the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September 30, 2020 and the period from June 4, 2020 (inception) through September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on September 4, 2020 and August 27, 2020, respectively.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Risk and Uncertainties

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. The financial statements does not include any adjustments that might result from the outcome of this uncertainty.

Liquidity and Capital Resources

As of September 30, 2020, the Company had approximately $1.6 million in its operating bank account, and working capital of approximately $1.2 million.

Prior to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, the Company’s liquidity needs were satisfied through the payment of $25,000 from the Sponsor to cover certain offering costs of the Company in exchange for the issuance of the Founder Shares, and a loan of approximately $188,000 pursuant to the Note issued to the Sponsor (Note 4). Subsequent to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, the Company’s liquidity needs have been satisfied with proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on September 3, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, provide the Company Working Capital Loans (see Note 4). To date, there were no amounts outstanding under any Working Capital Loan.

Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and

 

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directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Note 2—Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Investments Held in Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in Trust Account are classified as trading securities, which are presented on the unaudited condensed balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in gain on marketable securities, dividends and interest held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.    

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At September 30, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

 

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The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

 

   

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

 

   

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

 

   

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

As of September 30, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of September 30, 2020, the Company’s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. The Company uses NAV as a practical expedient to fair value for its investments in money market funds.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of underwriting, legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2020, 32,923,042 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

Income Taxes

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

 

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BURGUNDY TECHNOLOGY ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

Net Income (Loss) Per Ordinary Share

Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,781,250, of the Company’s Class A ordinary shares in the calculation of diluted income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method.

The Company’s unaudited condensed statements of operations include a presentation of income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the gain on marketable securities, dividends, and interest held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $4,821 for the three month period ended September 30, 2020 and for the period from June 4, 2020 (inception) through September 30, 2020, by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.

Note 3—Initial Public Offering

On August 31, 2020, the Company consummated its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, generating gross proceeds of $300.0 million. The underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 Over-Allotment Units, generating additional gross proceeds of $45.0 million. The Company incurred offering costs of approximately $19.6 million, including approximately $12.1 million in deferred underwriting fees.

Each Unit consists of one Class A ordinary share, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 6).

Note 4—Related Party Transactions

Founder Shares

On June 12, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 11,500,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”). On August 25, 2020, the Sponsor surrendered 2,875,000 Founder Shares, resulting in an aggregate of 8,625,000 Founder Shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender. The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s issued and outstanding ordinary shares (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any units in the Initial Public Offering) after the Initial Public Offering. On September 18, 2020, the underwriters fully exercised the over-allotment option; thus, these Founder Shares were no longer subject to forfeiture.

The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

 

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Private Placement Units

Simultaneously with the closing of the Initial Public Offering and the Over-Allotment on August 31, 2020 and September 18, 2020, the Company consummated the Private Placement of 950,000 Private Placement Units and 112,500 Private Placement Units at a price of $10.00 per Private Placement Unit, respectively, generating total gross proceeds of approximately $10.6 million in total. The Private Placement Units (including the Private Placement Shares, the Private Placement Warrants (as defined below) and Class A ordinary shares issuable upon exercise of such warrants) will not be transferable or salable until 30 days after the completion of the initial Business Combination.

Each whole private placement warrant underlying the Private Placement Units (the “Private Placement Warrants”) is exercisable for one whole Class A ordinary share at a price of $11.50 per share. Certain proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Units and the underlying securities will expire worthless.

The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units until 30 days after the completion of the initial Business Combination.

Related Party Loans

On June 12, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company had borrowed approximately $188,000 under the Note. The Company repaid the Note in full on September 3, 2020.

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into units, at the price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. To date, the Company had no outstanding borrowings under the Working Capital Loans.

Related Party Extension Loans

As discussed in Note 1, the Company may extend the period of time to consummate a Business Combination up to six times, each by an additional month (for a total of 24 months to complete a Business Combination). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliates or designees must deposit into the Trust Account approximately $1.1 million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8 million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate. Any such payments would be made in the form of a loan. The terms of the promissory note to be issued in connection with any such loans have not yet been negotiated. If the Company completes a Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination, the Company will not repay such loans. Furthermore, the letter agreement with the initial shareholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business Combination.

 

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Note 5—Commitments and Contingencies

Registration Rights

The holders of the Founder Shares, Private Placement Units, and units that may be issued upon conversion of Working Capital Loans (and in each case holders of their component securities, as applicable) are entitled to registration rights to require the Company to register a sale of any of its securities held by them pursuant to the registration rights agreement. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters fully exercised their over-allotment option on September 18, 2020.

The underwriters were entitled to an underwriting discount of $0.20 per Unit, or $6.9 million in the aggregate, paid upon the closing of the Initial Public Offering and the Over-Allotment. In addition, $0.35 per unit, or approximately $12.1 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Note 6—Shareholders’ Equity

Class A Ordinary Shares—The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of September 30, 2020, there were 35,562,500 Class A ordinary shares issued or outstanding, including 32,923,042 Class A ordinary shares subject to possible redemption.

Class B Ordinary Shares—The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On June 12, 2020, the Company issued 11,500,000 Class B ordinary shares. On August 25, 2020, the Sponsor surrendered 2,875,000 Class B ordinary shares, resulting in an aggregate of 8,625,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender. Of the 8,625,000 Class B ordinary shares, an aggregate of up to 1,125,000 Class B ordinary shares were subject to forfeiture, to the Company by the Sponsor for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on September 18, 2020; thus, these shares were no longer subject to forfeiture.

Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that holders of the Founder Shares will have the right to appoint all of the Company’s directors prior to the initial Business Combination and holders of the Class A ordinary shares will not be entitled to vote on the appointment of directors during such time.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein and in the amended and restated memorandum and articles of association. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Founder Shares agree to waive such anti-

 

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dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate on an as-if-converted basis, 20% of the sum of all ordinary shares outstanding upon completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent units (or their component securities) issued to the Sponsor or its affiliates upon conversion of loans made to the Company). In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

Preference Shares—The Company is authorized to issue 2,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2020, there were no preference shares issued or outstanding.

Warrants—Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file, and within 60 business days following the initial Business Combination to have declared effective, a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective within a specified period following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

The warrants are exercisable at $11.50 per whole share, subject to adjustment, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the placement warrants as described):

 

   

in whole and not in part;

 

   

at a price of $0.01 per warrant;

 

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upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the 30-day redemption period; and

 

   

if, and only if, the last sale price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

Additionally, in no event will the Company be required to net cash settle any Warrants. If the Company is unable to complete the Initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

Note 7—Subsequent Events

Management has evaluated subsequent events to determine if events or transactions occurring through November 12, 2020, the date the financial statements was available for issuance, require potential adjustment to or disclosure in the financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed.

 

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Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References to the “Company,” “our,” “us” or “we” refer to Burgundy Technology Acquisition Corporation The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Form 10-Q. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings.

Overview

We are a blank check company incorporated on June 4, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”) that we have not yet identified. Our sponsor is Burgundy Technology Sponsor Limited, a Jersey private limited company (our “Sponsor”).

The registration statement for our Initial Public Offering was declared effective on August 26, 2020. On August 31, 2020, we consummated our Initial Public Offering of 30,000,000, at $10.00 per Unit, generating gross proceeds of $300.0 million. The underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 Over-Allotment Units, generating additional gross proceeds of $45.0 million. We incurred offering costs of approximately $19.6 million, including approximately $12.1 million in deferred underwriting fees.

Simultaneously with the closing of the Initial Public Offering, we consummated the Private Placement of 950,000 Private Placement Units, at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $9.5 million. We consummated the Second Closing of the Private Placement simultaneously with the closing of the Over-Allotment on September 18, 2020 for an additional 112,500 Private Placement Units to our Sponsor, generating gross proceeds to us of approximately $1.1 million.

Upon the closing of the Initial Public Offering, the Over-Allotment and the Private Placement, approximately $346.7 million ($10.05 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in the Trust Account, located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and was invested only in U.S. government securities within the meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in money market funds investing solely in United States Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the Trust Account as described below.

Our management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, the Over-Allotment and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.

If we have not completed a Business Combination within 18 months (unless such period is extended as described herein), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in

 

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cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholder’s rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to consummate a Business Combination within the Combination Period.

If the Company anticipates that it may not be able to consummate a Business Combination within 18 months, the Company may extend the Combination Period. In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account approximately $1.1 million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8 million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate.

Liquidity and Capital Resources

As of September 30, 2020, we had approximately $1.6 million in our operating bank account, working capital of approximately $1.2 million, and no interest income available in the Trust Account to pay for our tax obligations, if any.

