Item 8.01 Other Events.
The Company will be
holding a special shareholder meeting on October 26, 2020 to, among other things, extend the date by which the Company must complete
its initial business combination from October 26, 2020 to April 26, 2021 or such earlier date as determined by the Board (the “Extension”).
On October 9, 2020,
the Company announced that it has agreed that if the shareholders approves the proposal to extend the date by which the Company
must complete its initial business combination from October 26, 2020 to April 26, 2021 or such earlier date as determined by the
board (the “Extension”), for each public share that is not redeemed by the Company’s shareholders
in connection with the Extension (collectively, the “Remaining Shares”, each, a “Remaining
Share”), for each monthly period, or portion thereof during the Extension, it will deposit $0.05 per share per month
into the trust account as additional interest on the proceeds in the trust account Extension, based on a commitment from its sponsor
(the “Cash Contribution”). The Cash Contribution will be deposited as additional interest on the proceeds
in the trust account and will be distributed pro rata as a part of redemption amount to each Remaining Share in connection with
a future redemption.
The per-share pro
rata portion of the trust account on September 18, 2020 (the “Record Date”) after taking into account
taxes owed but not paid by such date (which is expected to be the same approximate amount two business days prior to the meeting)
was approximately $10.73. If the Extension is approved and the Company takes full six months to complete its initial business combination,
the redemption amount per share at the meeting for such business combination or the Company’s subsequent liquidation will
be approximately $11.03, in comparison to the current redemption amount of $10.73 (solely based on redemption price as of the current
Record Date).
Additional Information
The Company has filed
with the U.S. Securities and Exchange Commission (the “SEC”) a definitive proxy statement in connection
with the Extension and other matters and, on or about October 6, 2020, mailed the definitive proxy statement and other relevant
documents to the Company’s shareholders as of the September 18, 2020 record date for the Special Meeting. The Company’s
shareholders and other interested persons are advised to read the definitive proxy statement and any other relevant documents (including
a supplement to the definitive proxy statement) that have been or will be filed with the SEC in connection with the Company’s
solicitation of proxies for the Special Meeting because these documents will contain important information about the Company, the
Revised Contribution, the Revised Redemption Deadline, the Extension and related matters. Shareholders may also obtain a free copy
of the definitive proxy statement, as well as other relevant documents that have been or will be filed with the SEC (including
a supplement to the definitive proxy statement), without charge, at the SEC's website located at www.sec.gov or by directing a
request to Advantage Proxy, Inc., the Company’s proxy solicitor, at (877) 870-8556 (banks and brokers can call collect at
(206) 870-8565) or at ksmith@advantageproxy.com .
Participants in the Solicitation
The Company and its
directors and executive officers may be deemed to be participants in the solicitations of proxies from the Company’s shareholders
in respect of the Extension and the other matters set forth in the definitive proxy statement. Information regarding the Company’s
directors and executive officers and a description of their direct and indirect interests, by security holdings or otherwise, is
contained in the Company’s definitive proxy statement for the Extension, which has been filed with the SEC.
Forward-Looking Statements
This Current Report
on Form 8-K may include forward-looking statements within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this Current
Report on Form 8-K that address activities, events or developments that the Company expects or anticipates will or may occur in
the future are forward-looking statements and are identified with, but not limited to, words such as “may,” “believe”
and “expect.” These statements are based on certain assumptions and analyses made by the Company in light of its experience
and its perception of historical trends, current conditions and expected future developments as well as other factors it believes
are appropriate in the circumstances. Actual results may differ materially from those expressed herein due to many factors such
as, but not limited to, the ability of the Company to obtain shareholder approval for the Extension and related matters, the ability
of the Sponsor to make the Revised Contribution, the ability of the Company to consummate an initial business combination, and
the risks identified in the Company’s prior and future filings with the SEC (available at www.sec.gov), including the Company's
definitive proxy statement filed in connection with the Extension (and the supplement to the definitive proxy statement that the
Company intends to file on April 20, 2020) and the Company's Annual Report on Form10-K filed on March 16, 2020. These statements
speak only as of the date they are made and the Company undertakes no obligation to update any forward-looking statements contained
herein to reflect events or circumstances which arise after the date of this Current Report on Form 8-K.