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Paul Ryan-backed blank-cheque company files for US$300m IPO | Malay Mail

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NEW YORK, Aug 25 — A blank-cheque company backed by former US House Speaker Paul Ryan said yesterday it plans to raise US$300 million (RM1.25 billion) in an initial public offering, joining the recent frenzy of Wall Street deal-making with SPACs. Executive Network Partnering Corp (ENPC) said in a...

Then-US Speaker of the House Paul Ryan speaks at the White House in Washington December 20, 2018. — Reuters pic

Executive Network Partnering Corp said in a regulatory filing it is aiming to sell 12 million CAPS, or"capital which aligns and partners with a sponsor," on the New York Stock Exchange at a maximum price of US$25 per CAPS. Ryan will be appointed chairman of the company's board, ENPC said. ENPC's CAPS will be listed on the New York Stock Exchange after the IPO.

A number of big-name financiers and investors such as Bill Ackman, Michael Klein and Chamath Palihapitiya have raised billions of dollars for these shell firms through IPOs, with the aim of then combining with real companies in the next couple of years.

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