Prior to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, our liquidity needs were satisfied through the payment of $25,000 from our Sponsor to cover certain of our offering costs in exchange for the issuance of founder shares, and a loan of approximately $188,000 pursuant to a note agreement with our Sponsor (the “Note”). Subsequent to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, our liquidity needs have been satisfied with proceeds from the consummation of the Private Placement not held in the Trust Account. We repaid the Note in full on September 3, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, our Sponsor may, but is not obligated to, provide us working capital loans. To date, there were no amounts outstanding under any working capital loan.

Based on the foregoing, management believes that we will have sufficient working capital and borrowing capacity from our Sponsor or an affiliate of our Sponsor, or our officers and directors to meet our needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, we will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Results of Operations

Our entire activity since inception through September 30, 2020 related to our formation, the preparation for the Initial Public Offering, and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. We have neither engaged in any operations nor generated any revenues to date. We will not generate any operating revenues until after completion of our initial Business Combination. We will generate non-operating income in the form of interest income on cash and cash equivalents. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2020, we had net loss of $121,018, which consisted of $125,839 in general and administrative expenses, which was partially offset by a $4,821 gain on marketable securities, dividends and interest held in Trust Account.

For the period from June 4, 2020 (inception) through September 30, 2020, we had net loss of $143,579, which consisted of $148,400 in general and administrative expenses, which was partially offset by a $4,821 gain on marketable securities, dividends and interest held in Trust Account.

 

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Contractual Obligations

We do not have any long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or long-term liabilities.

Critical Accounting Policies

This management’s discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to fair value of financial instruments and accrued expenses. We base our estimates on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company has identified the following as its critical accounting policies:

Class A Ordinary Shares Subject to Possible Redemption

Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. Our Class A ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2020, 32,923,042 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

Net Income (Loss) Per Ordinary Share

Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. We have not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,781,250, of our Class A ordinary shares in the calculation of diluted income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method.

Our unaudited condensed statements of operations include a presentation of income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the gain on marketable securities, dividends, and interest held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $4,821 for the three month period ended September 30, 2020 and for the period from June 4, 2020 (inception) through September 30, 2020, by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.

Recent Accounting Pronouncements

Our management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Off-Balance Sheet Arrangements

As of September 30, 2020, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

Inflation

We do not believe that inflation had a material impact on our business, revenues or operating results during the period presented.

 

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JOBS Act

The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS Act are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, the financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our Initial Public Offering or until we are no longer an “emerging growth company,” whichever is earlier.

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

 

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended September 30, 2020, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our chief executive officer and chief financial officer have concluded that during the period covered by this report, our disclosure controls and procedures were effective.

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the three months ended September 30, 2020, covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

 

Item 1.

Legal Proceedings

None.

 

Item 1A.

Risk Factors.

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final prospectus for our Initial Public Offering filed with the SEC on August 27, 2020. Any

 

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of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our final prospectus for our Initial Public Offering filed with the SEC on August 27, 2020, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

On June 12, 2020, we issued to our Sponsor an aggregate of 11,500,000 Founder Shares in exchange for a capital contribution of $25,000. On August 25, 2020, the Sponsor surrendered 2,875,000 Founder Shares, resulting in an aggregate of 8,625,000 Founder Shares outstanding. The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of our issued and outstanding ordinary shares (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any units in the Initial Public Offering) after the Initial Public Offering. On September 18, 2020, the underwriters fully exercised the over-allotment option; thus, these Founder Shares were no longer subject to forfeiture. The Founder Shares are convertible into Class A ordinary shares as provided in the Amended and Restated Memorandum and Articles of Association. The foregoing issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

On August 31, 2020, we consummated our Initial Public Offering of 30,000,000 Units, at a price of $10.00 per Unit, generating gross proceeds of $300,000,000. The underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 units, generating additional gross proceeds of $45,000,000. Mizuho Securities USA LLC acted as the global coordinator and sole book-running manager for the offering. I-Bankers Securities, Inc. acted as co-manager. The securities sold in the offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-240243). The SEC declared the registration statement effective on August 26, 2020.

Simultaneously with the closing of the Initial Public Offering and the Over-Allotment on August 31, 2020 and September 18, 2020, the Company consummated the Private Placement of 950,000 Private Placement Units and 112,500 Private Placement Units at a price of $10.00 per Private Placement Unit, respectively, generating total gross proceeds of $10,625,000. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

The Private Placement Units (including the Private Placement Shares, the Private Placement and Class A ordinary shares issuable upon exercise of such warrants) will not be transferable or salable until 30 days after the completion of the initial Business Combination, subject to certain limited exceptions. If we do not complete a Business Combination within the Combination Period, the Private Placement Units and the underlying securities will expire worthless.

Of the gross proceeds received from the Initial Public Offering and the full exercise of the over-allotment option, $346,725,000 was placed in the Trust Account.

We paid a total of $6,900,000 in underwriting discounts and commissions and approximately $655,000 for other costs and expenses related to the Initial Public Offering. In addition, the underwriters agreed to defer $12,075,000 in underwriting discounts and commissions.

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.

 

Item 3.

Defaults Upon Senior Securities

None.

 

Item 4.

Mine Safety Disclosures

Not applicable.

 

Item 5.

Other Information

None.

 

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Item 6.

Exhibits.

 

Exhibit
Number

  

Description

    3.1(1)    Amended and Restated Memorandum and Articles of Association of the Company
    4.1(1)    Warrant Agreement, dated August 26, 2020, between the Company and Continental Stock Transfer & Trust Company
  10.1(1)    Letter Agreement, dated August  26, 2020, among the Company, Burgundy Technology Sponsor Limited and the officers and directors of the Company
  10.2(1)    Investment Management Trust Agreement, dated August 26, 2020, between the Company and Continental Stock Transfer  & Trust Company
  10.3(1)    Registration Rights Agreement, dated August  26, 2020, among the Company, Burgundy Technology Sponsor Limited and the holders party thereto
  10.4(1)    Private Placement Units Purchase Agreement, dated August 26, 2020, between the Company and Burgundy Technology Sponsor Limited
  31.1    Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)  under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
  31.2    Certification of the Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)  under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
  32.1*    Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
  32.2*    Certification of the Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
101.INS    XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    XBRL Taxonomy Extension Label Linkbase Document
101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document

 

*

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

(1)

Previously filed as an exhibit to the Company’s Current Report on Form 8-K (File No. 001-39474), filed with the Securities and Exchange Commission on September 1, 2020 and incorporated by reference herein.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 12th day of November, 2020.

 

BURGUNDY TECHNOLOGY

ACQUISITION CORPORATION

By:  

/s/ Leo Apotheker

Name:   Leo Apotheker
Title:  

Co-Chief Executive Officer

(Principal Executive Officer)

 

BURGUNDY TECHNOLOGY

ACQUISITION CORPORATION

/s/ James Scott Mackey

James Scott Mackey

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

22

EX-31.1 2 d14953dex311.htm EX-31.1 EX-31.1

EXHIBIT 31.1

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Leo Apotheker, certify that:

 

1.

I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 of Burgundy Technology Acquisition Corporation;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

[Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313];

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: November 12, 2020   By:  

/s/ Leo Apotheker

    Leo Apotheker
    Co-Chief Executive Officer
    (Principal Executive Officer)
EX-31.2 3 d14953dex312.htm EX-31.2 EX-31.2

EXHIBIT 31.2

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James Scott Mackey, certify that:

 

1.

I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 of Burgundy Technology Acquisition Corporation;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

[Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313];

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: November 12, 2020   By:  

/s/ James Scott Mackey

    James Scott Mackey
    Chief Financial Officer
    (Principal Financial and Accounting Officer)
EX-32.1 4 d14953dex321.htm EX-32.1 EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Burgundy Technology Acquisition Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Leo Apotheker, Co-Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 12, 2020

 

/s/ Leo Apotheker

Name:   Leo Apotheker
Title:   Co-Chief Executive Officer
  (Principal Executive Officer)
EX-32.2 5 d14953dex322.htm EX-32.2 EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Burgundy Technology Acquisition Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Scott Mackey, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 12, 2020

 

