0001140361-20-025536 | 10-Q | XBRL Viewer | Arya Sciences Acquisition Corp III

UNAUDITED CONDENSED BALANCE SHEET	Sep. 30, 2020 USD ($)
Current assets:
Cash	$ 1,064,954
Prepaid expenses	369,637
Total current assets	1,434,591
Investments held in Trust Account	149,515,680
Total assets	150,950,271
Current liabilities:
Accounts payable	6,087
Accrued expenses	102,573
Accrued expenses - related party	20,000
Total current liabilities	128,660
Deferred underwriting commissions	5,232,500
Total liabilities	5,361,160
Commitments and Contingencies
Class A ordinary shares, $0.0001 par value; 14,058,911 shares subject to possible redemption at $10.00 per share	140,589,110
Shareholders' Equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	0
Additional paid-in capital	5,170,196
Accumulated deficit	(170,708)
Total shareholders' equity	5,000,001
Total Liabilities and Shareholders' Equity	150,950,271
Class A Ordinary Shares [Member]
Shareholders' Equity:
Common stock	139
Class B Ordinary Shares [Member]
Shareholders' Equity:
Common stock	$ 374

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Ordinary Shares [Member] Class A Ordinary Shares [Member]	Ordinary Shares [Member] Class B Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Mar. 26, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Mar. 26, 2020	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class B ordinary shares to Sponsor		$ 374	24,626	0	25,000
Issuance of Class B ordinary shares to Sponsor (in shares)		3,737,500
Net loss	$ 0	$ 0	0	0	0
Ending balance at Mar. 31, 2020	$ 0	$ 374	24,626	0	25,000
Ending balance (in shares) at Mar. 31, 2020	0	3,737,500
Beginning balance at Mar. 26, 2020	$ 0	$ 0	0	0	0
Beginning balance (in shares) at Mar. 26, 2020	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(170,708)
Ending balance at Sep. 30, 2020	$ 139	$ 374	5,170,196	(170,708)	5,000,001
Ending balance (in shares) at Sep. 30, 2020	1,390,089	3,737,500
Beginning balance at Mar. 31, 2020	$ 0	$ 374	24,626	0	25,000
Beginning balance (in shares) at Mar. 31, 2020	0	3,737,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	$ 0	0	(11,717)	(11,717)
Ending balance at Jun. 30, 2020	$ 0	$ 374	24,626	(11,717)	13,283
Ending balance (in shares) at Jun. 30, 2020	0	3,737,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units in initial public offering, gross	$ 1,495	$ 0	149,498,505	0	149,500,000
Sale of units in initial public offering, gross (in shares)	14,950,000	0
Offering costs	$ 0	$ 0	(8,755,181)	0	(8,755,181)
Sale of private placement units to Sponsor in private placement	$ 50	$ 0	4,989,950	0	4,990,000
Sale of private placement units to Sponsor in private placement (in shares)	499,000	0
Shares subject to possible redemption	$ (1,406)	$ 0	(140,587,704)	0	(140,589,110)
Shares subject to possible redemption (in shares)	(14,058,911)	0
Net loss	$ 0	$ 0	0	(158,991)	(158,991)
Ending balance at Sep. 30, 2020	$ 139	$ 374	$ 5,170,196	$ (170,708)	$ 5,000,001
Ending balance (in shares) at Sep. 30, 2020	1,390,089	3,737,500

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Use of Estimates

The preparation of the unaudited condensed financial statements in conformity with U.S. 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 financial statements and the reported amounts of expenses during the reporting period. 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.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of September 30, 2020.

Investment Securities Held in Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be 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 money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in Trust Account are classified as trading securities, which are presented on the unaudited condensed balance sheet at fair value at the end of the reporting period. Gains and losses resulting from the change in fair value of trading securities is included in investment income on Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.

Concentration of Credit Risk

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, and investments held in Trust Account. At September 30, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

As of September 30, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities is determined using quoted market prices in active markets.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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, Class A 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 the occurrence of uncertain future events. Accordingly, at September 30, 2020, 14,058,911 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited condensed balance sheet.

Income Taxes

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2020. 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.

There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Net Income (Loss) Per Ordinary Share

Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the periods. The Company’s unaudited condensed statements of operations include a presentation of income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted, for Class A ordinary shares is calculated by dividing the net gain, dividends and interest on investments held in Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of $15,680 for the three month period ended September 30, 2020 and for the period from March 27, 2020 (inception) through September 30, 2020, respectively, by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the periods.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronounceme.nt if currently adopted would have a material effect on the Company’s unaudited condensed financial statements.

