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(i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company (the “Class A Ordinary Shares”), will convert automatically, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of the Company (after its Domestication) (the “Class A Common Stock”, and together with the Class B Common Stock, the “Common Stock”), which will be entitled to one vote per share, (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a one-for-one basis, into a share of Class A Common Stock, (iii) each then issued and outstanding warrant of the Company will convert automatically into a warrant to acquire one share of Class A Common Stock (“Domesticated Warrant”), pursuant to the Warrant Agreement, dated April 21, 2020, between the Company and Continental Stock Transfer & Trust Company, as warrant agent, and (iv) each then issued and outstanding unit of the Company (the “Cayman Units”) will convert automatically into a unit of the Company (after the Domestication) (the “Domesticated Units”), with each Domesticated Unit representing one share of Class A Common Stock and one-third of one Domesticated Warrant.
500000000
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As a result of the Mergers, among other things, (i) all outstanding shares of common stock of Clover immediately prior to the effective time of the First Merger will be cancelled in exchange for the right to receive, at the election of the holders thereof (except with respect to the shares held by entities controlled by Vivek Garipalli and certain other holders who will receive only shares of Class B common stock, par value $0.0001 per share, which will be entitled to 10 votes per share (the “Class B Common Stock”)), an amount in cash, shares of Class B Common Stock, or a combination thereof, as adjusted in accordance with the Merger Agreement, which in the aggregate will equal an amount in cash of up to $500,000,000 (less any redemptions by the Company’s public shareholders) and a number of shares of Class B Common Stock equal to (A) 350,000,000 minus (B) the aggregate amount of Class B Common Stock to be paid in respect of the shares held by entities controlled by Vivek Garipalli and certain other holders, minus (C) the aggregate amount of Class B Common Stock that would be issuable upon the net exercise or conversion, as applicable, of the employee equity awards of the combined company immediately after the effective time of the First Merger, minus (D) the quotient obtained by dividing (x) the total cash consideration by (y) $10.00; (ii) all outstanding shares of Clover held by entities controlled by Vivek Garipalli and certain other holders immediately prior to the effective time of the First Merger will be cancelled in exchange for the right to receive shares of Class B Common Stock based on the Exchange Ratio (as defined in the Merger Agreement); and (iii) all shares of common stock of Clover reserved in respect of the employee equity awards of Clover outstanding as of immediately prior to the effective time of the First Merger, will be converted, based on the Exchange Ratio, into awards based on shares of Class B Common Stock, which will, in the case of all shares described in clauses (i), (ii) and (iii) hereof, in the aggregate equal an aggregate merger consideration of $3,500,000,000.
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<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Net Loss per Ordinary Share</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Net loss per ordinary share is computed by dividing net loss by the
weighted average number of ordinary shares outstanding for the
period. The Company applies the <font style="WHITE-SPACE: nowrap">two-class</font> method in calculating
earnings per share. Ordinary shares subject to possible redemption
at September 30, 2020, which are not currently redeemable and
are not redeemable at fair value, have been excluded from the
calculation of basic net loss per ordinary share since such shares,
if redeemed, only participate in their pro rata share of the Trust
Account earnings. The Company has not considered the effect of
warrants sold in the Initial Public Offering and the private
placement to purchase 38,533,333 ordinary shares in the calculation
of diluted loss per share, since the exercise of the warrants into
ordinary shares is contingent upon the occurrence of future events.
As a result, diluted net loss per ordinary share is the same as
basic net loss per ordinary share for the periods presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>Reconciliation of Net Loss Per Ordinary Share</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Company’s net loss is adjusted for the portion of income
that is attributable to ordinary shares subject to possible
redemption, as these shares only participate in the earnings of the
Trust Account and not the income or losses of the Company.
Accordingly, basic and diluted loss per ordinary share is
calculated as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="76%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Three Months<br />
Ended<br />
September 30,<br />
2020</td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Nine Months<br />
Ended<br />
September 30,<br />
2020</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Net loss</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,293,004</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,349,569</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Less: Income attributable to ordinary shares subject to possible
redemption</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(30,986</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(92,501</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Adjusted net loss</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,323,990</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,442,070</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Weighted average shares outstanding, basic and diluted</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">23,986,724</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">20,157,288</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Basic and diluted net loss per ordinary share</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(0.10</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(0.12</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
 </p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>NOTE 7. SHAREHOLDERS’ EQUITY</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Preferred Shares</i></b> — The Company is
authorized to issue 5,000,000 preference shares with a par value of
$0.0001. The Company’s board of directors will be authorized
to fix the voting rights, if any, designations, powers,
preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions
thereof, applicable to the shares of each series. The board of
directors will be able to, without shareholder approval, issue
preferred shares with voting and other rights that could adversely
affect the voting power and other rights of the holders of the
ordinary shares and could have anti-takeover effects. At
September 30, 2020 and December 31, 2019, there were no
preferred shares issued or outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Class</i></b><b><i> A Ordinary
Shares</i></b> — The Company is authorized
to issue 500,000,000 Class A ordinary shares, with a par value
of $0.0001 per share. Holders of Class A ordinary shares are
entitled to one vote for each share. At September 30, 2020 and
December 31, 2019, there were 3,519,105 and no Class A
ordinary shares issued or outstanding, excluding 79,280,895 and no
Class A ordinary shares subject to possible redemption,
respectively.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Class</i></b><b><i> B Ordinary
Shares</i></b> — The Company is authorized
to issue 50,000,000 Class B ordinary shares, with a par value
of $0.0001 per share. Holders of the Class B ordinary shares
are entitled to one vote for each share. At September 30, 2020
and December 31, 2019, there were 20,700,000 and one
Class B ordinary shares issued and outstanding,
respectively.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Only holders of the Class B ordinary shares will have the
right to vote on the election of directors prior to the Business
Combination. Holders of Class A ordinary shares and holders of
Class B ordinary shares will vote together as a single class
on all matters submitted to a vote of our shareholders except as
otherwise required by law.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Class B ordinary shares will automatically convert into
Class A ordinary shares at the time of the completion of the
Business Combination, or earlier at the option of the holder, on
a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">one-for-one</font></font> basis,
subject to adjustment. In the case that additional Class A
ordinary shares, or equity-linked securities, are issued or deemed
issued in excess of the amounts issued in the Initial Public
Offering and related to the closing of a Business Combination, the
ratio at which Founder Shares will convert into Class A
ordinary shares will be adjusted (subject to waiver by holders of a
majority of the Class B ordinary shares) so that the number of
Class A ordinary shares issuable upon conversion of all
Founder Shares will equal, in the aggregate, on
an <font style="WHITE-SPACE: nowrap">as-converted</font> basis,
20% of the sum of the ordinary shares issued and outstanding upon
completion of the Initial Public Offering plus the number of
Class A ordinary shares and equity-linked securities issued or
deemed issued in connection with a Business Combination (net of
redemptions), excluding any Class A ordinary shares or
equity-linked securities issued, or to be issued, to any seller in
a Business Combination and any Private Placement Warrants issued to
the Sponsor.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b><i>Warrants</i></b> — Public Warrants
may only be exercised for a whole number of shares. No fractional
shares will be issued upon exercise of the Public Warrants. The
Public Warrants will become exercisable on the later of
(a) 30 days after the completion of a Business
Combination and (b) 12 months from the closing of the Initial
Public Offering. The Public Warrants will expire five years from
the completion of a Business Combination or earlier upon redemption
or liquidation.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a Public Warrant and
will have no obligation to settle such Public Warrant exercise
unless a registration statement under the Securities Act covering
the issuance of the Class A ordinary shares issuable upon
exercise of the Public Warrants is then effective and a prospectus
relating thereto is current, subject to the Company satisfying its
obligations with respect to registration. No Public Warrant will be
exercisable for cash or on a cashless basis, and the Company will
not be obligated to issue any shares to holders seeking to exercise
their Public Warrants, unless the issuance of the shares upon such
exercise is registered or qualified under the securities laws of
the state of the exercising holder, or an exemption from
registration is available.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company has agreed that as soon as practicable, but in no event
later than 15 business days, after the closing of a Business
Combination, it will use its commercially reasonable efforts to
file with the SEC a registration statement registering the
issuance, under the Securities Act, of the Class A ordinary
shares issuable upon exercise of the Public Warrants. The Company
will use it commercially reasonable efforts to cause the same to
become effective within 60 business days after the closing of the
Business Combination and to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto,
until the expiration of the Public Warrants in accordance with the
provisions of the warrant agreement. Notwithstanding the above, if
the Class A ordinary shares are, at the time of any exercise
of a Public Warrant, not listed on a national securities exchange
such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities
Act, the Company may, at its option, require holders of Public
Warrants who exercise their Public Warrants to do so on a
“cashless basis” in accordance with
Section 3(a)(9) of the Securities Act and, in the event
the Company so elects, the Company will not be required to file or
maintain in effect a registration statement, but will use its
commercially reasonable efforts to qualify the shares under
applicable blue sky laws to the extent an exemption is not
available.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<i>Redemption of warrants when the price per Class A ordinary
share equals or exceeds $18.00. Once the Public Warrants become
exercisable, the Company may redeem the Public Warrants:</i></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">in whole and not in part;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">at a price of $0.01 per Public Warrant;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">upon not less than 30 days’ prior written notice
of redemption to each warrant holder and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">if, and only if, the reported last sale price of the
Class A ordinary shares for any 20 trading days within
a <font style="WHITE-SPACE: nowrap">30-trading</font> day
period ending on the third trading day prior to the date on which
the Company sends the notice of redemption to the warrant holders
(the “Reference Value”) equals or exceeds $18.00 per
share (as adjusted for share splits, share dividends, rights
issuances, subdivisions, reorganizations, recapitalizations and the
like).</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<i>Redemption of warrants when the price per Class</i><i> A
ordinary share equals or exceeds $10.00.</i> Once
the Public Warrants become exercisable, the Company may redeem the
Public Warrants:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">in whole and not in part;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">at $0.10 per warrant upon a minimum of 30 days’
prior written notice of redemption provided that holders will be
able to exercise their warrants on a cashless basis prior to
redemption and receive that number of shares based on the
redemption date and the “fair market value” of the
Class A ordinary shares;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">if, and only if, the Reference Value equals or exceeds
$10.00 per share (as adjusted for share splits, share dividends,
rights issuances, subdivisions, reorganizations, recapitalizations
and the like); and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="break-inside: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-TOP: 0pt" align="left">if the Reference Value is less than $18.00 per share
(as adjusted for share splits, share dividends, rights issuances,
subdivisions, reorganizations, recapitalizations and the like) the
Private Placement Warrants must also be concurrently called for
redemption on the same terms as the outstanding Public Warrants, as
described above.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
If and when the Public Warrants become redeemable by the Company,
the Company may exercise its redemption right even if it is unable
to register or qualify the underlying securities for sale under all
applicable state securities laws.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The exercise price and number of ordinary shares issuable upon
exercise of the Public Warrants may be adjusted in certain
circumstances including in the event of a share dividend,
extraordinary dividend or recapitalization, reorganization, merger
or consolidation. However, except as described below, the Public
Warrants will not be adjusted for issuances of ordinary shares at a
price below its exercise price. Additionally, in no event will the
Company be required to net cash settle the Public Warrants. If the
Company is unable to complete a Business Combination within the
Combination Period and the Company liquidates the funds held in the
Trust Account, holders of Public Warrants will not receive any of
such funds with respect to their Public Warrants, nor will they
receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants.
