Quarterly report pursuant to Section 13 or 15(d)

Description of Organization and Business Operations (Details)

v3.20.2
Description of Organization and Business Operations (Details) - USD ($)
1 Months Ended 9 Months Ended
Jul. 30, 2020
Nov. 26, 2019
Sep. 30, 2020
Description of Organization and Business Operations (Details) [Line Items]      
Sale of warrants (in Shares)   5,700,000  
Price Per Value (in Dollars per share)     $ 1.00
Fair market value in the trust account, percentage     80.00%
Percentage of outstanding voting securities     50.00%
Net tangible assets     $ 5,000,001
Redemption of public shares, percentage     15.00%
Investment income held in the trust account     $ 698,000
Business combination, description     The representative of the underwriters has agreed to waive its rights to the deferred underwriting commission 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 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 will be less than the Offering price per Unit ($10.00).
Payments for merger related costs     $ 471,500,000
Issuance of aggregate restricted common shares (in Shares)     5,000,000
Merger agreement, description the Company entered into subscription agreements (each, a “Subscription Agreement”) with certain investors (the “PIPE Investors”) pursuant to which, among other things, the PIPE Investors have agreed to subscribe for and purchase, and the Company has agreed to issue and sell to the PIPE Investors, an aggregate of 15,000,000 PTAC Common Shares for an aggregate purchase price of $150,000,000.00 on the date of Closing, on the terms and subject to the conditions set forth therein. The Subscription Agreement contains customary representations and warranties of Porch, on the one hand, and each PIPE Investor, on the other hand, and customary conditions to closing, including the consummation of the transactions contemplated by the Merger Agreement.   With respect to the Earn Out Shares: (i) one-third (1/3) of the Earn Out Shares will vest if the closing price of the PTAC Common Shares is greater than or equal to $18.00 over any twenty (20) Trading Days (as defined in the Merger Agreement) within any thirty (30) consecutive Trading Day period, (ii) one-third (1/3) of the Earn Out Shares will vest if the closing price of the PTAC Common Shares is greater than or equal to $20.00 over any twenty (20) Trading Days within any thirty (30) consecutive Trading Day period, and (iii) one-third (1/3) of the Earn Out Shares will vest if the closing price of the PTAC Common Shares is greater than or equal to $22.00 over any twenty (20) Trading Days within any thirty (30) consecutive Trading Day period, in each case, prior to the expiry of three (3) years from the Closing (the “Earn Out Period”). In addition, if there is a sale of PTAC prior to the expiration of the Earn Out Period that will result in the holders of PTAC Common Shares receiving a price per share equal to or in excess of the applicable price per share thresholds described above, then Earn Out Shares will vest in connection with such sale of the Company in the manner set forth in the Merger Agreement.
Common stock, per share price (in Dollars per share)     $ 0.01
Preferred stock, per share price (in Dollars per share)     $ 0.01
Cash in operating account     $ 907,000
Dissolution expense     100,000
Working capital deficit     1,800,000
Tax obligations     99,000
Convertible loan amount     $ 1,500,000
Issuance of founder shares (in Shares)     25,000
Loans from Sponsor     $ 225,000
Sponsor loan repaid   $ 225,000  
IPO [Member]      
Description of Organization and Business Operations (Details) [Line Items]      
Proposed offering shares (in Shares)   17,250,000  
Price per share (in Dollars per share)   $ 10.00  
Trust account description   the Company deposited $172,500,000 ($10.00 per Unit) from the proceeds of the Offering and the sale of the Private Placement Warrants, into a trust account (the “Trust Account”), which were then 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 money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S, government treasury obligations until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.  
Investment income held in the trust account     $ 10.00
Offering [Member]      
Description of Organization and Business Operations (Details) [Line Items]      
Business combination, description     (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, we have not asked the Sponsor to reserve for such indemnification obligations, nor have we independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
Private Placement Warrant [Member]      
Description of Organization and Business Operations (Details) [Line Items]      
Price Per Value (in Dollars per share)   $ 1.00 $ 1.00
Class A common stock [Member]      
Description of Organization and Business Operations (Details) [Line Items]      
Price per share (in Dollars per share)     $ 0.001