/s/ James Scott Mackey

Name:   James Scott Mackey
Title:   Chief Financial Officer
  (Principal Financial and Accounting Officer)
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As of&#160;September 30, 2020, there were 35,562,500 Class&#160;A ordinary shares issued or outstanding, including 32,923,042 Class&#160;A ordinary shares subject to possible redemption. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Class</div></div><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;B Ordinary Shares&#8212;</div></div>The Company is authorized to issue 20,000,000 Class&#160;B ordinary shares with a par value of&#160;$0.0001 per share.&#160;On June&#160;12, 2020,&#160;the Company issued 11,500,000&#160;Class&#160;B ordinary shares. On August&#160;25, 2020, the Sponsor surrendered 2,875,000 Class&#160;B ordinary shares, resulting in an aggregate of 8,625,000 Class&#160;B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender.&#160;Of the 8,625,000 Class&#160;B ordinary shares, an aggregate of up to 1,125,000 Class&#160;B ordinary shares were subject to forfeiture, to the Company by the Sponsor for no consideration to the extent that the underwriters&#8217; over-allotment&#160;option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company&#8217;s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on September&#160;18, 2020; thus, these shares were no longer subject to forfeiture. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Class&#160;A ordinary shareholders and Class&#160;B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that holders of the Founder Shares will have the right to appoint all of the Company&#8217;s directors prior to the initial Business Combination and holders of the Class&#160;A ordinary shares will not be entitled to vote on the appointment of directors during such time. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The Class&#160;B ordinary shares will automatically convert into Class&#160;A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">one-for-one</div></div> basis, subject to adjustment for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein and in the amended and restated memorandum and articles of association. In the case that additional Class&#160;A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the Business Combination, the ratio at which Founder Shares will convert into Class&#160;A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Founder Shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class&#160;A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate on an <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">as-if-converted</div></div> basis, 20% of the sum of all ordinary shares outstanding upon completion of the Initial Public Offering plus all Class&#160;A ordinary shares and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent units (or their component securities) issued to the Sponsor or its affiliates upon conversion of loans made to the Company). In no event will the Class&#160;B ordinary shares convert into Class&#160;A ordinary shares at a rate of less than <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">one-to-one.</div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Preference Shares&#8212;</div></div>The Company is authorized to issue 2,000,000 preference shares with such designations, voting and&#160;other rights and preferences as may be determined from time to time by the Company&#8217;s board of directors. As of&#160;September 30, 2020, there were no preference shares issued or outstanding. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Warrants&#8212;</div></div>Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become&#160;exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing&#160;of the Initial Public Offering. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file, and within 60 business days following the initial Business Combination to have declared effective, a registration statement covering the Class&#160;A ordinary shares issuable upon exercise of the warrants, and to maintain a current prospectus relating to those Class&#160;A ordinary shares until the warrants expire or are redeemed. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class&#160;A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class&#160;A ordinary shares. Notwithstanding the foregoing, if a registration statement covering the Class&#160;A ordinary shares issuable upon exercise of the warrants is not effective within a specified period following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section&#160;3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. 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If the Company is unable to complete the Initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company&#8217;s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i)&#160;will not be redeemable by the Company, (ii)&#160;may not (including the Class&#160;A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii)&#160;may be exercised by the holders on a cashless basis and (iv)&#160;will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 10-Q true false 2020-09-30 false 2020 P20D P30D Q3 0001815526 --12-31 P30D Yes Non-accelerated Filer 0.01 No true 1125000 11500000 <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;">Note 5&#8212;Commitments&#160;and Contingencies </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Registration Rights </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The holders of the Founder Shares, Private Placement Units, and units that may be issued upon conversion of Working Capital Loans (and in each case holders of their component securities, as applicable) are entitled to registration rights to require the Company to register a sale of any of its securities held by them pursuant to the registration rights agreement. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have &#8220;piggy-back&#8221; registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Underwriting Agreement </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The Company granted the underwriters a <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">45-day</div> option from the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters fully exercised their over-allotment option on September&#160;18, 2020.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The underwriters were entitled to an underwriting discount of $0.20 per Unit, or $6.9&#160;million in the aggregate, paid upon the closing of the Initial Public Offering and the Over-Allotment. In addition, $0.35 per unit, or approximately $12.1&#160;million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> true true false 35562500 8625000 001-39474 <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;">Note 4&#8212;Related Party Transactions </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Founder Shares </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On June&#160;12, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 11,500,000 Class&#160;B ordinary shares, par value $0.0001 (the &#8220;Founder Shares&#8221;). On August&#160;25, 2020, the Sponsor surrendered 2,875,000 Founder Shares, resulting in an aggregate of 8,625,000 Founder Shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender. The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option <div style="display:inline;">was</div> not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company&#8217;s issued and outstanding ordinary shares (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any units in the Initial Public Offering) after the Initial Public Offering. On September&#160;18, 2020, the underwriters fully exercised the over-allotment option; thus, these Founder Shares were no longer subject to forfeiture. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier of (A)&#160;one year after the completion of the initial Business Combination or (B)&#160;subsequent to the initial Business Combination, (x)&#160;if the last reported sale price of the Class&#160;A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">30-trading</div> day period commencing at least 150 days after the initial Business Combination, or (y)&#160;the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the shareholders having the right to exchange their Class&#160;A ordinary shares for cash, securities or other property.</div><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Private Placement Units </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Simultaneously with the closing of the Initial Public Offering and the Over-Allotment on August&#160;31, 2020 and September&#160;18, 2020, the Company consummated the Private Placement of 950,000 Private Placement Units and 112,500 Private Placement Units at a price of $10.00 per Private Placement Unit, respectively, generating total gross proceeds of approximately $10.6&#160;million in total. The Private Placement Units (including the Private Placement Shares, the Private Placement Warrants (as defined below) and Class&#160;A ordinary shares issuable upon exercise of such warrants) will not be transferable or salable until 30 days after the completion of the initial Business Combination. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Each whole private placement warrant underlying the Private Placement Units (the &#8220;Private Placement Warrants&#8221;) is exercisable for one whole Class&#160;A ordinary share at a price of $11.50 per share. Certain proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Units and the underlying securities will expire worthless. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Sponsor and the Company&#8217;s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units until 30 days after the completion of the initial Business Combination. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Related Party Loans </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;">On June&#160;12, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the &#8220;Note&#8221;). This loan was <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-interest</div> bearing and payable upon the completion of the Initial Public Offering. The Company had borrowed approximately $188,000 under the Note. The Company repaid the Note in full on September&#160;3, 2020.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company&#8217;s officers and directors may, but are not obligated to, loan the Company funds as may be required (&#8220;Working Capital Loans&#8221;). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders&#8217; discretion, up to $1.5&#160;million of such Working Capital Loans may be convertible into units, at the price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. To date, the Company had no outstanding borrowings under the Working Capital Loans. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Related Party Extension Loans </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As discussed in Note 1, the Company may extend the period of time to consummate a Business Combination up to six times, each by an additional month (for a total of 24 months to complete a Business Combination). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliates or designees must deposit into the Trust Account approximately $1.1&#160;million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8&#160;million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate. Any such payments would be made in the form of a loan. The terms of the promissory note to be issued in connection with any such loans have not yet been negotiated. If the Company completes a Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination, the Company will not repay such loans. Furthermore, the letter agreement with the initial shareholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business Combination. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> PO Box 1093 Boundary Hall, Cricket Square Grand Cayman KY 1102 345 945-7099 E9 8625000 Units, each consisting of one Class A Ordinary Share and one-half of one Redeemable Warrant BTAQU NASDAQ Class A Ordinary Shares, par value $0.0001 per share BTAQ NASDAQ 1125000 Warrants, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share BTAQW NASDAQ <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;">Note 3&#8212;Initial Public Offering </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On August&#160;31, 2020, the Company consummated its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, generating gross proceeds of $300.0&#160;million. The underwriters exercised the over-allotment option in full and on September&#160;18, 2020 purchased an additional 4,500,000 Over-Allotment Units, generating additional gross proceeds of $45.0&#160;million. The Company incurred offering costs of approximately $19.6&#160;million, including approximately $12.1&#160;million in deferred underwriting fees. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">Each Unit consists of one Class&#160;A ordinary share, and <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">one-half</div> of one redeemable warrant (each, a &#8220;Public Warrant&#8221;). Each whole Public Warrant entitles the holder to purchase one Class&#160;A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 6).</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 1570008 346729821 1 Each Unit consists of one Class A ordinary share, and one-half of one redeemable warrant <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;">Note 2&#8212;Summary of Significant Accounting Policies </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Investments Held in Trust Account </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;">Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in U.S. government securities, within the meaning set forth in Section&#160;2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2a-7</div> promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i)&#160;the completion of a Business Combination and (ii)&#160;the distribution of the Trust Account. Investments held in Trust Account are classified as trading securities, <div style="letter-spacing: 0px; top: 0px;;display:inline;">which are presented on the unaudited condensed balance sheet at fair value at the end</div> of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in gain on marketable securities, dividends and interest held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (&#8220;NAV&#8221;), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.&#160;&#160;&#160;&#160;</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At September&#160;30, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value of Financial Instruments </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. 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line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; 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max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy.&#160;In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of September&#160;30, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of September&#160;30, 2020, the Company&#8217;s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. The Company uses NAV as a practical expedient to fair value for its investments in money market funds. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Offering Costs Associated with the Initial Public Offering </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Offering costs consisted of underwriting, legal, accounting, and</div> other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders&#8217; equity upon the completion of the Initial Public Offering. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Class&#160;A Ordinary Shares Subject to Possible Redemption </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company accounts for its Class&#160;A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 &#8220;Distinguishing Liabilities from Equity.&#8221; Class&#160;A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class&#160;A ordinary shares (including Class&#160;A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other times, Class&#160;A ordinary shares are classified as shareholders&#8217; equity. The Company&#8217;s Class&#160;A ordinary shares feature certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of uncertain future events. Accordingly, at September&#160;30, 2020, 32,923,042 Class&#160;A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders&#8217; equity section of the Company&#8217;s balance sheet. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September&#160;30, 2020. The Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September&#160;30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company&#8217;s unaudited condensed financial statements. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. </div><br/></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Net Income (Loss) Per Ordinary Share </div></div></div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average</div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,781,250, of the Company&#8217;s Class&#160;A ordinary shares in the calculation of <div style="letter-spacing: 0px; top: 0px;;display:inline;">diluted income (loss) per</div> share, since their inclusion would be anti-dilutive under the treasury stock method. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The Company&#8217;s unaudited condensed statements of operations include a presentation <div style="letter-spacing: 0px; top: 0px;;display:inline;">of income (loss) per</div> share for ordinary shares subject to redemption in a manner similar to the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method of income per share. Net income per ordinary share, basic and diluted for Class&#160;A ordinary shares is calculated by dividing the gain on marketable securities, dividends, and interest held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $4,821 for the three month period ended September&#160;30, 2020 and for the period from June&#160;4, 2020 (inception) through September&#160;30, 2020, by the weighted average number of Class&#160;A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class&#160;B ordinary shares is calculated by dividing the net loss, less income attributable to Class&#160;A ordinary shares by the weighted average number of Class&#160;B ordinary shares outstanding for the period.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company&#8217;s financial statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At September&#160;30, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September&#160;30, 2020. The Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September&#160;30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company&#8217;s unaudited condensed financial statements. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. </div><br/></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company&#8217;s financial statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Net Income (Loss) Per Ordinary Share </div></div></div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average</div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,781,250, of the Company&#8217;s Class&#160;A ordinary shares in the calculation of <div style="letter-spacing: 0px; top: 0px;;display:inline;">diluted income (loss) per</div> share, since their inclusion would be anti-dilutive under the treasury stock method. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The Company&#8217;s unaudited condensed statements of operations include a presentation <div style="letter-spacing: 0px; top: 0px;;display:inline;">of income (loss) per</div> share for ordinary shares subject to redemption in a manner similar to the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method of income per share. Net income per ordinary share, basic and diluted for Class&#160;A ordinary shares is calculated by dividing the gain on marketable securities, dividends, and interest held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $4,821 for the three month period ended September&#160;30, 2020 and for the period from June&#160;4, 2020 (inception) through September&#160;30, 2020, by the weighted average number of Class&#160;A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class&#160;B ordinary shares is calculated by dividing the net loss, less income attributable to Class&#160;A ordinary shares by the weighted average number of Class&#160;B ordinary shares outstanding for the period.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 12075000 12629296 <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 330876572 <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;">Note 1&#8212;Description of Organization, Business Operations and Basis of Presentation </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Burgundy Technology Acquisition Corporation (the &#8220;Company&#8221;) was incorporated as a Cayman Islands exempted company on June&#160;4, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the &#8220;Business Combination&#8221;). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">As of September&#160;30, 2020, the Company had not commenced any operations. All activity for the period from June&#160;4, 2020 (inception) through September&#160;30, 2020 relates to the Company&#8217;s formation and the preparation of its initial public offering (the &#8220;Initial Public Offering&#8221;) and since the closing of the Initial Public Offering,&#160;the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-operating</div> income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December&#160;31 as its fiscal year end.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s sponsor is Burgundy Technology Sponsor Limited, a Jersey private limited company (the &#8220;Sponsor&#8221;). The registration statement for the Company&#8217;s Initial Public Offering was declared effective on August&#160;26, 2020. On August&#160;31, 2020, the Company consummated its Initial Public Offering of 30,000,000 units (the &#8220;Units&#8221; and, with respect to the Class&#160;A ordinary shares included in the Units, the &#8220;Public Shares&#8221;), at $10.00 per Unit, generating gross proceeds of $300.0&#160;million. The underwriters exercised the over-allotment option in full and on September&#160;18, 2020 purchased an additional 4,500,000 units (the &#8220;Over-Allotment Units&#8221;), generating additional gross proceeds of $45.0&#160;million (the &#8220;Over-Allotment&#8221;). The Company incurred offering costs of approximately $19.6&#160;million, including approximately $12.1&#160;million in deferred underwriting fees (Note&#160;5). </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (&#8220;Private Placement&#8221;) of 950,000 Units (the &#8220;Private Placement Units&#8221;) at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $9.5&#160;million. The Company consummated a second closing (the &#8220;Second Closing&#8221;) of the Private Placement simultaneously with the closing of the Over-Allotment on September&#160;18, 2020 for an additional 112,500 Private Placement Units to the Sponsor, generating gross proceeds to the Company of approximately $1.1&#160;million (Note 4). </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">Upon the closing of the Initial Public Offering, the Over-Allotment and the Private Placement, approximately $346.7&#160;million ($10.05 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (&#8220;Trust Account&#8221;), located in the United States with Continental Stock Transfer&#160;&amp; Trust Company acting as trustee, and was invested only in U.S. government securities within the meaning of Section&#160;2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in money market funds investing solely in United States Treasuries and meeting certain conditions under Rule <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2a-7</div> under the Investment Company Act, until the earlier of: (i)&#160;the completion of a Business Combination or (ii)&#160;the distribution of funds held in the Trust Account as described below.