Accordingly, the Public Warrants may expire worthless.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
In addition, if  (x) the Company issues additional
Class A ordinary shares or equity-linked securities for
capital raising purposes in connection with the closing of a
Business Combination at an issue price or effective issue price of
less than $9.20 per Class A ordinary share (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 a Business
Combination on the date of the completion of a Business Combination
(net of redemptions), and (z) the volume weighted average
trading price of the Company’s ordinary shares during the 20
trading day period starting on the trading day prior to the day on
which the Company consummates a Business Combination (such price,
the “Market Value”) is below $9.20 per share, the
exercise price of the Public 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 prices described above will be adjusted (to the nearest
cent) to be equal to 180% of the higher of the Market Value and the
Newly Issued Price.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 Class A ordinary
shares issuable upon the exercise of the Private Placement Warrants
will not be transferable, assignable or salable until 30 days
after the completion of a Business Combination, subject to certain
limited exceptions. Additionally, the Private Placement Warrants
will be exercisable on a cashless basis and
be <font style="WHITE-SPACE: nowrap">non-redeemable</font> except
as described above so long as they are held by the initial
purchasers or their permitted transferees. If the Private Placement
Warrants are held by someone other than the initial purchasers or
their permitted transferees, the Private Placement Warrants will be
redeemable by the Company and exercisable by such holders on the
same basis as the Public Warrants.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>NOTE 6. COMMITMENTS</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b>Registration Rights</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Pursuant to a registration rights agreement entered into on
April 21, 2020, the holders of the Founder Shares, Private
Placement Warrants and warrants that may be issued upon conversion
of Working Capital Loans (and any Class A ordinary shares
issuable upon the exercise of the Private Placement Warrants or
warrants issued upon conversion of the Working Capital Loans and
upon conversion of the Founder Shares) will be entitled to
registration rights requiring the Company to register such
securities for resale (in the case of the Founder Shares, only
after conversion to the Company’s Class A ordinary
shares). The holders of these securities will be entitled to make
up to three demands, excluding short form registration demands,
that the Company register such securities. In addition, the holders
have certain “piggy-back” registration rights with
respect to registration statements filed subsequent to the
completion of a Business Combination and rights to require the
Company to register for resale such securities pursuant to
Rule 415 under the Securities Act. However, the registration
rights agreement provides that the Company will not be required to
effect or permit any registration or cause any registration
statement to become effective until termination of the applicable
<font style="WHITE-SPACE: nowrap">lock-up</font> period. The
Company will bear the expenses incurred in connection with the
filing of any such registration statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Underwriting Agreement</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The underwriters are entitled to a deferred fee of $0.35 per
Unit, or $28,980,000 in the aggregate. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>Financial Advisory Fee</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The underwriters agreed to reimburse the Company for an amount
equal to 10% of the discount paid to the underwriters for financial
advisory services provided by Connaught (UK) Limited in connection
with the Initial Public Offering, of which $1,440,000 was paid at
the closing of the Initial Public Offering and up to $2,898,000
will be payable at the time of the closing of a Business
Combination.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="76%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Three Months<br />
Ended<br />
September 30,<br />
2020</td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Nine Months<br />
Ended<br />
September 30,<br />
2020</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Net loss</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,293,004</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,349,569</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Less: Income attributable to ordinary shares subject to possible
redemption</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(30,986</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(92,501</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Adjusted net loss</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,323,990</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,442,070</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Weighted average shares outstanding, basic and diluted</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">23,986,724</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">20,157,288</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Basic and diluted net loss per ordinary share</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(0.10</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(0.12</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Recent Accounting Standards</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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 condensed financial
statements.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Use of Estimates</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The preparation of the condensed financial statements in conformity
with GAAP requires the Company’s management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the condensed financial statements and the reported
amounts of revenues and expenses during the reporting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The following table presents information about the Company’s
assets that are measured at fair value on a recurring basis at
September 30, 2020 and indicates the fair value hierarchy of
the valuation inputs the Company utilized to determine such fair
value:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0">
<tr>
<td width="76%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell">
Description</p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30,<br />
2020</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom">Assets:</td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2"> </td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2"> </td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Cash and Marketable securities held in Trust Account</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">828,096,607</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>Income Taxes</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Company accounts for income taxes under ASC 740, “Income
Taxes” (“ASC 740”). ASC 740 requires the
recognition of deferred tax assets and liabilities for both the
expected impact of differences between the financial statement and
tax basis of assets and liabilities and for the expected future tax
benefit to be derived from tax loss and tax credit carry forwards.
ASC 740 additionally requires a valuation allowance to be
established when it is more likely than not that all or a portion
of deferred tax assets will not be realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
ASC 740 also clarifies the accounting for uncertainty in income
taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement process for
financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits
to be recognized, a tax position must be <font style="WHITE-SPACE: nowrap">more-likely-than-not</font> to be sustained
upon examination by taxing authorities. The Company recognizes
accrued interest and penalties related to unrecognized tax benefits
as income tax expense. There were no unrecognized tax benefits and
no amounts accrued for interest and penalties as of
September 30, 2020 and December 31, 2019. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The Company is considered an exempted Cayman Islands Company and is
presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such,
the Company’s tax provision was zero for the period
presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
On March 27, 2020, President Trump signed the Coronavirus Aid,
Relief, and Economic Security “CARES” Act into law. The
CARES Act includes several significant business tax provisions
that, among other things, would eliminate the taxable income limit
for certain net operating losses (“NOLs”) and allow
businesses to carry back NOLs arising in 2018, 2019 and 2020 to the
five prior years, suspend the excess business loss rules,
accelerate refunds of previously generated corporate alternative
minimum tax credits, generally loosen the business interest
limitation under IRC section 163(j) from 30 percent to
50 percent among other technical corrections included in the
Tax Cuts and Jobs Act tax provisions. The Company does not believe
that the CARES Act will have a significant impact on
Company’s financial position or statement of operations.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b>Basis of Presentation</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The accompanying unaudited condensed financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for
interim financial information and in accordance with the
instructions to <font style="WHITE-SPACE: nowrap">Form 10-Q</font> and
Article 8 of <font style="WHITE-SPACE: nowrap">Regulation S-X</font> of
the Securities and Exchange Commission (the “SEC”).
Certain information or footnote disclosures normally included in
financial statements prepared in accordance with GAAP have been
condensed or omitted, pursuant to the rules and regulations of
the SEC for interim financial reporting. Accordingly, they do not
include all the information and footnotes necessary for a complete
presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited
condensed financial statements include all adjustments, consisting
of a normal recurring nature, which are necessary for a fair
presentation of the financial position, operating results and cash
flows for the periods presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The accompanying unaudited condensed financial statements should be
read in conjunction with the Company’s prospectus for its
Initial Public Offering as filed with the SEC on April 23,
2020, as well as the Company’s Current Reports
on <font style="WHITE-SPACE: nowrap">Form 8-K,</font> as
filed with the SEC on April 24, 2020 and April 30, 2020.
The interim results for the three and nine months ended
September 30, 2020 are not necessarily indicative of the
results to be expected for the year ending December 31, 2020
or for any future periods.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Emerging Growth Company</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 independent
registered public accounting firm attestation requirements of
Section 404 of the Sarbanes-Oxley Act, 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
shareholder approval of any golden parachute payments not
previously approved.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 a company can elect to opt out of the extended
transition period and comply with the requirements that apply
to <font style="WHITE-SPACE: nowrap">non-emerging</font> growth
companies but any such 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 which is neither
an emerging growth company nor an emerging growth company which has
opted out of using the extended transition period difficult or
impossible because of the potential differences in accounting
standards used.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Use of Estimates</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The preparation of the condensed financial statements in conformity
with GAAP requires the Company’s management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the condensed financial statements and the reported
amounts of revenues and expenses during the reporting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Cash and Cash Equivalents</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company considers all short-term investments with an original
maturity of three months or less when purchased to be cash
equivalents. The Company did not have any cash equivalents as of
September 30, 2020 and December 31, 2019.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Cash and Marketable Securities Held in Trust Account</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
At September 30, 2020, the assets held in the Trust Account
were primarily invested in money market funds, which invest in U.S.
Treasury securities.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Class A Ordinary Shares Subject to Possible
Redemption</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company accounts for its Class A ordinary shares subject
to possible redemption in accordance with the guidance in
Accounting Standards Codification (“ASC”) Topic 480
“Distinguishing Liabilities from Equity.” Class A
ordinary shares subject to mandatory redemption are classified as a
liability instrument and are measured at fair value. Conditionally
redeemable ordinary shares (including 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, 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 occurrence of uncertain future events. Accordingly,
Class A ordinary shares subject to possible redemption are
presented at redemption value as temporary equity, outside of the
shareholders’ equity section of the Company’s condensed
balance sheets.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Income Taxes</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company accounts for income taxes under ASC 740, “Income
Taxes” (“ASC 740”). ASC 740 requires the
recognition of deferred tax assets and liabilities for both the
expected impact of differences between the financial statement and
tax basis of assets and liabilities and for the expected future tax
benefit to be derived from tax loss and tax credit carry forwards.
