We are a Cayman Islands exempted company incorporated on May 1, 2017 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
In May 2017, we issued an aggregate of 10,062,500 Class B ordinary shares (“founders' shares”) to Capitol Acquisition Management IV LLC and Capitol Acquisition Founder IV LLC (collectively, the “Sponsors”) for $25,000 in cash, at a purchase price of approximately $0.0025 per share, in connection with our organization. Our Sponsors subsequently transferred a portion of these founders' shares to certain individuals, including our independent directors, for the same per share purchase price originally paid for such shares. The founders' shares included an aggregate of 1,312,500 shares that were subject to forfeiture if the underwriters' over-allotment option was not exercised in full in our initial public offering (“Offering”).
On August 21, 2017, we consummated the Offering of 40,250,000 units, including 5,250,000 units subject to the underwriters' over-allotment option, with each unit consisting of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant to purchase one Class A ordinary share. The Class A ordinary shares and the warrants included in the units traded as a unit until October 6, 2017 when separate trading of Class A ordinary shares and warrants began. No fractional warrants were or will be issued and only whole warrants trade. Holders now have the option to continue to hold units or separate their units into the component pieces. Each whole warrant entitles its holder, upon exercise, to purchase one Class A ordinary share for $11.50 subject to certain adjustments, during the period commencing 30 days after we complete an initial business combination and terminating on the five-year anniversary of the completion of our initial business combination. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $402,500,000.