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, the Over-Allotment and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The Company will provide the holders (the &#8220;Public Shareholders&#8221;) of its Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i)&#160;in connection with a shareholder meeting called to approve the Business Combination or (ii)&#160;by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes). The <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">per-share</div> amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares will be classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 480 &#8220;Distinguishing Liabilities from Equity.&#8221; In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company adopted upon the consummation of the Initial Public Offering (the &#8220;Amended and Restated Memorandum and Articles of Association&#8221;), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which will require insiders to: (i)&#160;refrain from purchasing shares during certain blackout periods and when they are in possession of any material <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-public</div> information and (ii)&#160;to clear all trades with the Company&#8217;s legal counsel prior to execution. In addition, the initial shareholders have agreed to waive their redemption rights with respect to their Founder Shares, private placement shares (the &#8220;Private Placement Shares&#8221;) underlying the Private Placement Units and Public Shares in connection with the completion of a Business Combination.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Notwithstanding the foregoing, if the Company seeks shareholder approval of its Business Combination and does not conduct redemptions in connection with its Business Combination pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association <div style="letter-spacing: 0px; top: 0px;;display:inline;">provides</div> that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &#8220;group&#8221; (as defined under Section&#160;13 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class&#160;A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s Sponsor, officers and directors (the &#8220;initial shareholders&#8221;) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a)&#160;that would modify the substance or timing of the Company&#8217;s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Company&#8217;s Public Shares if the Company does not complete its Business Combination within 18 months from the closing of the Initial Public Offering, or February&#160;28, 2022 (as such may be extended, the &#8220;Combination Period&#8221;) or with respect to any other provision relating to the rights of Public Shareholders, unless the Company provides the Public Shareholders with the opportunity to redeem their Class&#160;A ordinary shares in conjunction with any such amendment. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">If the Company anticipates that it may not be able to consummate a Business Combination within 18 months, the Company may extend the Combination Period. In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account approximately $1.1&#160;million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8&#160;million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate.</div><br/></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0px; background: none;">If the Company has not completed a Business Combination within the Combination Period, the Company will (i)&#160;cease all operations except for the purpose of winding up, (ii)&#160;as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">per-share</div> price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholder&#8217;s rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii)&#160;as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to the Company&#8217;s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company&#8217;s warrants, which will expire worthless if the Company fails to consummate a Business Combination within the Combination Period.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The initial shareholders have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.05 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per Public Share and (ii)&#160;the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.05 per Public Share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company&#8217;s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (excluding the Company&#8217;s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for interim financial information and Article 8 of Regulation <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">S-X.</div> Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September&#160;30, 2020 and the period from June&#160;4, 2020 (inception) through September&#160;30, 2020 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2020.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> and the final prospectus filed by the Company with the SEC on September&#160;4, 2020 and August&#160;27, 2020, respectively.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Emerging Growth Company </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company is an &#8220;emerging growth company,&#8221; as defined in Section&#160;2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">Further, Section&#160;102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">that&#160;apply&#160;to&#160;non-emerging&#160;growth&#160;companies&#160;but</div> any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">This may make comparison of the Company&#8217;s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Risk and Uncertainties </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;">On January&#160;30, 2020, the World Health Organization (&#8220;WHO&#8221;) announced a global health emergency because of a new strain of coronavirus (the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;COVID-19</div> outbreak&#8221;). In March 2020, the WHO classified the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak continues to evolve. The impact of the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak on the Company&#8217;s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company&#8217;s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company&#8217;s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company&#8217;s ability to have meetings with potential investors or affect the ability of a potential target company&#8217;s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company&#8217;s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> outbreak and the resulting market <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">downturn. The financial statements does not include any adjustments that might result from the outcome of this uncertainty.</div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidity and Capital Resources </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of September&#160;30, 2020, the Company <div style="letter-spacing: 0px; top: 0px;;display:inline;">had approximately</div> $1.6&#160;million in its operating bank account, and working capital of approximately $1.2&#160;million. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prior to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, the Company&#8217;s liquidity needs were satisfied through the payment of $25,000 from the Sponsor to cover certain offering costs of the Company in exchange for the issuance of the Founder Shares, and a loan of approximately $188,000 pursuant to the Note issued to the Sponsor (Note 4). Subsequent to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, the Company&#8217;s liquidity needs have been satisfied with proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on September&#160;3, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, provide the Company Working Capital Loans (see Note 4). To date, there were no amounts outstanding under any Working Capital Loan. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company&#8217;s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. 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As of September&#160;30, 2020, the Company&#8217;s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. 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Conditionally redeemable Class&#160;A ordinary shares (including Class&#160;A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other times, Class&#160;A ordinary shares are classified as shareholders&#8217; equity. The Company&#8217;s Class&#160;A ordinary shares feature certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of uncertain future events. Accordingly, at September&#160;30, 2020, 32,923,042 Class&#160;A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders&#8217; equity section of the Company&#8217;s balance sheet. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for interim financial information and Article 8 of Regulation <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">S-X.</div> Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September&#160;30, 2020 and the period from June&#160;4, 2020 (inception) through September&#160;30, 2020 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2020.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> and the final prospectus filed by the Company with the SEC on September&#160;4, 2020 and August&#160;27, 2020, respectively.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Emerging Growth Company </div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company is an &#8220;emerging growth company,&#8221; as defined in Section&#160;2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; background: none;">Further, Section&#160;102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements <div style="white-space: nowrap; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">that&#160;apply&#160;to&#160;non-emerging&#160;growth&#160;companies&#160;but</div> any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">This may make comparison of the Company&#8217;s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</div></div></div></div> <div style="font-family: 'times new roman'; 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Cover Page - shares
4 Months Ended
Sep. 30, 2020
Nov. 12, 2020
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2020  
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q3  
Entity Registrant Name Burgundy Technology Acquisition Corp  
Entity Central Index Key 0001815526  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Shell Company true  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity File Number 001-39474  
Entity Address, Address Line One PO Box 1093  
Entity Address, Address Line Two Boundary Hall, Cricket Square  
Entity Address, City or Town Grand Cayman  
Entity Address, Country KY  
Entity Address, Postal Zip Code 1102  
City Area Code 345  
Local Phone Number 945-7099  
Entity Incorporation, State or Country Code E9  
Units [Member]    
Document Information [Line Items]    
Trading Symbol BTAQU  
Title of 12(b) Security Units, each consisting of one Class A Ordinary Share and one-half of one Redeemable Warrant  
Security Exchange Name NASDAQ  
Common Class A [Member]    
Document Information [Line Items]    
Trading Symbol BTAQ  
Title of 12(b) Security Class A Ordinary Shares, par value $0.0001 per share  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   35,562,500
Warrant [Member]    
Document Information [Line Items]    
Trading Symbol BTAQW  
Title of 12(b) Security Warrants, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share  
Security Exchange Name NASDAQ  
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   8,625,000
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED BALANCE SHEET
Sep. 30, 2020
USD ($)
Current assets:  
Cash $ 1,570,008
Prepaid expenses 206,042
Total current assets 1,776,050
Investments held in Trust Account 346,729,821
Total assets 348,505,871
Current liabilities:  
Accounts payable 474,721
Accrued expenses 79,575
Total current liabilities 554,296
Deferred underwriting commissions 12,075,000
Total liabilities 12,629,296
Commitments and Contingencies
Shareholders' Equity:  
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding 0
Additional paid-in capital 5,142,455
Accumulated deficit (143,579)
Total shareholders' equity 5,000,003
Total Liabilities and Shareholders' Equity 348,505,871
Common Class A [Member]  
Liabilities and Shareholders' Equity  
Class A ordinary shares, $0.0001 par value; 32,923,042 shares subject to possible redemption at $10.00 per share 330,876,572
Shareholders' Equity:  
Common Shares Value Issued 264
Common Class B [Member]  
Shareholders' Equity:  
Common Shares Value Issued $ 863
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED BALANCE SHEET (Parenthetical)
Sep. 30, 2020
$ / shares
shares
Preferred Stock, Par Value Per Share | $ / shares $ 0.0001
Preferred Stock, Shares Authorized 2,000,000
Preferred Stock, Shares Issued 0
Preferred Stock, Shares Outstanding 0
Common Class A [Member]  
Temporary equity par or stated value per share | $ / shares $ 0.0001
Common stock shares subject to possible redemption 32,923,042
Temporary equity redemption price per share | $ / shares $ 10.00
Common Stock, Par Value Per Share | $ / shares $ 0.0001
Common Stock, Shares Authorized 200,000,000
Common Stock, Shares, Issued 2,639,458
Common Stock, Shares, Outstanding 2,639,458
Common Class B [Member]  
Common Stock, Par Value Per Share | $ / shares $ 0.0001
Common Stock, Shares Authorized 20,000,000
Common Stock, Shares, Issued 8,625,000
Common Stock, Shares, Outstanding 8,625,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 4 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Operating expenses:    
General and administrative expenses $ 125,839 $ 148,400
Loss from operations (125,839) (148,400)
Other income:    
Gain on marketable securities, dividends and interest held in Trust Account 4,821 4,821
Total other income 4,821 4,821
Net loss $ (121,018) $ (143,579)
Common Class A [Member]    
Other income:    
Weighted average shares outstanding, basic and diluted 32,884,274 32,884,274
Basic and diluted net income (loss) per share $ 0.00 $ 0.00
Common Class B [Member]    
Other income:    
Weighted average shares outstanding, basic and diluted 8,625,000 8,625,000
Basic and diluted net income (loss) per share $ (0.01) $ (0.02)
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
Total
Preferred Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Common Class A [Member]
Common Stock [Member]
Common Class B [Member]
Common Stock [Member]
Beginning Balance at Jun. 03, 2020 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Beginning Balance, Shares at Jun. 03, 2020   0     0 0
Issuance of Class B ordinary shares to Sponsor 25,000 $ 0 24,137 0 $ 0 $ 863
Issuance of Class B ordinary shares to Sponsor, Shares   0     0 8,625,000
Net loss (22,561) $ 0 0 (22,561) $ 0 $ 0
Ending Balance at Jun. 30, 2020 2,439 $ 0 24,137 (22,561) $ 0 $ 863
Ending Balance, Shares at Jun. 30, 2020   0     0 8,625,000
Beginning Balance at Jun. 03, 2020 0 $ 0 0 0 $ 0 $ 0
Beginning Balance, Shares at Jun. 03, 2020   0     0 0
Sale of private placement units to Sponsor in private placement 10,625,000          
Net loss (143,579)          
Ending Balance at Sep. 30, 2020 5,000,003 $ 0 5,142,455 (143,579) $ 264 $ 863
Ending Balance, Shares at Sep. 30, 2020   0     2,639,458 8,625,000
Beginning Balance at Jun. 30, 2020 2,439 $ 0 24,137 (22,561) $ 0 $ 863
Beginning Balance, Shares at Jun. 30, 2020   0     0 8,625,000
Sale of units in initial public offering, gross 345,000,000 $ 0 344,996,550 0 $ 3,450 $ 0
Sale of units in initial public offering, gross, Shares   0     34,500,000 0
Offering costs (19,629,846) $ 0 (19,629,846) 0 $ 0 $ 0
Sale of private placement units to Sponsor in private placement 10,625,000 $ 0 10,624,894 0 $ 106 $ 0
Sale of private placement units to Sponsor in private placement, Shares   0     1,062,500 0
Class A ordinary shares subject to possible redemption (330,876,572) $ 0 (330,873,280) 0 $ (3,292) $ 0
Class A ordinary shares subject to possible redemption, Share   0     (32,923,042) 0
Net loss (121,018) $ 0 0 (121,018) $ 0 $ 0
Ending Balance at Sep. 30, 2020 $ 5,000,003 $ 0 $ 5,142,455 $ (143,579) $ 264 $ 863
Ending Balance, Shares at Sep. 30, 2020   0     2,639,458 8,625,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED STATEMENT OF CASH FLOWS
4 Months Ended
Sep. 30, 2020
USD ($)
Cash Flows from Operating Activities:  
Net loss $ (143,579)
Adjustments to reconcile net loss to net cash used in operating activities:  
Gain on marketable securities, dividends and interest held in Trust Account (4,821)
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares 19,800
General and administrative expenses paid by Sponsor under promissory note 11,055
Changes in operating assets and liabilities:  
Prepaid expenses (206,042)
Accounts payable 190,278
Accrued expenses 4,575
Net cash used in operating activities (128,734)
Cash Flows from Investing Activities:  
Cash deposited in Trust Account (346,725,000)
Net cash used in investing activities (346,725,000)
Cash Flows from Financing Activities:  
Proceeds from note payable to related party 92,208
Repayment of note payable to related party (188,213)
Proceeds received from initial public offering, gross 345,000,000
Proceeds received from private placement 10,625,000
Offering costs paid (7,105,253)
Net cash provided by financing activities 348,423,742
Net change in cash 1,570,008
Cash - beginning of the period 0
Cash - end of the period 1,570,008
Supplemental disclosure of noncash investing and financing activities:  
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares 5,200
Offering costs included in accounts payable 284,443
Offering costs included in accrued expenses 75,000
Offering costs funded with note payable 84,950
Deferred underwriting commissions 12,075,000
Initial value of Class A ordinary shares subject to possible redemption 330,986,901
Change in initial value of Class A ordinary shares subject to possible redemption $ (110,329)
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Description of Organization, Business Operations and Basis of Presentation
4 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Description of Organization, Business Operations and Basis of Presentation
Note 1—Description of Organization, Business Operations and Basis of Presentation
Burgundy Technology Acquisition Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on June 4, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.
As of September 30, 2020, the Company had not commenced any operations. All activity for the period from June 4, 2020 (inception) through September 30, 2020 relates to the Company’s formation and the preparation of its initial public offering (the “Initial Public Offering”) and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate
non-operating
income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.
The Company’s sponsor is Burgundy Technology Sponsor Limited, a Jersey private limited company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on August 26, 2020. On August 31, 2020, the Company consummated its Initial Public Offering of 30,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $300.0 million. The underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 units (the “Over-Allotment Units”), generating additional gross proceeds of $45.0 million (the “Over-Allotment”). The Company incurred offering costs of approximately $19.6 million, including approximately $12.1 million in deferred underwriting fees (Note 5).
Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 950,000 Units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $9.5 million. The Company consummated a second closing (the “Second Closing”) of the Private Placement simultaneously with the closing of the Over-Allotment on September 18, 2020 for an additional 112,500 Private Placement Units to the Sponsor, generating gross proceeds to the Company of approximately $1.1 million (Note 4).
Upon the closing of the Initial Public Offering, the Over-Allotment and the Private Placement, approximately $346.7 million ($10.05 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and was invested only in U.S. government securities within the meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in money market funds investing solely in United States Treasuries and meeting certain conditions under Rule
2a-7
under the Investment Company Act, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of funds held in the Trust Account as described below.
The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, the Over-Allotment and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
The Company will provide the holders (the “Public Shareholders”) of its Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes). The
per-share
amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares will be classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company adopted upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which will require insiders to: (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material
non-public
information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders have agreed to waive their redemption rights with respect to their Founder Shares, private placement shares (the “Private Placement Shares”) underlying the Private Placement Units and Public Shares in connection with the completion of a Business Combination.
Notwithstanding the foregoing, if the Company seeks shareholder approval of its Business Combination and does not conduct redemptions in connection with its Business Combination pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association
provides
that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.
The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a) that would modify the substance or timing of the Company’s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Company’s Public Shares if the Company does not complete its Business Combination within 18 months from the closing of the Initial Public Offering, or February 28, 2022 (as such may be extended, the “Combination Period”) or with respect to any other provision relating to the rights of Public Shareholders, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.
If the Company anticipates that it may not be able to consummate a Business Combination within 18 months, the Company may extend the Combination Period. In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account approximately $1.1 million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8 million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate.