ASC 740 additionally requires a valuation allowance to be
established when it is more likely than not that all or a portion
of deferred tax assets will not be realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
ASC 740 also clarifies the accounting for uncertainty in income
taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement process for
financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits
to be recognized, a tax position must
be <font style="WHITE-SPACE: nowrap">more-likely-than-not</font> to
be sustained upon examination by taxing authorities. The Company
recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. There were no unrecognized tax
benefits and no amounts accrued for interest and penalties as of
September 30, 2020 and December 31, 2019. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company is considered an exempted Cayman Islands Company and is
presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such,
the Company’s tax provision was zero for the period
presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
On March 27, 2020, President Trump signed the Coronavirus Aid,
Relief, and Economic Security “CARES” Act into law. The
CARES Act includes several significant business tax provisions
that, among other things, would eliminate the taxable income limit
for certain net operating losses (“NOLs”) and allow
businesses to carry back NOLs arising in 2018, 2019 and 2020 to the
five prior years, suspend the excess business loss rules,
accelerate refunds of previously generated corporate alternative
minimum tax credits, generally loosen the business interest
limitation under IRC section 163(j) from 30 percent to
50 percent among other technical corrections included in the
Tax Cuts and Jobs Act tax provisions. The Company does not believe
that the CARES Act will have a significant impact on
Company’s financial position or statement of operations.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Net Loss per Ordinary Share</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Net loss per ordinary share is computed by dividing net loss by the
weighted average number of ordinary shares outstanding for the
period. The Company applies the <font style="WHITE-SPACE: nowrap">two-class</font> method in
calculating earnings per share. Ordinary shares subject to possible
redemption at September 30, 2020, which are not currently
redeemable and are not redeemable at fair value, have been excluded
from the calculation of basic net loss per ordinary share since
such shares, if redeemed, only participate in their pro rata share
of the Trust Account earnings. The Company has not considered the
effect of warrants sold in the Initial Public Offering and the
private placement to purchase 38,533,333 ordinary shares in the
calculation of diluted loss per share, since the exercise of the
warrants into ordinary shares is contingent upon the occurrence of
future events. As a result, diluted net loss per ordinary share is
the same as basic net loss per ordinary share for the periods
presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Reconciliation of Net Loss Per Ordinary Share</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company’s net loss is adjusted for the portion of income
that is attributable to ordinary shares subject to possible
redemption, as these shares only participate in the earnings of the
Trust Account and not the income or losses of the Company.
Accordingly, basic and diluted loss per ordinary share is
calculated as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr>
<td width="76%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Three Months<br />
Ended<br />
September 30,<br />
2020</td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Nine Months<br />
Ended<br />
September 30,<br />
2020</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Net loss</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,293,004</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,349,569</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Less: Income attributable to ordinary shares subject to possible
redemption</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(30,986</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(92,501</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Adjusted net loss</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,323,990</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(2,442,070</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Weighted average shares outstanding, basic and diluted</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">23,986,724</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">20,157,288</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Basic and diluted net loss per ordinary share</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(0.10</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">(0.12</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Concentration of Credit Risk</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Financial instruments that potentially subject the Company to
concentrations of credit risk consist of a cash account in a
financial institution which, at times may exceed the Federal
Depository Insurance Coverage of $250,000. The Company has not
experienced losses on this account and management believes the
Company is not exposed to significant risks on such account.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Fair Value of Financial Instruments</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under ASC Topic 820, “Fair
Value Measurement,” approximates the carrying amounts
represented in the accompanying condensed balance sheets, primarily
due to their short-term nature.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Recent Accounting Standards</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 condensed financial
statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Risks and Uncertainties</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Management continues to evaluate the impact of
the <font style="WHITE-SPACE: nowrap">COVID-19</font> pandemic
and has concluded that while it is reasonably possible that the
virus could have a negative effect on the Company’s financial
position, results of its operations and/or search for a target
company, the specific impact is not readily determinable as of the
date of these financial statements. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>NOTE 9. SUBSEQUENT EVENTS</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Company evaluated subsequent events and transactions that
occurred after the balance sheet date up to the date that the
condensed financial statements were issued. Based upon this review,
other than as described below, the Company did not identify any
subsequent events that would have required adjustment or disclosure
in the condensed financial statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
On October 19, 2020, the Company issued an unsecured
promissory note to the Sponsor (the “Promissory Note”),
pursuant to which the Company may borrow up to an aggregate
principal amount of $2,500,000. The Promissory Note is <font style="WHITE-SPACE: nowrap">non-interest</font> bearing and payable on
the earlier of (i) April 24, 2022 and (ii) the
completion of the Business Combination. On October 19, 2020,
the Company borrowed $806,208 under the Promissory Note.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Merger Agreement</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
On October 5, 2020, the Company entered into an Agreement and
Plan of Merger (the “Merger Agreement”) with Merger Sub
and Clover.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Pursuant to the transactions contemplated by the terms of the
Merger Agreement (the “Closing”), and subject to the
satisfaction or waiver of certain conditions set forth therein,
(i) Merger Sub will merge with and into Clover, with Clover
surviving the merger and as a wholly owned subsidiary of the
Company (the “First Merger”) and (ii) Clover will
merge with and into the Company, with the Company surviving the
merger (together with the First Merger, the “Mergers”)
(the transactions contemplated by the Merger Agreement and the
related ancillary agreements, the “ Clover Business
Combination”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
As a result of the Mergers, among other things, (i) all outstanding
shares of common stock of Clover immediately prior to the effective
time of the First Merger will be cancelled in exchange for the
right to receive, at the election of the holders thereof (except
with respect to the shares held by entities controlled by Vivek
Garipalli and certain other holders who will receive only shares of
Class B common stock, par value $0.0001 per share, which will
be entitled to 10 votes per share (the “Class B Common
Stock”)), an amount in cash, shares of Class B Common
Stock, or a combination thereof, as adjusted in accordance with the
Merger Agreement, which in the aggregate will equal an amount in
cash of up to $500,000,000 (less any redemptions by the
Company’s public shareholders) and a number of shares of
Class B Common Stock equal to (A) 350,000,000 minus
(B) the aggregate amount of Class B Common Stock to be
paid in respect of the shares held by entities controlled by Vivek
Garipalli and certain other holders, minus (C) the aggregate
amount of Class B Common Stock that would be issuable upon the
net exercise or conversion, as applicable, of the employee equity
awards of the combined company immediately after the effective time
of the First Merger, minus (D) the quotient obtained by
dividing (x) the total cash consideration by (y) $10.00;
(ii) all outstanding shares of Clover held by entities
controlled by Vivek Garipalli and certain other holders immediately
prior to the effective time of the First Merger will be cancelled
in exchange for the right to receive shares of Class B Common Stock
based on the Exchange Ratio (as defined in the Merger Agreement);
and (iii) all shares of common stock of Clover reserved in
respect of the employee equity awards of Clover outstanding as of
immediately prior to the effective time of the First Merger, will
be converted, based on the Exchange Ratio, into awards based on
shares of Class B Common Stock, which will, in the case of all
shares described in clauses (i), (ii) and (iii) hereof, in the
aggregate equal an aggregate merger consideration of
$3,500,000,000.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Prior to the Closing, subject to the approval of the
Company’s shareholders, and in accordance with the General
Corporation Law of the State of Delaware (the “DGCL”),
Cayman Islands Companies Law (2020 Revision) (the
“CICL”) and the Company’s Amended and Restated
Memorandum and Articles of Association (as may be amended from time
to time, the “Cayman Constitutional Documents”), the
Company will effect a deregistration under the CICL and a
domestication under Section 388 of the DGCL (by means of
filing a certificate of domestication with the Secretary of State
of Delaware), pursuant to which the Company’s jurisdiction of
incorporation will be changed from the Cayman Islands to the State
of Delaware (the “Domestication”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
In connection with the Domestication, (i) each of the then
issued and outstanding Class A ordinary shares, par value
$0.0001 per share, of the Company (the “Class A Ordinary
Shares”), will convert automatically, on a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">one-for-one</font></font> basis, into a share
of Class A common stock, par value $0.0001 per share, of the
Company (after its Domestication) (the “Class A Common
Stock”, and together with the Class B Common Stock, the
“Common Stock”), which will be entitled to one vote per
share, (ii) each of the then issued and outstanding
Class B ordinary shares, par value $0.0001 per share, of the
Company, will convert automatically, on a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">one-for-one</font></font> basis, into a share
of Class A Common Stock, (iii) each then issued and
outstanding warrant of the Company will convert automatically into
a warrant to acquire one share of Class A Common Stock
(“Domesticated Warrant”), pursuant to the Warrant
Agreement, dated April 21, 2020, between the Company and
Continental Stock Transfer & Trust Company, as warrant
agent, and (iv) each then issued and outstanding unit of the
Company that has not been previously separated into the underlying
Class A Ordinary Share and underlying warrant of the Company upon
the request of the holder thereof, will be cancelled and will
entitle the holder thereof to one share of Class A Common
Stock and <font style="WHITE-SPACE: nowrap">one-third</font> of one
Domesticated Warrant.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The Clover Business Combination will be consummated subject to
certain conditions as further described in the Merger
Agreement.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>Legal Proceedings</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
On October 29, 2020, Paul Chaplin, a purported stockholder of the
Company, filed a lawsuit in the Supreme Court of the State of New
York, County of New York, captioned Paul Chaplin v. Social Capital
Hedosophia Holdings Corp. III, et al., case number 655802/2020,
against the Company and the members of its board of directors (the
“Chaplin Complaint”). The Chaplin Complaint asserts a
breach of fiduciary duty claim against the individual defendants
and an aiding and abetting claim against the Company in connection
with the proposed business combination. The Chaplin Complaint
alleges, among other things, that (i) defendants engaged in a
flawed and unfair sales process and agreed to inadequate
consideration in connection with the proposed Business Combination,
and (ii) that our Registration Statement on Form S-4 filed with the
SEC on October 20, 2020 in connection with the proposed Business
Combination is materially misleading and incomplete. The Chaplin
Complaint seeks, among other things, to enjoin the proposed
Business Combination, rescind the transaction or award rescissory
damages to the extent it is consummated, and an award of
attorneys’ fees and expenses.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b>Basis of Presentation</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The accompanying unaudited condensed financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for
interim financial information and in accordance with the
instructions to <font style="WHITE-SPACE: nowrap">Form 10-Q</font> and
Article 8 of <font style="WHITE-SPACE: nowrap">Regulation S-X</font> of
the Securities and Exchange Commission (the “SEC”).
