We are a blank check company incorporated under the laws of the British Virgin Islands on July 23, 2018 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, which we refer to in this report as our initial business combination. On August 2, 2019, we entered into a Combination and Stock Purchase Agreement (the “Business Combination Agreement”) with Campalier, S.A. de C.V., Promotora Forteza, S.A. de C.V., Strevo, S.A. de C.V. (collectively, the “Sellers”), Betterware de México, S.A. de C.V. (“Betterware”), BLSM Latino América Servicios, S.A. de C.V. (“BLSM”), and, solely for the purposes of Article XI therein, our sponsor, pursuant to which we agreed to merge (the “Merger”) with and into Betterware in a business combination (the “Business Combination”) that will result in Betterware surviving the Merger (the “combined company”) and BLSM becoming a wholly-owned subsidiary of the combined company.
In July 2018, we issued 1,473,500 founder shares to our sponsor for $25,000 in cash, at a purchase price of approximately $0.02 per share. In September 2018, our sponsor forfeited 36,000 founder shares, resulting in an aggregate of 1,437,500 founder shares outstanding. In November 2018, our sponsor forfeited 46,250 founder shares following the expiration of the unexercised portion of the over-allotment option granted to the underwriters in connection with our initial public offering, thereby reducing the number of founder shares held by the sponsor to 1,391,250.
The registration statement on Form S-1 (File No. 333-227423) for our initial public offering was declared effective by the Securities and Exchange Commission (the “SEC”) on October 11, 2018. On October 16, 2018, we consummated our initial public offering of 5,000,000 units, with each unit consisting of one ordinary share, no par value, and one warrant, each warrant exercisable to purchase one ordinary share at an exercise price of $11.50 per share. On October 23, 2018, the underwriters for our initial public offering purchased an additional 565,000 units pursuant to the partial exercise of their over-allotment option. The units in our initial public offering were sold at an offering price of $10.00 per unit, generating total gross proceeds of $55,650,000.