Shareholders' Equity (Details)	6 Months Ended
Shareholders' Equity (Details)	Sep. 30, 2020 $ / shares shares	Aug. 11, 2020 shares	Aug. 06, 2020 shares	Apr. 02, 2020 $ / shares shares
Stockholders' Equity [Abstract]
Stock conversion percentage threshold	20.00%
Stock conversion basis at time of business combination	1
Preference shares, shares authorized (in shares)	1,000,000
Preference shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Preference shares, shares issued (in shares)	0
Preference shares, shares outstanding (in shares)	0
Class A Ordinary Shares [Member]
Stockholders' Equity [Abstract]
Ordinary shares, shares authorized (in shares)	479,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares issued (in shares)	1,390,089
Ordinary shares including common stock subject to possible redemption shares, Outstanding	15,449,000
Ordinary shares, shares outstanding (in shares)	1,390,089
Ordinary shares subject to possible redemption (in shares)	14,058,911
Class B Ordinary Shares [Member]
Stockholders' Equity [Abstract]
Ordinary shares, shares authorized (in shares)	20,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares issued (in shares)	3,737,500			3,593,750
Ordinary shares, shares outstanding (in shares)	3,737,500
Sponsor [Member] \| Class B Ordinary Shares [Member]
Stockholders' Equity [Abstract]
Ordinary shares, par value (in dollars per share) \| $ / shares				$ 0.0001
Ordinary shares, shares outstanding (in shares)		487,500	3,737,500
Sponsor [Member] \| Class B Ordinary Shares [Member] \| Maximum [Member]
Stockholders' Equity [Abstract]
Shares subject to forfeiture (in shares)			487,500

Description of Organization, Business Operations and Basis of Presentation (Details) - USD ($)			6 Months Ended
	Aug. 11, 2020	Apr. 02, 2020	Sep. 30, 2020
Proceeds from Issuance of Equity [Abstract]
Gross proceeds from initial public offering			$ 149,500,000
Deferred offering costs associated with initial public offering	$ 8,800,000
Deferred underwriting commissions	5,200,000
Gross proceeds from private placement			4,990,000
Liquidity and Capital Resources [Abstract]
Cash at bank			1,064,954
Working capital			1,300,000
Offering costs paid by sponsor in exchange for issuance of founder shares			25,000
Loan proceeds			136,590
Sponsor [Member]
Liquidity and Capital Resources [Abstract]
Offering costs paid by sponsor in exchange for issuance of founder shares		$ 25,000
Sponsor [Member] \| Promissory Note [Member]
Liquidity and Capital Resources [Abstract]
Loan proceeds		$ 200,000
Working capital loan outstanding amount			$ 0
Maximum [Member]
Proceeds from Issuance of Equity [Abstract]
Interest from Trust Account that can be held to pay dissolution expenses	$ 100,000
Private Placement Units [Member]
Proceeds from Issuance of Equity [Abstract]
Units issued (in shares)	499,000
Share price (in dollars per share)	$ 10.00
Gross proceeds from private placement	$ 5,000,000
Initial Public Offering [Member] \| Public Shares [Member]
Proceeds from Issuance of Equity [Abstract]
Units issued (in shares)	14,950,000
Share price (in dollars per share)	$ 10.00
Gross proceeds from initial public offering	$ 149,500,000
Over-Allotment Option [Member]
Proceeds from Issuance of Equity [Abstract]
Units issued (in shares)	1,950,000
Over-Allotment Option [Member] \| Public Shares [Member]
Proceeds from Issuance of Equity [Abstract]
Units issued (in shares)	1,950,000
Share price (in dollars per share)	$ 10.00

Related Party Transactions, Founder Shares (Details) - USD ($)			1 Months Ended	6 Months Ended
	Aug. 11, 2020	Apr. 02, 2020	Jul. 31, 2020	Sep. 30, 2020	Aug. 06, 2020
Private Placement [Abstract]
Gross proceeds from private placement				$ 4,990,000
Class A Ordinary Shares [Member]
Founder Shares [Abstract]
Ordinary shares, par value (in dollars per share)				$ 0.0001
Ordinary shares, shares outstanding (in shares)				1,390,089
Class B Ordinary Shares [Member]
Founder Shares [Abstract]
Ordinary shares, par value (in dollars per share)				$ 0.0001
Ordinary shares, shares outstanding (in shares)				3,737,500
Sponsor [Member] \| Private Placement [Member]
Private Placement [Abstract]
Units Issued During Period, Shares, New Issues	499,000
Share price (in dollars per share)	$ 10.00
Gross proceeds from private placement	$ 5,000,000
Sponsor [Member] \| Class A Ordinary Shares [Member]
Founder Shares [Abstract]
Number of trading days				20 days
Trading day threshold period				30 days
Sponsor [Member] \| Class A Ordinary Shares [Member] \| Minimum [Member]
Founder Shares [Abstract]
Share price (in dollars per share)				$ 12.00
Threshold period after initial Business Combination				150 days
Sponsor [Member] \| Class B Ordinary Shares [Member]
Founder Shares [Abstract]
Proceeds from issuance of common stock		$ 25,000
Shares issued (in shares)		3,593,750
Ordinary shares, par value (in dollars per share)		$ 0.0001
Ordinary shares, shares outstanding (in shares)	487,500				3,737,500
Ownership interest, as converted percentage				20.00%
Period to not transfer, assign or sell Founder Shares				1 year
Sponsor [Member] \| Class B Ordinary Shares [Member] \| Maximum [Member]
Founder Shares [Abstract]
Shares subject to forfeiture (in shares)					487,500
Independent Director Nominees [Member]
Founder Shares [Abstract]
Shares issued (in shares)			90,000