Certain information or footnote disclosures normally included in
financial statements prepared in accordance with GAAP have been
condensed or omitted, pursuant to the rules and regulations of
the SEC for interim financial reporting. Accordingly, they do not
include all the information and footnotes necessary for a complete
presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited
condensed financial statements include all adjustments, consisting
of a normal recurring nature, which are necessary for a fair
presentation of the financial position, operating results and cash
flows for the periods presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The accompanying unaudited condensed financial statements should be
read in conjunction with the Company’s prospectus for its
Initial Public Offering as filed with the SEC on April 23,
2020, as well as the Company’s Current Reports
on <font style="WHITE-SPACE: nowrap">Form 8-K,</font> as
filed with the SEC on April 24, 2020 and April 30, 2020.
The interim results for the three and nine months ended
September 30, 2020 are not necessarily indicative of the
results to be expected for the year ending December 31, 2020
or for any future periods.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Cash and Cash Equivalents</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Company considers all short-term investments with an original
maturity of three months or less when purchased to be cash
equivalents. The Company did not have any cash equivalents as of
September 30, 2020 and December 31, 2019.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Concentration of Credit Risk</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Financial instruments that potentially subject the Company to
concentrations of credit risk consist of a cash account in a
financial institution which, at times may exceed the Federal
Depository Insurance Coverage of $250,000. The Company has not
experienced losses on this account and management believes the
Company is not exposed to significant risks on such account.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Fair Value of Financial Instruments</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under ASC Topic 820, “Fair
Value Measurement,” approximates the carrying amounts
represented in the accompanying condensed balance sheets, primarily
due to their short-term nature.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>NOTE 8. FAIR VALUE MEASUREMENTS</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company follows the guidance in ASC Topic 820 for its financial
assets and liabilities that are <font style="WHITE-SPACE: nowrap">re-measured</font> and
reported at fair value at each reporting period,
and <font style="WHITE-SPACE: nowrap">non-financial</font> assets
and liabilities that are <font style="WHITE-SPACE: nowrap">re-measured</font> and
reported at fair value at least annually.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The fair value of the Company’s financial assets and
liabilities reflects management’s estimate of amounts that
the Company would have received in connection with the sale of the
assets or paid in connection with the transfer of the liabilities
in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of
its assets and liabilities, the Company seeks to maximize the use
of observable inputs (market data obtained from independent
sources) and to minimize the use of unobservable inputs (internal
assumptions about how market participants would price assets and
liabilities). The following fair value hierarchy is used to
classify assets and liabilities based on the observable inputs and
unobservable inputs used in order to value the assets and
liabilities:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<div style="FONT-SIZE: medium; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="right">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
<tr>
<td width="8%"></td>
<td valign="bottom" width="1%"></td>
<td width="91%"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Level 1:</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">Quoted prices in active markets for identical
assets or liabilities. An active market for an asset or liability
is a market in which transactions for the asset or liability occur
with sufficient frequency and volume to provide pricing information
on an ongoing basis.</td>
</tr>
</table>
</div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<div style="FONT-SIZE: medium; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="right">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
<tr>
<td width="8%"></td>
<td valign="bottom" width="1%"></td>
<td width="91%"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Level 2:</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">Observable inputs other than Level 1
inputs. Examples of Level 2 inputs include quoted prices in
active markets for similar assets or liabilities and quoted prices
for identical assets or liabilities in markets that are not
active.</td>
</tr>
</table>
</div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<div style="FONT-SIZE: medium; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="right">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
<tr>
<td width="8%"></td>
<td valign="bottom" width="1%"></td>
<td width="91%"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Level 3:</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">Unobservable inputs based on our assessment of
the assumptions that market participants would use in pricing the
asset or liability.</td>
</tr>
</table>
</div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The following table presents information about the Company’s
assets that are measured at fair value on a recurring basis at
September 30, 2020 and indicates the fair value hierarchy of
the valuation inputs the Company utilized to determine such fair
value:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
</p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="84%" align="center" border="0">
<tr>
<td width="76%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="bottom" nowrap="nowrap">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell">
Description</p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Level</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">September 30,<br />
2020</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid">
<td valign="bottom">Assets:</td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2"> </td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2"> </td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Cash and Marketable securities held in Trust Account</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">828,096,607</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS
OPERATIONS</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Social Capital Hedosophia Holdings Corp. III (the
“Company”) is a blank check company incorporated as a
Cayman Islands exempted company on October 18, 2019. 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 (a
“Business Combination”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company is not limited to a particular industry or sector for
purposes of consummating a Business Combination. The Company is an
early stage and emerging growth company and, as such, the Company
is subject to all of the risks associated with early stage and
emerging growth companies.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company has one subsidiary, Asclepius Merger Sub Inc., a wholly
owned subsidiary of the Company incorporated in Delaware on
October 1, 2020 (“Merger Sub”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
As of September 30, 2020, the Company had not commenced any
operations. All activity for the period from October 18, 2019
(inception) through September 30, 2020 relates to the
Company’s formation, the initial public offering
(“Initial Public Offering”), which is described below,
and activities in connection with the search for a Business
Combination, including the proposed acquisition of Clover Health
Investments Corp., a Delaware corporation (“Clover”).
The Company will not generate any operating revenues until after
the completion of its initial Business Combination, at the
earliest. The Company generates <font style="WHITE-SPACE: nowrap">non-operating</font> income
in the form of interest income from the proceeds derived from the
Initial Public Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The registration statements for the Company’s Initial Public
Offering became effective on April 21, 2020. On April 24,
2020, the Company consummated the Initial Public Offering of
82,800,000 units (the “Units” and, with respect to the
shares of Class A ordinary shares included in the Units sold,
the “Public Shares”), which includes the full exercise
by the underwriters of the over-allotment option to purchase an
additional 10,800,000 Units, at $10.00 per Unit, generating gross
proceeds of $828,000,000 which is described in Note 3.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Simultaneously with the closing of the Initial Public Offering, the
Company consummated the sale of 10,933,333 warrants (the
“Private Placement Warrants”) at a price of $1.50 per
Private Placement Warrant in a private placement to SCH Sponsor III
LLC (the “Sponsor”), generating gross proceeds of
$16,400,000, which is described in Note 4.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Transaction costs amounted to $44,156,346 consisting of $14,400,000
of underwriting fees, $28,980,000 of deferred underwriting fees and
$776,346 of other offering costs. In addition, at
September 30, 2020, cash of $126,745 was held outside of the
Trust Account, as defined below, and is available for working
capital purposes.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Following the closing of the Initial Public Offering on
April 24, 2020, an amount of $828,000,000 ($10.00 per Unit)
from the net proceeds of the sale of the Units in the Initial
Public Offering and the sale of the Private Placement Warrants was
placed in a trust account (the “Trust Account”) located
in the United States and invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the
Investment Company Act of 1940, as amended (the “Investment
Company Act”), with a maturity of 185 days or less, or
in any open-ended investment company that holds itself out as a
money market fund meeting the conditions
of <font style="WHITE-SPACE: nowrap">Rule 2a-7</font> of
the Investment Company Act, as determined by the Company, until the
earlier of: (i) the completion of a Business Combination and
(ii) the distribution of the funds in the Trust Account to the
Company’s shareholders, as described below.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company will provide the holders of the Public Shares (the
“Public Shareholders”) with the opportunity to redeem
all or a portion of their Public Shares upon the completion of the
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 shares for a pro rata portion of the amount
held in the Trust Account, calculated as of two business days prior
to the completion of a Business Combination, including any
pro rata interest earned on the funds held in the Trust
Account and not previously released to the Company to pay its tax
obligations. The <font style="WHITE-SPACE: nowrap">per-share</font> amount to
be distributed to the Public Shareholders who redeem their shares
will not be reduced by the deferred underwriting commissions the
Company will pay to the underwriters (as discussed in Note 6).
There will be no redemption rights upon the completion of a
Business Combination with respect to the Company’s
warrants.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company will proceed with a Business Combination only if the
Company has net tangible assets, after payment of the deferred
underwriting commission, of at least $5,000,001 upon such
completion of a Business Combination and, if the Company seeks
shareholder approval, it receives an ordinary resolution under
Cayman Islands law approving a Business Combination, which requires
the affirmative vote of a majority of the shareholders who attend
and vote at a general meeting of the Company. If a shareholder vote
is not required and the Company does not decide to hold a
shareholder vote for business or other legal reasons, the Company
will, pursuant to its Amended and Restated Memorandum and Articles
of Association, conduct the redemptions pursuant to the tender
offer rules of the Securities and Exchange Commission
(“SEC”), and file tender offer documents containing
substantially the same information as would be included in a proxy
statement with the SEC prior to completing a Business Combination.
If the Company seeks shareholder approval in connection with a
Business Combination, the Company’s Sponsor has agreed to
vote its Founder Shares (as defined in Note 5) and any Public
Shares purchased during or after the Initial Public Offering in
favor of approving a Business Combination and to waive its
redemption rights with respect to any such shares in connection
with a shareholder vote to approve a Business Combination or seek
to sell any shares to the Company in a tender offer in connection
with a Business Combination. Additionally, subject to the
immediately succeeding paragraph, each public shareholder may elect
to redeem their Public Shares, without voting, and if they do vote,
irrespective of whether they vote for or against a proposed
Business Combination.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Notwithstanding the foregoing, if the Company seeks shareholder
approval of the Business Combination and the Company does not
conduct redemptions pursuant to the tender offer rules, 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 15% of the Public Shares without the
Company’s prior written consent.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Sponsor has agreed (a) to waive its redemption rights with
respect to any Founder Shares and Public Shares held by it in
connection with the completion of a Business Combination (and not
seek to sell its shares to the Company in any tender offer the
Company undertakes in connection with its initial Business
Combination) and (b) not to propose an amendment to the
Amended and Restated Memorandum and Articles of Association
(i) to modify the substance or timing of the Company’s
obligation to redeem 100% of the Public Shares if the Company does
not complete a Business Combination within Combination Period (as
defined below) or (ii) with respect to any other provision
relating to shareholders’ rights
or <font style="WHITE-SPACE: nowrap">pre-initial</font> business
combination activity, unless the Company provides the public
shareholders with the opportunity to redeem their Public Shares in
conjunction with any such amendment.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company will have until April 24, 2022 (the
“Combination Period”) to consummate a Business
Combination. However, 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 <font style="WHITE-SPACE: nowrap">per-share</font> 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 the
rights of the Public Shareholders 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
Company’s remaining Public Shareholders and its 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.