If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a
per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholder’s rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to consummate a Business Combination within the Combination Period.
The initial shareholders have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.05 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.05 per Public Share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (excluding the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Basis of Presentation
The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and Article 8 of Regulation
S-X.
Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September 30, 2020 and the period from June 4, 2020 (inception) through September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form
8-K
and the final prospectus filed by the Company with the SEC on September 4, 2020 and August 27, 2020, respectively.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but
any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Risk and Uncertainties
On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the
“COVID-19
outbreak”). In March 2020, the WHO classified the
COVID-19
outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the
COVID-19
outbreak continues to evolve. The impact of the
COVID-19
outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the
COVID-19
outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the
COVID-19
outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the
COVID-19
outbreak and the resulting market
downturn. The financial statements does not include any adjustments that might result from the outcome of this uncertainty.
Liquidity and Capital Resources
As of September 30, 2020, the Company
had approximately
$1.6 million in its operating bank account, and working capital of approximately $1.2 million.
Prior to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, the Company’s liquidity needs were satisfied through the payment of $25,000 from the Sponsor to cover certain offering costs of the Company in exchange for the issuance of the Founder Shares, and a loan of approximately $188,000 pursuant to the Note issued to the Sponsor (Note 4). Subsequent to closing of the Initial Public Offering, the Over-Allotment and the Private Placement, the Company’s liquidity needs have been satisfied with proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on September 3, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, provide the Company Working Capital Loans (see Note 4). To date, there were no amounts outstanding under any Working Capital Loan.
Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies
4 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 2—Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Investments Held in Trust Account
Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule
2a-7
promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in Trust Account are classified as trading securities,
which are presented on the unaudited condensed balance sheet at fair value at the end
of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in gain on marketable securities, dividends and interest held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.    
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At September 30, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
 
