We are a blank check company formed pursuant to the laws of the State of Delaware on June 11, 2018 for the purpose of entering into a merger, stock 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 the initial business combination. While our efforts in identifying a prospective target business for our initial business combination are not limited to a particular industry or geographic region, we have initially focused our search on companies that have experienced and emerged from a financial restructuring, as described below.
In September 2018, our sponsor purchased 4,312,500 founders' shares for an aggregate purchase price of $25,000. Our sponsor subsequently transferred certain founders' shares to our independent directors at the same price originally paid for such shares. In December 2018, our sponsor forfeited 575,000 founders' shares. Following the expiration of the underwriters' over-allotment option on January 24, 2019, our sponsor forfeited 487,500 shares, so that our initial stockholders continue to own 20% of our issued and outstanding shares after our initial public offering.
The registration statement for our initial public offering was declared effective on December 10, 2018. On December 13, 2018, we consummated our initial public offering of 13,000,000 units at $10.00 per unit, generating gross proceeds of $130,000,000.