In the event of a liquidation, the Public Shareholders will be
entitled to receive a full pro rata interest in the Trust
Account ($10.00 per share, plus any pro rata interest earned
on the Trust Fund not previously released to the Company and less
up to $100,000 of interest to pay dissolution expenses). There will
be no redemption rights or liquidating distributions with respect
to the Founder Shares or the Private Placement Warrants, which will
expire worthless if the Company fails to complete a Business
Combination within the Combination Period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
In order to protect the amounts held in the Trust Account, the
Sponsor has agreed that it will be liable to the Company, if and to
the extent any claims by a third party (other than the
Company’s independent auditors) 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
(1) $10.00 per Public Share or (2) such lesser amount per
Public Share held in the Trust Account as of the date of the
liquidation of the Trust Account due to reductions in the value of
trust assets, in each case net of the interest which may be
withdrawn to pay taxes, except as to any claims by a third party
who executed a waiver of any and all rights to seek access to the
Trust Account and except as 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”). 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
(other than the Company’s independent auditors), 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Liquidity and Going Concern</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
As of September 30, 2020, the Company had $126,745 in its
operating bank accounts, $828,096,607 in securities held in the
Trust Account to be used for a Business Combination or to
repurchase or redeem its ordinary shares in connection therewith
and working capital deficit of $1,215,153. As of September 30,
2020, approximately $97,000 of the amount on deposit in the Trust
Account represented interest income.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
Until the consummation of a Business Combination, the Company will
be using the funds not held in the Trust Account for identifying
and evaluating prospective acquisition candidates, performing due
diligence on prospective target businesses, paying for travel
expenditures, selecting the target business to acquire, and
structuring, negotiating and consummating the Business
Combination.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
On October 19, 2020, the Company issued an unsecured
promissory note to the Sponsor (the “Promissory Note”),
pursuant to which the Company may borrow up to an aggregate
principal amount of $2,500,000 (see Note 9). On
October 19, 2020, the Company borrowed $806,208 under the
Promissory Note.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company may need to raise additional capital through loans or
additional investments from its Sponsor, officers, directors, or
third parties. The Company’s officers, directors and Sponsor
may, but are not obligated to, loan the Company additional funds,
from time to time or at any time (other than pursuant to the
Promissory Note), to meet the Company’s working capital
needs. Accordingly, the Company may not be able to obtain
additional financing. If the Company is unable to raise additional
capital, it may be required to take additional measures to conserve
liquidity, which could include, but not necessarily be limited to,
curtailing operations, suspending the pursuit of a potential
transaction, and reducing overhead expenses. The Company cannot
provide any assurance that new financing will be available to it on
commercially acceptable terms, if at all. These conditions raise
substantial doubt about the Company’s ability to continue as
a going concern for the next twelve months following the date from
when the financial statements are issued. These financial
statements do not include any adjustments relating to the recovery
of the recorded assets or the classification of the liabilities
that might be necessary should the Company be unable to continue as
a going concern.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>NOTE 5. RELATED PARTY TRANSACTIONS</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b>Founder Shares</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
In October 2019, the Company issued one ordinary share to the
Sponsor for no consideration. On January 21, 2020, the Company
cancelled the one share issued in October 2019 and the Sponsor
purchased 17,250,000 Founder Shares for an aggregate purchase price
of $25,000. On April 21, 2020, the Company effected a share
capitalization, resulting in 20,700,000 Founder Shares issued and
outstanding as of such date. All share
and <font style="WHITE-SPACE: nowrap">per-share</font> amounts
have been retroactively restated to reflect the share
capitalization. The Founder Shares will automatically convert into
Class A ordinary shares on the first business day following
the completion of a Business Combination, or earlier at the option
of the holder, on a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">one-for-one</font></font> basis,
subject to certain adjustments, as described in Note 7.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Founder Shares included an aggregate of up to 2,700,000 shares
subject to forfeiture by the Sponsor to the extent that the
underwriters’ overallotment was not exercised in full or in
part, so that the number of Founder Shares would collectively
represent 20% of the Company’s issued and outstanding shares
upon the completion of the Initial Public Offering. As a result of
the underwriters’ election to fully exercise their
over-allotment option, no Founder Shares are subject to
forfeiture.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Sponsor has agreed, subject to limited exceptions, not to
transfer, assign or sell any of its Class B ordinary shares or
Class A ordinary shares received upon conversion thereof 
(together, “Founder Shares”) until the earlier of:
(A) one year after the completion of a Business Combination
and (B) subsequent to a 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 splits, share
dividends, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any 20 trading days within
any <font style="WHITE-SPACE: nowrap">30-trading</font> day
period commencing at least 150 days after a Business
Combination, or (y) the date on which the Company completes a
liquidation, merger, amalgamation, share exchange, reorganization
or other similar transaction that results in all of the
Company’s shareholders having the right to exchange their
Class A ordinary shares for cash, securities or other
property.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Advances — Related Party</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Sponsor advanced the Company an aggregate of $17,631 to cover
expenses related to the Initial Public Offering. The advances
were <font style="WHITE-SPACE: nowrap">non-interest</font> bearing
and due on demand. Advances in the aggregate amount of $17,631 were
repaid in February 2020.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Promissory Note — Related Party</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
On January 21, 2020, the Company issued an unsecured
promissory note to the Sponsor, pursuant to which the Company
borrowed an aggregate principal amount of $300,000. The note
was <font style="WHITE-SPACE: nowrap">non-interest</font> bearing
and payable on the earlier of (i) June 30, 2020 and
(ii) the completion of the Initial Public Offering. The
borrowings outstanding under the note in the amount of $300,000
were repaid upon the consummation of the Initial Public Offering on
April 24, 2020.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Administrative Support Agreement</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
The Company entered into an agreement whereby, commencing on
April 21, 2020, the Company will pay an affiliate of the
Sponsor up to $10,000 per month for office space, administrative
and support services. Upon completion of a Business Combination or
its liquidation, the Company will cease paying these monthly fees.
For the three and nine months ended September 30, 2020, the
Company incurred $30,000 and $50,000 of such fees. As of
September 30, 2020, $50,000 is included in accrued expenses in
the accompanying condensed balance sheets.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
<b>Related Party Loans</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">
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 (other than pursuant to the Promissory Note), loan the
Company additional funds as may be required (“Working Capital
Loans”). Such Working Capital Loans would be evidenced by
promissory notes. The notes may be repaid upon completion of a
Business Combination, without interest, or, at the lender’s
discretion, up to $1,500,000 of notes may be converted upon
completion of a Business Combination into warrants at a price of
$1.50 per warrant. Such warrants would be identical to the Private
Placement Warrants. In the event that a Business Combination does
not close, the Company may use a portion of 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.</p>
</div>
<div>
<p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<b>NOTE 3. INITIAL PUBLIC OFFERING</b></p>
<p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Pursuant to the Initial Public Offering, the Company sold
82,800,000 Units, which includes the full exercise by the
underwriter of its option to purchase an additional 10,800,000
Units, at a purchase price of $10.00 per Unit. Each Unit consists
of one Class A ordinary share and <font style="white-space:nowrap">one-third</font> of one redeemable warrant
(“Public Warrant”). Each whole Public Warrant entitles
the holder to purchase one Class A ordinary share at an
exercise price of $11.50 per whole share (see Note 7).</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Risks and Uncertainties</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Management continues to evaluate the impact of the <font style="WHITE-SPACE: nowrap">COVID-19</font> pandemic and has concluded
that while it is reasonably possible that the virus could have a
negative effect on the Company’s financial position, results
of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these
financial statements. The financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>NOTE 4. PRIVATE PLACEMENT</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Simultaneously with the closing of the Initial Public Offering, the
Sponsor purchased an aggregate of 10,933,333 Private Placement
Warrants at a price of $1.50 per Private Placement Warrant, for an
aggregate purchase price of $16,400,000. Each Private Placement
Warrant is exercisable for one Class A ordinary share at a
price of $11.50 per share, subject to adjustment (see Note 7). The
proceeds from the sale of the Private Placement Warrants were added
to the net proceeds from the Initial Public Offering held in the
Trust Account. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the
sale of the Private Placement Warrants held in the Trust Account
will be used to fund the redemption of the Public Shares (subject
to the requirements of applicable law) and the Private Placement
Warrants will expire worthless.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Emerging Growth Company</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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 independent
registered public accounting firm attestation requirements of
Section 404 of the Sarbanes-Oxley Act, 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
shareholder approval of any golden parachute payments not
previously approved.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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 a company can elect to opt out of the extended
transition period and comply with the requirements that apply to
<font style="WHITE-SPACE: nowrap">non-emerging</font> growth
companies but any such 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 which is neither
an emerging growth company nor an emerging growth company which has
opted out of using the extended transition period difficult or
impossible because of the potential differences in accounting
standards used.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Cash and Marketable Securities Held in Trust Account</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
At September 30, 2020, the assets held in the Trust Account
were primarily invested in money market funds, which invest in U.S.