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
 
  
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
 
  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
As of September 30, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of September 30, 2020, the Company’s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. The Company uses NAV as a practical expedient to fair value for its investments in money market funds.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of underwriting, legal, accounting, and
other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2020, 32,923,042 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Income Taxes
FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Net Income (Loss) Per Ordinary Share
Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average
number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,781,250, of the Company’s Class A ordinary shares in the calculation of
diluted income (loss) per
share, since their inclusion would be anti-dilutive under the treasury stock method.
The Company’s unaudited condensed statements of operations include a presentation
of income (loss) per
share for ordinary shares subject to redemption in a manner similar to the
two-class
method of income per share. Net income per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the gain on marketable securities, dividends, and interest held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $4,821 for the three month period ended September 30, 2020 and for the period from June 4, 2020 (inception) through September 30, 2020, by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.
Recent Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.
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Initial Public Offering
4 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Initial Public Offering
Note 3—Initial Public Offering
On August 31, 2020, the Company consummated its Initial Public Offering of 30,000,000 Units at $10.00 per Unit, generating gross proceeds of $300.0 million. The underwriters exercised the over-allotment option in full and on September 18, 2020 purchased an additional 4,500,000 Over-Allotment Units, generating additional gross proceeds of $45.0 million. The Company incurred offering costs of approximately $19.6 million, including approximately $12.1 million in deferred underwriting fees.
Each Unit consists of one Class A ordinary share, and
one-half
of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 6).
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Related Party Transactions
4 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions
Note 4—Related Party Transactions
Founder Shares
On June 12, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 11,500,000 Class B ordinary shares, par value $0.0001 (the “Founder Shares”). On August 25, 2020, the Sponsor surrendered 2,875,000 Founder Shares, resulting in an aggregate of 8,625,000 Founder Shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender. The Sponsor agreed to forfeit up to 1,125,000 Founder Shares to the extent that the over-allotment option
was
not exercised in full by the underwriters, so that the Founder Shares would represent 20.0% of the Company’s issued and outstanding ordinary shares (excluding the Private Placement Shares and assuming the initial shareholders do not purchase any units in the Initial Public Offering) after the Initial Public Offering. On September 18, 2020, the underwriters fully exercised the over-allotment option; thus, these Founder Shares were no longer subject to forfeiture.
The initial shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading
day period commencing at least 150 days after the initial Business Combination, or (y) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.
 
