Former House Speaker Paul Ryan to be chairman of $300 million blank-check company–WSJ

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Former House Speaker Paul Ryan will serve as Chairman of a special-purpose acquisition company (SPAC), also known as a “blank check” company that is looking to raise about $300 million in an initial public offering, according to a report in The Wall Street Journal. Citing people familiar with the deal, the WSJ report said the SPAC, which is known as Executive Network Partnering Corp., will file documents with the Securities and Exchange Commission in the next few days. The ticker will be “ENPC,” and the company will be called CAPS, for capital which aligns and partners with a sponsor, or SPAC in reverse, the WSJ report said. Alex Dunn, former president of security company Vivint Smart Home Inc. , will be CAPS’s new CEO. Vivint went public in January via a reverse merger valued at $4.2 billion with a SPAC. CAPS is looking to go public at a good time for IPOs and SPACs, as the Renaissance IPO ETF has rallied 26.9% over the past three months while the S&P 500 has gained 13.6%.
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