Treasury securities.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Class A Ordinary Shares Subject to Possible
Redemption</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Company accounts for its Class A ordinary shares subject
to possible redemption in accordance with the guidance in
Accounting Standards Codification (“ASC”) Topic 480
“Distinguishing Liabilities from Equity.” Class A
ordinary shares subject to mandatory redemption are classified as a
liability instrument and are measured at fair value. Conditionally
redeemable ordinary shares (including 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, 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 occurrence of uncertain future events. Accordingly,
Class A ordinary shares subject to possible redemption are
presented at redemption value as temporary equity, outside of the
shareholders’ equity section of the Company’s condensed
balance sheets.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Net loss per share</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Net loss per share is computed by dividing net loss by the weighted
average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. At
December 31, 2019, the Company did not have any dilutive
securities and other contracts that could, potentially, be
exercised or converted into ordinary shares and then share in the
earnings of the Company. As a result, diluted loss per share is the
same as basic loss per share for the periods presented.</p>
</div>
17631
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 7 — Shareholder’s Equity</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
<b><i>Preferred Shares</i></b> — The Company is
authorized to issue 5,000,000 preference shares with a par value of
$0.0001. The Company’s board of directors will be authorized
to fix the voting rights, if any, designations, powers,
preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions
thereof, applicable to the shares of each series. The board of
directors will be able to, without shareholder approval, issue
preferred shares with voting and other rights that could adversely
affect the voting power and other rights of the holders of the
ordinary shares and could have anti-takeover effects. At
December 31, 2019, there were no preference shares issued or
outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
<b><i>Class</i></b><b><i> A Ordinary
Shares</i></b> — The Company is authorized to issue
500,000,000 Class A ordinary shares, with a par value of
$0.0001 per share. Holders of Class A ordinary shares are
entitled to one vote for each share. At December 31, 2019,
there were no Class A ordinary shares issued or
outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
<b><i>Class</i></b><b><i> B Ordinary
Shares</i></b> — The Company is authorized to issue
50,000,000 Class B ordinary shares, with a par value of
$0.0001 per share. Holders of the Class B ordinary shares are
entitled to one vote for each share. At December 31, 2019,
there was one Class B ordinary share issued and
outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Only holders of the Class B ordinary shares will have the
right to vote on the election of directors prior to the Business
Combination. Holders of Class A ordinary shares and holders of
Class B ordinary shares will vote together as a single class
on all matters submitted to a vote of our shareholders except as
otherwise required by law.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Class B Shares will automatically convert into
Class A ordinary shares on the first business day following
the completion of the Business Combination, or earlier at the
option of the holder, on a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">one-for-one</font></font> basis, subject to
adjustment. In the case that additional Class A ordinary
shares, or equity-linked securities, are issued or deemed issued in
excess of the amounts issued in the Proposed Public Offering and
related to the closing of a Business Combination, the ratio at
which Founder Shares will convert into Class A ordinary shares
will be adjusted (subject to waiver by holders of a majority of the
Class B ordinary shares) so that the number of Class A
ordinary shares issuable upon conversion of all Founder Shares will
equal, in the aggregate, on an <font style="WHITE-SPACE: nowrap">as-converted</font> basis, 20% of the sum of
the ordinary shares issued and outstanding upon completion of the
Proposed Public Offering plus the number of Class A ordinary
shares and equity-linked securities issued or deemed issued in
connection with a Business Combination (net of redemptions),
excluding any Class A ordinary shares or equity-linked
securities issued, or to be issued, to any seller in a Business
Combination and any Private Placement Warrants issued to the
Sponsor.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
<b><i>Warrants</i></b> — Public Warrants may only
be exercised for a whole number of shares. No fractional shares
will be issued upon exercise of the Public Warrants. The Public
Warrants will become exercisable on the later of
(a) 30 days after the completion of a Business
Combination and (b) 12 months from the closing of the
Proposed Public Offering. The Public Warrants will expire
five years from the completion of a Business Combination or
earlier upon redemption or liquidation.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a Public Warrant and
will have no obligation to settle such Public Warrant exercise
unless a registration statement under the Securities Act covering
the issuance of the Class A ordinary shares issuable upon
exercise of the Public Warrants is then effective and a prospectus
relating thereto is current, subject to the Company satisfying its
obligations with respect to registration. No Public Warrant will be
exercisable for cash or on a cashless basis, and the Company will
not be obligated to issue any shares to holders seeking to exercise
their Public Warrants, unless the issuance of the shares upon such
exercise is registered or qualified under the securities laws of
the state of the exercising holder, or an exemption from
registration is available.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company has agreed that as soon as practicable, but in no event
later than 15 business days, after the closing of a Business
Combination, it will use its commercially reasonable efforts to
file with the SEC a registration statement registering the
issuance, under the Securities Act, of the Class A ordinary
shares issuable upon exercise of the Public Warrants. The Company
will use it commercially reasonable efforts to cause the same to
become effective within 60 business days after the closing of the
Business Combination and to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto,
until the expiration of the Public Warrants in accordance with the
provisions of the warrant agreement. Notwithstanding the above, if
the Class A ordinary shares are, at the time of any exercise
of a Public Warrant, not listed on a national securities exchange
such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act,
the Company may, at its option, require holders of Public Warrants
who exercise their Public Warrants to do so on a “cashless
basis” in accordance with Section 3(a)(9) of the
Securities Act and, in the event the Company so elects, the Company
will not be required to file or maintain in effect a registration
statement, but will use its commercially reasonable efforts to
qualify the shares under applicable blue sky laws to the extent an
exemption is not available.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
<i>Redemption of warrants when the price per Class</i><i> A
ordinary share equals or exceeds $18.00.</i> Once the Public
Warrants become exercisable, the Company may redeem the Public
Warrants:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">in whole and not in part;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">at a price of $0.01 per Public Warrant;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">upon not less than 30 days’ prior written
notice of redemption to each warrant holder and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">if, and only if, the reported last sale price of the
Class A ordinary shares for any 20 trading days within a
<font style="WHITE-SPACE: nowrap">30-trading</font> day period
ending on the third trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders (the
“Reference Value”) equals or exceeds $18.00 per share
(as adjusted for share splits, share dividends, rights issuances,
subdivisions, reorganizations, recapitalizations and the like).</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
<i>Redemption of warrants when the price per Class</i><i> A
ordinary share equals or exceeds $10.00.</i> Once the Public
Warrants become exercisable, the Company may redeem the Public
Warrants:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">in whole and not in part;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">at $0.10 per warrant upon a minimum of 30 days’
prior written notice of redemption provided that holders will be
able to exercise their warrants on a cashless basis prior to
redemption and receive that number of shares determined by
reference to the table below, based on the redemption date and the
“fair market value” of the Class A ordinary
shares;</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">if, and only if, the Reference Value equals or exceeds
$10.00 per share (as adjusted for share splits, share dividends,
rights issuances, subdivisions, reorganizations, recapitalizations
and the like); and</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="5%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">if the Reference Value is less than $18.00 per share
(as adjusted for share splits, share dividends, rights issuances,
subdivisions, reorganizations, recapitalizations and the like) the
Private Placement Warrants must also be concurrently called for
redemption on the same terms as the outstanding Public Warrants, as
described above.</p>
</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
If and when the Public Warrants become redeemable by the Company,
the Company may exercise its redemption right even if it is unable
to register or qualify the underlying securities for sale under all
applicable state securities laws.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The exercise price and number of ordinary shares issuable upon
exercise of the Public Warrants may be adjusted in certain
circumstances including in the event of a share dividend,
extraordinary dividend or recapitalization, reorganization, merger
or consolidation. However, the Public Warrants will not be adjusted
for issuances of ordinary shares at a price below its exercise
price. Additionally, in no event will the Company be required to
net cash settle the Public Warrants. If the Company is unable to
complete a Business Combination within the Combination Period and
the Company liquidates the funds held in the Trust Account, holders
of Public Warrants will not receive any of such funds with respect
to their Public Warrants, nor will they receive any distribution
from the Company’s assets held outside of the Trust Account
with respect to such Public Warrants. Accordingly, the Public
Warrants may expire worthless.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
In addition, if (x) the Company issues additional Class A
ordinary shares or equity-linked securities for capital raising
purposes in connection with the closing of a Business Combination
at an issue price or effective issue price of less than $9.20 per
Class A ordinary share (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 a Business Combination on the date of
the completion of a Business Combination (net of redemptions), and
(z) the volume weighted average trading price of the
Company’s ordinary shares during the 20 trading day period
starting on the trading day prior to the day on which the Company
consummates a Business Combination (such price, the “Market
Value”) is below $9.20 per share, the exercise price of the
Public 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 prices described
above will be adjusted (to the nearest cent) to be equal to 180% of
the higher of the Market Value and the Newly Issued Price.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Private Placement Warrants will be identical to the Public
Warrants underlying the Units being sold in the Proposed Public
Offering, except that the Private Placement Warrants and the
Class A ordinary shares issuable upon the exercise of the
Private Placement Warrants will not be transferable, assignable or
salable until 30 days after the completion of a Business
Combination, subject to certain limited exceptions.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Additionally, the Private Placement Warrants will be exercisable on
a cashless basis and be <font style="WHITE-SPACE: nowrap">non-redeemable</font> as described above so
long as they are held by the initial purchasers or their permitted
transferees. If the Private Placement Warrants are held by someone
other than the initial purchasers or their permitted transferees,
the Private Placement Warrants will be redeemable by the Company
and exercisable by such holders on the same basis as the Public
Warrants.</p>
</div>
-17631
-17631
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 6 — Commitments</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b><i>Registration Rights</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The holders of the Founder Shares, Private Placement Warrants and
any warrants that may be issued on conversion of Working Capital
Loans (and any Class A ordinary shares issuable upon the
exercise of the Private Placement Warrants or warrants issued upon
conversion of the Working Capital Loans and upon conversion of the
Founder Shares) will be entitled to registration rights pursuant to
a registration rights agreement to be signed prior to or on the
effective date of the Propose Public Offering requiring the Company
to register such securities for resale (in the case of the Founder
Shares, only after conversion to the Company’s Class A
ordinary shares). The holders of these securities will be entitled
to make up to three demands, excluding short form registration
demands, that the Company register such securities. In addition,
the holders have certain “piggy-back” registration
rights with respect to registration statements filed subsequent to
the completion of a Business Combination and rights to require the
Company to register for resale such securities pursuant to
Rule 415 under the Securities Act. However, the registration
rights agreement provides that the Company will not be required to
effect or permit any registration or cause any registration
statement to become effective until termination of the applicable
<font style="WHITE-SPACE: nowrap">lock-up</font> period. The
Company will bear the expenses incurred in connection with the
filing of any such registration statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Underwriting Agreement</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company will grant the underwriters a <font style="WHITE-SPACE: nowrap">45-day</font> option to purchase up to
10,800,000 additional Units to cover over-allotments at the
Proposed Public Offering price, less the underwriting discounts and
commissions.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The underwriters will be entitled to a cash underwriting discount
of $14,400,000 in the aggregate, payable upon the closing of the
Proposed Public Offering. In addition, the underwriters will be
entitled to a deferred fee of $0.35 per Unit, or $25,200,000 in the
aggregate (or $28,980,000 in the aggregate if the
underwriters’ over-allotment option is exercised in full).