Private Placement Units
Simultaneously with the closing of the Initial Public Offering and the Over-Allotment on August 31, 2020 and September 18, 2020, the Company consummated the Private Placement of 950,000 Private Placement Units and 112,500 Private Placement Units at a price of $10.00 per Private Placement Unit, respectively, generating total gross proceeds of approximately $10.6 million in total. The Private Placement Units (including the Private Placement Shares, the Private Placement Warrants (as defined below) and Class A ordinary shares issuable upon exercise of such warrants) will not be transferable or salable until 30 days after the completion of the initial Business Combination.
Each whole private placement warrant underlying the Private Placement Units (the “Private Placement Warrants”) is exercisable for one whole Class A ordinary share at a price of $11.50 per share. Certain proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Units and the underlying securities will expire worthless.
The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units until 30 days after the completion of the initial Business Combination.
Related Party Loans
On June 12, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover for expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was
non-interest
bearing and payable upon the completion of the Initial Public Offering. The Company had borrowed approximately $188,000 under the Note. The Company repaid the Note in full on September 3, 2020.
In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into units, at the price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. To date, the Company had no outstanding borrowings under the Working Capital Loans.
Related Party Extension Loans
As discussed in Note 1, the Company may extend the period of time to consummate a Business Combination up to six times, each by an additional month (for a total of 24 months to complete a Business Combination). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor or its affiliates or designees must deposit into the Trust Account approximately $1.1 million ($0.033 per Public Share), on or prior to the date of the applicable deadline, for each monthly extension, up to an aggregate of approximately $6.8 million, or $0.198 per Public Share, if the Company effects extension for up to six months in aggregate. Any such payments would be made in the form of a loan. The terms of the promissory note to be issued in connection with any such loans have not yet been negotiated. If the Company completes a Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination, the Company will not repay such loans. Furthermore, the letter agreement with the initial shareholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business Combination.
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Commitments and Contingencies
4 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 5—Commitments and Contingencies
Registration Rights
The holders of the Founder Shares, Private Placement Units, and units that may be issued upon conversion of Working Capital Loans (and in each case holders of their component securities, as applicable) are entitled to registration rights to require the Company to register a sale of any of its securities held by them pursuant to the registration rights agreement. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriters a
45-day
option from the final prospectus relating to the Initial Public Offering to purchase up to 4,500,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters fully exercised their over-allotment option on September 18, 2020.
The underwriters were entitled to an underwriting discount of $0.20 per Unit, or $6.9 million in the aggregate, paid upon the closing of the Initial Public Offering and the Over-Allotment. In addition, $0.35 per unit, or approximately $12.1 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.
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Shareholders' Equity
4 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Note 6—Shareholders’ Equity
Class
 A Ordinary Shares—
The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of September 30, 2020, there were 35,562,500 Class A ordinary shares issued or outstanding, including 32,923,042 Class A ordinary shares subject to possible redemption.
Class
 B Ordinary Shares—
The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On June 12, 2020, the Company issued 11,500,000 Class B ordinary shares. On August 25, 2020, the Sponsor surrendered 2,875,000 Class B ordinary shares, resulting in an aggregate of 8,625,000 Class B ordinary shares outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender. Of the 8,625,000 Class B ordinary shares, an aggregate of up to 1,125,000 Class B ordinary shares were subject to forfeiture, to the Company by the Sponsor for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on September 18, 2020; thus, these shares were no longer subject to forfeiture.
Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that holders of the Founder Shares will have the right to appoint all of the Company’s directors prior to the initial Business Combination and holders of the Class A ordinary shares will not be entitled to vote on the appointment of directors during such time.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a
one-for-one
basis, subject to adjustment for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein and in the amended and restated memorandum and articles of association. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of the Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Founder Shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate on an
as-if-converted
basis, 20% of the sum of all ordinary shares outstanding upon completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent units (or their component securities) issued to the Sponsor or its affiliates upon conversion of loans made to the Company). In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than
one-to-one.
Preference Shares—
The Company is authorized to issue 2,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2020, there were no preference shares issued or outstanding.
Warrants—
Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file, and within 60 business days following the initial Business Combination to have declared effective, a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective within a specified period following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
The warrants are exercisable at $11.50 per whole share, subject to adjustment, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the placement warrants as described):
 
  
in whole and not in part;
 
  
at a price of $0.01 per warrant;
 
  
upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the
30-day
redemption period; and
 
  
if, and only if, the last sale price of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a
30-trading
day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.
If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.
Additionally, in no event will the Company be required to net cash settle any Warrants. If the Company is unable to complete the Initial Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.
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Subsequent Events
4 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events
Note 7—Subsequent Events
Management has evaluated subsequent events to determine if events or transactions occurring through November 12, 2020, the date the financial statements was available for issuance, require potential adjustment to or disclosure in the financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed.
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Summary of Significant Accounting Policies (Policies)
4 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and Article 8 of Regulation
S-X.
Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September 30, 2020 and the period from June 4, 2020 (inception) through September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form
8-K
and the final prospectus filed by the Company with the SEC on September 4, 2020 and August 27, 2020, respectively.
Emerging Growth Company
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but
any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Investments Held in Trust Account
Investments Held in Trust Account
Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule
2a-7
promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in Trust Account are classified as trading securities,
which are presented on the unaudited condensed balance sheet at fair value at the end
of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in gain on marketable securities, dividends and interest held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.    
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At September 30, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
 
