Paul Ryan to serve as chairman of blank-check acquisition company

Former House Speaker Paul Ryan (R-Wis.) will serve as the chairman of Executive Network Partnering Corp., a blank-check acquisition company, sources told The Wall Street Journal.

The group will tentatively seek to collect $300 million in an initial public offering, the Journal reported. 

Blank-check acquisition companies, also known special purpose acquisition companies (SPAC), go on the stock market before acquiring a business with the hope of raising enough funds to take over an existing commercial operation.

These ventures have increased in popularity since the start of the coronavirus pandemic, the Journal noted. 

The company, which will use the ticker ENPC, will reportedly file paperwork with the Securities and Exchange Commission in the next few days. 

The company’s structure will use the acronym “CAPS,” which stands for “capital which aligns and partners with a sponsor,” and happens to be SPAC in reverse.

Backers of ENPC won’t be able to sell any of their shares for three years after any merger closes, as opposed to one year that most SPACs wait.

Ryan has stayed relatively distant from politics since leaving office in 2019.