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Financial Advisory Fee</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company intends to engage Connaught (UK) Limited
(“Connaught”) to provide financial advisory services in
connection with the Proposed Public Offering. The Company will pay
Connaught a fee in an amount equal to 10% of the underwriting
commission payable to the underwriters. The fee to Connaught will
be paid in part at the closing of the Proposed Public Offering and
in part at the closing of the Business Combination, in the same
proportion as the <font style="WHITE-SPACE: nowrap">non-deferred</font> and deferred underwriting
commission payable to the underwriters. The underwriters have
agreed to reimburse the Company for the fee to Connaught as it
becomes payable out of the underwriting commission.</p>
</div>
-17631
25200000
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b><i>Recent Accounting Pronouncements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Use of estimates</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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.</p>
</div>
0
100000
1
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Income Taxes</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company accounts for income taxes under ASC 740, “Income
Taxes” (“ASC 740”). ASC 740 requires the
recognition of deferred tax assets and liabilities for both the
expected impact of differences between the financial statement and
tax basis of assets and liabilities and for the expected future tax
benefit to be derived from tax loss and tax credit carry forwards.
ASC 740 additionally requires a valuation allowance to be
established when it is more likely than not that all or a portion
of deferred tax assets will not be realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
ASC 740 also clarifies the accounting for uncertainty in income
taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement process for
financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits
to be recognized, a tax position must be <font style="WHITE-SPACE: nowrap">more-likely-than-not</font> to be sustained
upon examination by taxing authorities. The Company recognizes
accrued interest and penalties related to unrecognized tax benefits
as income tax expense. There were no unrecognized tax benefits and
no amounts accrued for interest and penalties as of
December 31, 2019. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company is considered an exempted Cayman Islands Company and is
presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such,
the Company’s tax provision was zero for the periods
presented.</p>
</div>
-17631
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b>Note 2 — Significant Accounting Policies</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b><i>Basis of Presentation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The accompanying financial statements have been prepared in
accordance with accounting principles generally accepted in the
United States of America (“US GAAP”) and pursuant to
the accounting and disclosure rules and regulations of the SEC.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Emerging growth company</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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, 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 shareholder approval of any
golden parachute payments not previously approved.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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
a company can elect to opt out of the extended transition period
and comply with the requirements that apply to <font style="WHITE-SPACE: nowrap">non-emerging</font> growth companies but any
such 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 which is neither an emerging
growth company nor an emerging growth company which has opted out
of using the extended transition period difficult or impossible
because of the potential differences in accounting standards
used.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Use of estimates</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Cash and cash equivalents</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company considers all short-term investments with an original
maturity of three months or less when purchased to be cash
equivalents. The Company did not have any cash equivalents as of
December 31, 2019.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b><i>Deferred offering costs</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Deferred offering costs consist of underwriting, legal, accounting
and other expenses incurred through the balance sheet date that are
directly related to the Proposed Public Offering and that will be
charged to shareholder’s equity upon the completion of the
Proposed Public Offering. Should the Proposed Public Offering prove
to be unsuccessful, these deferred costs, as well as additional
expenses incurred, will be charged to operations.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Income Taxes</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company accounts for income taxes under ASC 740, “Income
Taxes” (“ASC 740”). ASC 740 requires the
recognition of deferred tax assets and liabilities for both the
expected impact of differences between the financial statement and
tax basis of assets and liabilities and for the expected future tax
benefit to be derived from tax loss and tax credit carry forwards.
ASC 740 additionally requires a valuation allowance to be
established when it is more likely than not that all or a portion
of deferred tax assets will not be realized.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
ASC 740 also clarifies the accounting for uncertainty in income
taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement process for
financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits
to be recognized, a tax position must be <font style="WHITE-SPACE: nowrap">more-likely-than-not</font> to be sustained
upon examination by taxing authorities. The Company recognizes
accrued interest and penalties related to unrecognized tax benefits
as income tax expense. There were no unrecognized tax benefits and
no amounts accrued for interest and penalties as of
December 31, 2019. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company is considered an exempted Cayman Islands Company and is
presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such,
the Company’s tax provision was zero for the periods
presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Net loss per share</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Net loss per share is computed by dividing net loss by the weighted
average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. At
December 31, 2019, the Company did not have any dilutive
securities and other contracts that could, potentially, be
exercised or converted into ordinary shares and then share in the
earnings of the Company. As a result, diluted loss per share is the
same as basic loss per share for the periods presented.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Concentration of credit risk</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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. The Company has not
experienced losses on these accounts and management believes the
Company is not exposed to significant risks on such accounts.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Fair value of financial instruments</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under ASC Topic 820, “Fair
Value Measurements and Disclosures,” approximates the
carrying amounts represented in the accompanying balance sheets,
primarily due to their short-term nature.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b><i>Recent Accounting Pronouncements</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 8 — Subsequent Events</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company evaluated subsequent events and transactions that
occurred after the balance sheet date up to January 31, 2020,
the date that the financial statements were available to be issued.
Other than as described below, the Company did not identify any
subsequent events that would have required adjustment or disclosure
in the financial statements.</p>
<h5 align="left">Table of Contents</h5>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b><i>Founder Shares</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On January 21, 2020, the Company cancelled the one share
issued in October 2019 and the Sponsor purchased 17,250,000
Founder Shares for an aggregate purchase price of $25,000. On
April 21, 2020, the Company effected a share capitalization,
resulting in 20,700,000 Founder Shares issued and outstanding as of
such date. The Founder Shares will automatically convert into
Class A ordinary shares on the first business day following
the completion of a Business Combination on a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">one-for-one</font></font> basis, subject to
certain adjustments, as described in Note 7.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Founder Shares include an aggregate of up to 2,700,000 shares
subject to forfeiture by the Sponsor to the extent that the
underwriters’ over-allotment is not exercised in full or in
part, so that the number of Founder Shares will collectively
represent 20% of the Company’s issued and outstanding shares
upon the completion of the Proposed Public Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Promissory Note — Related Party</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
On January 21, 2020, the Company issued an unsecured
promissory note to the Sponsor, pursuant to which the Company may
borrow up to an aggregate principal amount of $300,000, of which
$300,000 was outstanding under the Promissory Note as of
January 21, 2020. The note is <font style="WHITE-SPACE: nowrap">non-interest</font> bearing and payable on
the earlier of (i) June 30, 2020 and (ii) the
completion of the Proposed Public Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
As a result of the execution of the underwriting agreement on
April 21, 2020, the financial statements have been modified to
reflect the final terms of the agreement.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b><i>Basis of Presentation</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The accompanying financial statements have been prepared in
accordance with accounting principles generally accepted in the
United States of America (“US GAAP”) and pursuant to
the accounting and disclosure rules and regulations of the SEC.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Cash and cash equivalents</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company considers all short-term investments with an original
maturity of three months or less when purchased to be cash
equivalents. The Company did not have any cash equivalents as of
December 31, 2019.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Concentration of credit risk</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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. The Company has not
experienced losses on these accounts and management believes the
Company is not exposed to significant risks on such accounts.</p>
</div>
17631
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Fair value of financial instruments</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The fair value of the Company’s assets and liabilities, which
qualify as financial instruments under ASC Topic 820, “Fair
Value Measurements and Disclosures,” approximates the
carrying amounts represented in the accompanying balance sheets,
primarily due to their short-term nature.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
<b>Note 1 — Organization and Plan of Business
Operations</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Social Capital Hedosophia Holdings Corp. III (the
“Company”) is a newly incorporated blank check company
incorporated as a Cayman Islands exempted company on
October 18, 2019. 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 (a “Business Combination”).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Although the Company is not limited to a particular industry or
sector for purposes of consummating a Business Combination, the
Company intends to focus on businesses in the technology industries
primarily located in the United States. The Company is an early
stage and emerging growth company and, as such, the Company is
subject to all of the risks associated with early stage and
emerging growth companies.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
As of December 31, 2019, the Company had not commenced any
operations. All activity for the period from October 18, 2019
(inception) through December 31, 2019 relates to the
Company’s formation and the proposed initial public offering
(“Proposed Public Offering”), which is described below.