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
 
  
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
 
  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
As of September 30, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. As of September 30, 2020, the Company’s portfolio of investments held in the Trust Account is comprised entirely of investments in money market funds that invest in U.S. government securities. The Company uses NAV as a practical expedient to fair value for its investments in money market funds.
Offering Costs Associated with the Initial Public Offering
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of underwriting, legal, accounting, and
other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.
Class A Ordinary Shares Subject to Possible Redemption
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2020, 32,923,042 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Income Taxes
Income Taxes
FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Net Income Per Ordinary Share
Net Income (Loss) Per Ordinary Share
Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average
number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,781,250, of the Company’s Class A ordinary shares in the calculation of
diluted income (loss) per
share, since their inclusion would be anti-dilutive under the treasury stock method.
The Company’s unaudited condensed statements of operations include a presentation
of income (loss) per
share for ordinary shares subject to redemption in a manner similar to the
two-class
method of income per share. Net income per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the gain on marketable securities, dividends, and interest held in the Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $4,821 for the three month period ended September 30, 2020 and for the period from June 4, 2020 (inception) through September 30, 2020, by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Description of Organization, Business Operations and Basis of Presentation - Additional Information (Detail) - USD ($)
1 Months Ended 3 Months Ended 4 Months Ended
Sep. 18, 2020
Aug. 31, 2020
Jun. 30, 2020
Sep. 30, 2020
Sep. 30, 2020
Jun. 03, 2020
Date of Incorporation         Jun. 04, 2020  
Proceeds From Initial Public Offering         $ 345,000,000  
Underwriting Fees $ 19,600,000     $ 19,629,846    
Deferred Underwriting Expense 12,100,000          
Proceeds From Private Placement       10,625,000 10,625,000  
Common Stock Value Held in Trust Account $ 346,700,000          
Share Price $ 10.05          
Threshold Percentage On Fair Market Value Of Net Assets Held In Trust Account For Business Combination 80.00%          
Threshold Percentage On Purchase Of Outstanding Voting Shares For Business Combination 50.00%          
Common Stock Redemption Price Per Share $ 10.05          
Net Tangible Assets Required For Business Combination $ 5,000,001          
Threshold Number Of Days Allowed To consummate Business Combination 18 months          
Minimum Interest On Trust Deposits Eligible To Pay Dissolution Expenses $ 100,000          
Stock Issued During Period, Value, Issued for Services     $ 25,000      
Working capital       1,570,008 1,570,008 $ 0
Liquidity and Capital Resources [Member]            
Cash at bank       1,600,000 1,600,000  
Working capital       $ 1,200,000 1,200,000  
IPO [Member]            
Shares Issued During Period New Issues   30,000,000        
Share Issued Price Per Share   $ 10.00        
Proceeds From Initial Public Offering   $ 300,000,000        
Maximum Percentage Of Shares Redeemed Without Prior Consent From Company 15.00%          
Maximum Percentage Of Shares Redeemed On Non completion Of Business Combination 100.00%          
Over-Allotment Option [Member]            
Shares Issued During Period New Issues 4,500,000          
Proceeds From Initial Public Offering $ 45,000,000          
Sponsor [Member]            
Proceeds From Private Placement $ 1,100,000          
Stock Issued During Period, Value, Issued for Services         25,000  
Sponsor [Member] | Private Placement [Member]            
Shares Issued During Period New Issues 950,000          
Share Issued Price Per Share $ 10.00          
Proceeds From Private Placement $ 9,500,000          
Sponsor [Member] | Over-Allotment Option [Member]            
Shares Issued During Period New Issues 112,500          
Sponsors Affiliates or Designees [Member] | Extension Prior To Deadline [Member]            
Share Price $ 0.033          
Deposits In Trust Account $ 1,100,000          
Sponsors Affiliates or Designees [Member] | Extension After Deadline [Member]            
Share Price $ 0.198          
Deposits In Trust Account $ 6,800,000          
Related Party Loans [Member] | Sponsor [Member]            
Proceeds From Related Party Notes         $ 188,000  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies - Additional Information (Detail)
3 Months Ended 4 Months Ended
Sep. 30, 2020
USD ($)
$ / shares
Sep. 30, 2020
USD ($)
$ / shares
Sep. 30, 2020
USD ($)
$ / shares
Federal Deposit Insurance Corporation Coverage Limit     $ 250,000
Unrecognized Tax Benefits $ 0 $ 0 0
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued $ 0 $ 0 $ 0
Net Asset Value Per Share | $ / shares $ 1.00 $ 1.00 $ 1.00
Temporary Equity, Net Income   $ 4,821 $ 4,821
Common Class A [Member]      
Dilutive Securities     17,781,250
Temporary Equity, Accretion to Redemption Value $ 32,923,042   $ 32,923,042
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Initial Public Offering - Additional Information (Detail) - USD ($)
3 Months Ended 4 Months Ended
Sep. 18, 2020
Aug. 31, 2020
Sep. 30, 2020
Sep. 30, 2020
Proceeds From Initial Public Offering       $ 345,000,000
Underwriting Fees $ 19,600,000   $ 19,629,846  
Deferred Underwriting Expense $ 12,100,000      
IPO [Member]        
Shares Issued During Period New Issues   30,000,000    
Share Issued Price Per Share   $ 10.00    
Proceeds From Initial Public Offering   $ 300,000,000    
Over-Allotment Option [Member]        
Shares Issued During Period New Issues 4,500,000      
Proceeds From Initial Public Offering $ 45,000,000      
Public Warrant [Member]        
Exercise Price of Warrants   $ 11.50    
Description Of Class of Warrant or Right   Each Unit consists of one Class A ordinary share, and one-half of one redeemable warrant    
Common Class A [Member]        
Number Of Securities Called By Each Warrant   1    
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions - Additional Information (Detail) - USD ($)
3 Months Ended 4 Months Ended
Sep. 18, 2020
Aug. 31, 2020
Aug. 25, 2020
Jun. 12, 2020
Sep. 30, 2020
Sep. 30, 2020
Oct. 06, 2020
Share Price $ 10.05            
Proceeds From Private Placement         $ 10,625,000 $ 10,625,000  
Working Capital Loans [Member]              
Debt Face Amount         $ 1,500,000 $ 1,500,000  
Debt Conversion Price Per Share         $ 10.00 $ 10.00  
Public Warrant [Member]              
Exercise Price of Warrants   $ 11.50          
Over-Allotment Option [Member]              
Shares issued during period new issues 4,500,000            
Sponsor [Member]              
Percentage Of Founder Shares To Common Stock Outstanding After IPO     20.00%        
Related Party Transaction, Amounts of Transaction       $ 25,000      
Proceeds From Private Placement $ 1,100,000            
Class Of Warrants Or Rights, Transfers, Restriction On Number Of Days From The Date Of Business Combination   30 days          
Sponsor [Member] | Related Party Loans [Member]              
Debt Face Amount       $ 300,000      
Sponsor [Member] | Private Placement [Member]              
Shares issued during period new issues 950,000            
Share issued price per share $ 10.00            
Proceeds From Private Placement $ 9,500,000            
Sponsor [Member] | Over-Allotment Option [Member]              
Shares issued during period new issues 112,500            
Sponsor [Member] | Subsequent Event [Member] | Related Party Loans [Member]              
Due To Related Parties             $ 188,000
Sponsors Affiliates or Designees [Member] | Extension Prior To Deadline [Member]              
Deposits In Trust Account $ 1,100,000            
Share Price $ 0.033            
Sponsors Affiliates or Designees [Member] | Extension After Deadline [Member]              
Deposits In Trust Account $ 6,800,000            
Share Price $ 0.198            
Common Class B [Member]              
Common Stock, Par Value Per Share       $ 0.0001 $ 0.0001 $ 0.0001  
Common Stock, Shares, Outstanding       11,500,000 8,625,000 8,625,000  
Common Class B [Member] | Shares Subject To Forfeiture [Member]              
Common Stock, Shares, Outstanding         1,125,000 1,125,000  
Common Class B [Member] | Sponsor [Member]              
Stock Issued During Period, Shares, Issued for Services       11,500,000      
Common Stock, Par Value Per Share       $ 0.0001      
Shares Surrendered During The Period     2,875,000        
Common Stock, Shares, Outstanding     8,625,000        
Common Class B [Member] | Sponsor [Member] | Shares Subject To Forfeiture [Member]              
Common Stock, Shares, Outstanding     1,125,000        
Common Class A [Member]              
Common Stock, Par Value Per Share       $ 0.0001 $ 0.0001 $ 0.0001  
Common Stock, Shares, Outstanding         2,639,458 2,639,458  
Common Class A [Member] | Sponsor [Member] | Share Price Equals Or Exceeds Dollar Twelve Per Share [Member]              
Share Price         $ 12.00 $ 12.00  
Common Stock, Transfers, Threshold Trading Days           20 days  
Common Stock, Transfers, Threshold Consecutive Trading Days           30 days  
Common Stock, Transfers, Restriction On Number Of Days From The Date Of Business Combination           150 days  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies - Additional Information (Detail)
$ / shares in Units, $ in Millions
Sep. 18, 2020
USD ($)
$ / shares
shares
Under writing Discount Per Unit | $ / shares $ 0.20
Payments For Underwriting Expense | $ $ 6.9
Under writing Discount Payable Per Unit | $ / shares $ 0.35
Deferred Underwriting Expense | $ $ 12.1
Over-Allotment Option [Member]  
Underwriters Option Vesting Period 45 days
Shares Issued During Period New Issues | shares 4,500,000
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Shareholders' Equity - Additional Information (Detail) - USD ($)
4 Months Ended
Sep. 30, 2020
Aug. 31, 2020
Aug. 25, 2020
Sep. 30, 2020
Jun. 12, 2020
Preferred Stock, Shares Authorized 2,000,000     2,000,000  
Preferred Stock, Shares Issued 0     0  
Preferred Stock, Shares Outstanding 0     0  
Share Price Less Than Dollar Nine Point Two Zero [Member]          
Share Redemption Trigger Price   $ 9.20      
Public Warrant [Member]          
Exercise Price of Warrants   $ 11.50      
Minimum Gross Proceeds Required From Issuance Of Equity   60.00%      
Class of warrant or right, redemption price   $ 0.01      
Class of Warrant or Right, Minimum Notice Period For Redemption   30 days      
Public Warrant [Member] | Share Price Less Than Dollar Nine Point Two Zero [Member]          
Class Of Warrant Or Right, Exercise Price Adjustment Percentage Higher Of Market Value   115.00%      
Public Warrant [Member] | Share Price Equals Or Exceeds Dollar Eighteen [Member]          
Share Redemption Trigger Price   $ 18.00      
Class Of Warrant Or Right, Exercise Price Adjustment Percentage Higher Of Market Value   180.00%      
Class of Warrant or Right Redemption Threshold Trading Days   20 days      
Class of Warrant or Right Redemption Threshold Consecutive Trading Days   30 days      
Sponsor [Member]          
Percentage Of Founder Shares To Common Stock Outstanding After IPO     20.00%    
Common Class A [Member]          
Common Stock, Par Value Per Share $ 0.0001     $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 200,000,000     200,000,000 200,000,000
Common Stock, Shares, Issued 2,639,458     2,639,458  
Common Stock, Shares, Outstanding 2,639,458     2,639,458  
Temporary Equity, Accretion to Redemption Value $ 32,923,042     $ 32,923,042  
Common Class B [Member]          
Common Stock, Par Value Per Share $ 0.0001     $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 20,000,000     20,000,000 20,000,000
Common Stock, Shares, Issued 8,625,000     8,625,000 11,500,000
Common Stock, Shares, Outstanding 8,625,000     8,625,000 11,500,000
Common Class B [Member] | Shares Subject To Forfeiture [Member]          
Common Stock, Shares, Outstanding 1,125,000     1,125,000  
Common Class B [Member] | Sponsor [Member]          
Common Stock, Par Value Per Share         $ 0.0001
Common Stock, Shares, Outstanding     8,625,000    
Shares Surrendered During The Period     2,875,000    
Common Class B [Member] | Sponsor [Member] | Shares Subject To Forfeiture [Member]          
Common Stock, Shares, Outstanding     1,125,000    
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