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Paul Ryan will become the chairman of ENPC’s board after its IPO. The company is going to raise 0 million at the offering.A blank-check company backed by former Speaker of the U.S. House of Representatives, Paul Ryan, filed for an initial Public Offering (IPO).In the filing with the U.S. Securities and Exchange Commission (SEC), Executive Network Partnering Corporation (ENPC) plans to raise 0 million when it goes public.According to the 24th of August filing, ENPC hopes to sell 12 million CAPS at a proposed maximum offering price of per CAPS:“This is an initial public offering of our securities called CAPS. Each CAPS has an offering price of .00 and consists of one share of Class A common stock and one-quarter of one redeemable warrant. Each whole warrant may be exercised to
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Paul Ryan will become the chairman of ENPC’s board after its IPO. The company is going to raise $300 million at the offering.
A blank-check company backed by former Speaker of the U.S. House of Representatives, Paul Ryan, filed for an initial Public Offering (IPO).
In the filing with the U.S. Securities and Exchange Commission (SEC), Executive Network Partnering Corporation (ENPC) plans to raise $300 million when it goes public.
According to the 24th of August filing, ENPC hopes to sell 12 million CAPS at a proposed maximum offering price of $25 per CAPS:
“This is an initial public offering of our securities called CAPS. Each CAPS has an offering price of $25.00 and consists of one share of Class A common stock and one-quarter of one redeemable warrant. Each whole warrant may be exercised to purchase one share of Class A common stock for $27.50 per share.”
ENPC files for an IPO
Also, ENPC plans to be listed on the New York Stock Exchange (NYSE) with the ticker symbol “ENPC.U.” Evercore ISI is the sole underwriter on the deal. In addition, the former Speaker will be appointed as the chairman of the board.
Before now, blank-check firms have been gaining grounds in U.S. capital markets. Apart from Ryan, some other prominent figures and investors support blank-check companies. Other investors, including Chamath Palihapitiya, Michael Klein, and Bill Ackman have made billions of dollars for these firms through their IPOs. With the raised funds, the investors hope to merge with real companies in a few years.
Also in the filing, the company boasts of “distinctive competitive advantages” that will place the company as high-valued. An example of the distinctive qualities is the support of Paul Ryan, who will bring his influence and business orientation on-board to help ENPC grow.
ENPC hopes that its partners will leverage their strengths to help the blank-check company grow further. Some of its partnerships include Solamere Capital and Alex Dunn. According to the filing:
”Solamere will leverage its 12-year history of sourcing proprietary transactions from both its strong network of current and former CEOs as well as from its deep relationship with many leading private equity managers.”
Paul Ryan
Before plans for the IPO, Paul Davis Ryan served as the 54th Speaker of the United States House of Representatives. He was in office from the 29th of October 2015 till the 3rd of January, 2019. Before then, he was the vice-presidential nominee of the Republican Party in 2012. Born on the 29th of January, 1970, Ryan has held several political posts in the past.
Paul Ryan chaired the House of Budget Committee from January 3, 2011, to January 3, 2015. After the tenure, Ryan won his election as the 54th speaker of the House. He was also a member of the U.S. House of Representatives from Wisconsin’s 1st district, from 1999 till 2019. Bryan Steil succeeded him as the new representative.
Another ENPC executive is former partner at TPG Capital, Richard Boyce, who is also a former CEO of J.Crew. Another director of the board is a former Walmart Inc executive Gisel Ruiz.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.