The Company will not generate any operating revenues until after
the completion of a Business Combination, at the earliest. The
Company will generate <font style="WHITE-SPACE: nowrap">non-operating</font> income in the form of
interest income from the proceeds derived from the Proposed Public
Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company’s ability to commence operations is contingent
upon obtaining adequate financial resources through a Proposed
Public Offering of 72,000,000 units (the “Units”
and, with respect to the Class A ordinary shares included in
the Units being offered, the “Public Shares”) at $10.00
per unit (or 82.800,000 Units if the underwriters’
over-allotment option is exercised in full), which is discussed in
Note 3 and the sale of 10,933,333 warrants (the “Private
Placement Warrants”) at a price of $1.50 per Private
Placement Warrant in a private placement to the Company’s
sponsor, SCH Sponsor III LLC (f/k/a SCH Sponsor Corp. III), a
Cayman Islands limited liability company (the
“Sponsor”), that will close simultaneously with the
Proposed Public Offering.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company’s management has broad discretion with respect to
the specific application of the net proceeds of the Proposed Public
Offering and the sale of the Private Placement Warrants, although
substantially all of the net proceeds are intended to be applied
generally toward consummating a Business Combination. The New York
Stock Exchange rules require that the Business Combination must be
with one or more operating businesses or assets with a fair market
value equal to at least 80% of the net assets held in the Trust
Account (as defined below) (net of amounts disbursed to management
for working capital purposes, if permitted, and excluding the
amount of any deferred underwriting discount). The Company will
only complete a Business Combination if the post-Business
Combination company owns or acquires 50% or more of the issued and
outstanding voting securities of the target or otherwise acquires a
controlling interest in the target business 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”). There is no assurance that the Company will be
able to successfully effect a Business Combination. Upon the
closing of the Proposed Public Offering, management has agreed that
$10.00 per Unit sold in the Proposed Public Offering, including
proceeds of the sale of the Private Placement Warrants, will be
held in a trust account (“Trust Account”) and 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 any open-ended investment
company that holds itself out as a money market fund meeting the
conditions of <font style="WHITE-SPACE: nowrap">Rule 2a-7</font> of the Investment
Company Act, as determined by the Company, until the earlier of:
(i) the completion of a Business Combination and (ii) the
distribution of the funds in the Trust Account to the
Company’s shareholders, as described below.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Company will provide the holders of the public shares (the
“Public Shareholders”) with the opportunity to redeem
all or a portion of their public shares upon the completion of the
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 shares for a pro rata portion of the amount
held in the Trust Account (initially $10.00 per share) as of two
business days prior to the completion of a Business Combination,
including any pro rata interest earned on the funds held in
the Trust Account and not previously released to the Company to pay
its tax obligations. The <font style="WHITE-SPACE: nowrap">per-share</font> amount to be distributed to
the Public Shareholders who redeem their shares will not be reduced
by the deferred underwriting commissions the Company will pay to
the underwriters (as discussed in Note 7). There will be no
redemption rights upon the completion of a Business Combination
with respect to the Company’s warrants.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Class A ordinary shares will be recorded at redemption
value and classified as temporary equity upon the completion of the
Proposed Public Offering, in accordance with Accounting Standards
Codification (“ASC”) Topic 480 “Distinguishing
Liabilities from Equity.” The Company will proceed with a
Business Combination only if the Company has net tangible assets,
after payment of the deferred underwriting commission, of at least
$5,000,001 upon such completion of a Business Combination and, if
the Company seeks shareholder approval, it receives an ordinary
resolution under Cayman Islands law approving a Business
Combination, which requires the affirmative vote of a majority of
the shareholders who attend and vote and a general meeting of the
Company. If a shareholder vote is not required and the Company does
not decide to hold a shareholder vote for business or other legal
reasons, the Company will, pursuant to its Amended and Restated
Memorandum and Articles of Association, conduct the redemptions
pursuant to the tender offer rules of the Securities and Exchange
Commission (“SEC”), and file tender offer documents
containing substantially the same information as would be included
in a proxy statement with the SEC prior to completing a Business
Combination. If the Company seeks shareholder approval in
connection with a Business Combination, the Company’s Sponsor
has agreed to vote its Founder Shares (as defined in Note 5) and
any Public Shares purchased during or after the Proposed Public
Offering in favor of approving a Business Combination and to waive
its redemption rights with respect to any such shares in connection
with a shareholder vote to approve a Business Combination or seek
to sell any shares to the Company in a tender offer in connection
with a Business Combination. Additionally, subject to the
immediately succeeding paragraph, each public shareholder may elect
to redeem their Public Shares, without voting, and if they do vote,
irrespective of whether they vote for or against a proposed
Business Combination.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
Notwithstanding the foregoing, if the Company seeks shareholder
approval of the Business Combination and the Company does not
conduct redemptions pursuant to the tender offer rules, 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 15% or more of the Public Shares without the
Company’s prior written consent.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Sponsor has agreed (a) to waive its redemption rights with
respect to any Founder Shares and Public Shares held by it in
connection with the completion of a Business Combination (and not
seek to sell its shares to the Company in any tender offer the
Company undertakes in connection with its initial business
combination) and (b) not to propose an amendment to the
Amended and Restated Memorandum of Articles of Association
(i) to modify the substance or timing of the Company’s
obligation to redeem 100% of the Public Shares if the Company does
not complete a Business Combination within Combination Period or
(ii) with respect to any other provision relating to
shareholders’ rights or <font style="WHITE-SPACE: nowrap">pre-initial</font> business combination
activity, unless the Company provides the public shareholders with
the opportunity to redeem their Public Shares in conjunction with
any such amendment.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">
The Company will have until 24 months from the closing of the
Proposed Public Offering to consummate a Business Combination.
However, if the Company has not completed a Business Combination
within 24 months of the closing of the Proposed Public
Offering (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
<font style="WHITE-SPACE: nowrap">per-share</font> 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 the rights of the
Public Shareholders 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 Company’s
remaining Public Shareholders and its 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. In the
event of a liquidation, the Public Shareholders will be entitled to
receive a full pro rata interest in the Trust Account
(initially anticipated to be approximately $10.00 per share, plus
any pro rata interest earned on the Trust Fund not previously
released to the Company and less up to $100,000 of interest to pay
dissolution expenses). There will be no redemption rights or
liquidating distributions with respect to the Founder Shares or the
Private Placement Warrants, which will expire worthless if the
Company fails to complete a Business Combination within the
Combination Period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
In order to protect the amounts held in the Trust Account, the
Sponsor has agreed that it will be liable to the Company, if and to
the extent any claims by a third party (other than the
Company’s independent auditors) 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
(1) $10.00 per Public Share or (2) such lesser amount per
Public Share held in the Trust Account as of the date of the
liquidation of the Trust Account due to reductions in the value of
trust assets, in each case net of the interest which may be
withdrawn to pay taxes, except as to any claims by a third party
who executed a waiver of any and all rights to seek access to the
Trust Account and except as to any claims under the Company’s
indemnity of the underwriters of the Proposed Public Offering
against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the “Securities
Act”). 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
(other than the Company’s independent auditors), 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Going Concern Consideration</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
At December 31, 2019, the Company had $0 in cash and a working
capital deficit of $117,977. The Company has incurred and expects
to continue to incur significant costs in pursuit of its financing
and acquisition plans. These conditions raise substantial doubt
about the Company’s ability to continue as a going concern
within one year after the date that the financial statements are
issued. Management plans to address this uncertainty through a
Proposed Public Offering as discussed in Note 3. There is no
assurance that the Company’s plans to raise capital or to
consummate a Business Combination will be successful or successful
within the Combination Period. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 5 — Related Party Transactions</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
<b><i>Founder Shares</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
In October 2019, the Company issued one ordinary share to the
Sponsor for no consideration.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
The Sponsor has agreed, subject to limited exceptions, not to
transfer, assign or sell any of its Class B ordinary shares or
Class A ordinary shares received upon conversion thereof
(together, “Founder Shares”) until the earlier of:
(A) one year after the completion of a Business Combination
and (B) subsequent to a 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 splits, share
dividends, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any 20 trading days within any
<font style="WHITE-SPACE: nowrap">30-trading</font> day period
commencing at least 150 days after a Business Combination, or
(y) the date on which the Company completes a liquidation,
merger, amalgamation, share exchange, reorganization or other
similar transaction that results in all of the Company’s
shareholders having the right to exchange their Class A
ordinary shares for cash, securities or other property.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Advances — Related Party</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Sponsor advanced the Company an aggregate of $17,631 to cover
expenses related to the Initial Public Offering. The advances are
<font style="WHITE-SPACE: nowrap">non-interest</font> bearing and
due on demand. At December 31, 2019, advances of $17,631 were
outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Administrative Services Agreement</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Company will enter into an agreement pursuant to which it will
pay an affiliate of the Sponsor up to $10,000 per month for office
space, administrative and support services. Upon completion of a
Business Combination or its liquidation, the Company will cease
paying these monthly fees.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b><i>Related Party Loans</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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”). Such Working Capital Loans
would be evidenced by promissory notes. The notes may be repaid
upon completion of a Business Combination, without interest, or, at
the lender’s discretion, up to $1,500,000 of notes may be
converted upon completion of a Business Combination into warrants
at a price of $1.50 per warrant. Such warrants would be identical
to the Private Placement Warrants. In the event that a Business
Combination does not close, the Company may use a portion of
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.</p>
</div>
0.35
1500000
14400000
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 3 — Proposed Public Offering</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Pursuant to the Proposed Public Offering, the Company will offer
for sale up to 72,000,000 Units (or 82,800,000 Units if
the underwriters’ over-allotment option is exercised in full)
at a purchase price of $10.00 per Unit. Each Unit will consist of
one Class A ordinary share and <font style="WHITE-SPACE: nowrap">one-third</font> of one redeemable warrant
(“Public Warrant”). Each whole Public Warrant will
entitle the holder to purchase one Class A ordinary share at
an exercise price of $11.50 per whole share (see Note 7).</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
<b><i>Deferred offering costs</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
Deferred offering costs consist of underwriting, legal, accounting
and other expenses incurred through the balance sheet date that are
directly related to the Proposed Public Offering and that will be
charged to shareholder’s equity upon the completion of the
Proposed Public Offering. Should the Proposed Public Offering prove
to be unsuccessful, these deferred costs, as well as additional
expenses incurred, will be charged to operations.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b>Note 4 — Private Placement</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
The Sponsor has committed to purchase an aggregate of 10,933,333
Private Placement Warrants at a price of $1.50 per Private
Placement Warrant ($16,400,000 in the aggregate) from the Company
in a private placement that will occur simultaneously with the
closing of the Proposed Public Offering. The proceeds from the sale
of the Private Placement Warrants will be added to the net proceeds
from the Proposed Public Offering held in the Trust Account. Each
Private Placement Warrant is exercisable for one Class A Share
at a price of $11.50 per share, subject to adjustment (see Note 7).
If the Company does not complete a Business Combination within the
Combination Period, the proceeds from the sale of the Private
Placement Warrants held in the Trust Account will be used to fund
the redemption of the Public Shares (subject to the requirements of
applicable law) and the Private Placement Warrants will expire
worthless.</p>
</div>
17631
100346
0
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
<b><i>Emerging growth company</i></b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
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, 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 shareholder approval of any
golden parachute payments not previously approved.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
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
a company can elect to opt out of the extended transition period
and comply with the requirements that apply to <font style="WHITE-SPACE: nowrap">non-emerging</font> growth companies but any
such 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 which is neither an emerging
growth company nor an emerging growth company which has opted out
of using the extended transition period difficult or impossible
because of the potential differences in accounting standards
used.</p>
</div>
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shares
shares
pure
ipoc:Vote
Net loss per ordinary share - basic and diluted excludes income attributable to ordinary shares subject to possible redemption of $30,986 and $92,501 for the three and nine months ended September 30, 2020, respectively (see Note 2).
Excludes an aggregate of 79,280,895 shares subject to possible redemption.