Do you want to put Paul Ryan in charge of your money? Now you can!
His special purpose acquisition company Executive Network Partnering has
filed for an IPO at a price of up to $25 per share.
A special purpose acquisition company is essentially a blank check from investors - Executive Network Partnering has no business model or assets; its sole purpose is ostensibly to acquire other companies, but it is under no obligation to specify which ones.
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.
Ryan is the latest among a number of high-profile public figures and investors to join the rush for blank-check firms that has gripped U.S. capital markets in the recent weeks and months.
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.
A special purpose acquisition company (SPAC) is a shell company that raises money through an IPO to buy an operating company, usually within two years.