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 13, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	ARYA Sciences Acquisition Corp III
Entity Central Index Key	0001808805
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Address, State or Province	NY
Class A Ordinary Shares [Member]
Document and Entity Information [Abstract]
Entity Common Stock, Shares Outstanding		15,449,000
Class B Ordinary Shares [Member]
Document and Entity Information [Abstract]
Entity Common Stock, Shares Outstanding		3,737,500

UNAUDITED CONDENSED BALANCE SHEET (Parenthetical)	Sep. 30, 2020 $ / shares shares
Shareholders' Equity:
Preference shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Preference shares, shares authorized (in shares)	1,000,000
Preference shares, shares issued (in shares)	0
Preference shares, shares outstanding (in shares)	0
Class A Ordinary Shares [Member]
Liabilities and Shareholders' Equity:
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares subject to possible redemption (in shares)	14,058,911
Ordinary shares subject to possible redemption, redemption price (in dollars per share) \| $ / shares	$ 10.00
Shareholders' Equity:
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares authorized (in shares)	479,000,000
Ordinary shares, shares issued (in shares)	1,390,089
Ordinary shares, shares outstanding (in shares)	1,390,089
Class B Ordinary Shares [Member]
Shareholders' Equity:
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares authorized (in shares)	20,000,000
Ordinary shares, shares issued (in shares)	3,737,500
Ordinary shares, shares outstanding (in shares)	3,737,500

Description of Organization, Business Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Description of Organization, Business Operations and Basis of Presentation [Abstract]
Description of Organization, Business Operations and Basis of Presentation	Note 1—Description of Organization, Business Operations and Basis of Presentation ARYA Sciences Acquisition Corp III (the “Company”) was incorporated as a Cayman Islands exempted company on March 27, 2020. 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 (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of September 30, 2020, the Company had not commenced any operations. All activity for the period from March 27, 2020 (inception) through September 30, 2020 relates to the Company’s formation and its initial public offering (“Initial Public Offering”), and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is ARYA Sciences Holdings III, a Cayman Islands exempted limited company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on August 6, 2020. On August 11, 2020, the Company consummated its Initial Public Offering of 14,950,000 Class A ordinary shares (the “Public Shares”), including the 1,950,000 Public Shares as a result of the underwriters’ full exercise of their over-allotment option, at an offering price of $10.00 per Public Share, generating gross proceeds of $149.5 million, and incurring offering costs of approximately $8.8 million, inclusive of approximately $5.2 million in deferred underwriting commissions (Note 5). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 499,000 Class A ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share to the Sponsor, generating gross proceeds of approximately $5.0 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, $149.5 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”), located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only 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 money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 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 Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Shares, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target 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”). The Company will provide the holders (the “Public Shareholders”) of Public Shares, with the opportunity to redeem all or a portion of their Public Shares upon the completion of a 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 Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). The Public Shares are classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company will adopt upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. Subsequent to the consummation of the Initial Public Offering, the Company has adopted an insider trading policy which requires insiders to: (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders have agreed to waive their redemption rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of its Business Combination and does not conduct redemptions in connection with its Business Combination pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that 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 an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a) that would modify the substance or timing of the Company’s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Company’s Public Shares if the Company does not complete its Business Combination within 24 months from the closing of the Initial Public Offering, or August 11, 2022 (the “Combination Period”) or with respect to any other provision relating to the rights of Public Shareholders, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. 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 per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay for its income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and its board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The initial shareholders have agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party 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 the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or 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”). Moreover, 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 (excluding the Company’s independent registered public accounting firm), 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. Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three months ended September 30, 2020 and the period from March 27, 2020 (inception) through September 30, 2020 are not necessarily indicative of the results that may be expected for the period ending December 31, 2020 or for any future interim periods. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 8-K and the final prospectus filed by the Company with the SEC on August 17, 2020 and August 10, 2020, respectively. Emerging Growth Company 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 of 2002, 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 stockholder approval of any golden parachute payments not previously approved. 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 an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an 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 that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Risk and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an Initial Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an Initial Business Combination in a timely manner. The Company’s ability to consummate an Initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Liquidity and Capital Resources As of September 30, 2020, the Company had $1.1 million in its operating bank account and working capital of approximately $1.3 million. The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover certain of the Company’s offering costs in exchange for the issuance of the Founder Shares, the loan proceeds of $200,000 from the Sponsor pursuant to the Note (see Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note on August 11, 2020. In addition, 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, provide the Company Working Capital Loans (see Note 4). As of September 30, 2020, there were no amounts outstanding under any Working Capital Loan. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Fair Value Measurements (Details)	3 Months Ended	6 Months Ended
Fair Value Measurements (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)
Assets held in Trust Account [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
Transfers in into Level 3	0	0
Transfers out of Level 3	0	0
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	149,515,680	149,515,680
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| US Treasury Securities [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	149,513,552	149,513,552
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	2,128	2,128
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| US Treasury Securities [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Money Market Funds [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	0	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	0	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| US Treasury Securities [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	0	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Money Market Funds [Member]
Assets held in Trust Account [Abstract]
Assets held in Trust Account	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)