Former US House Speaker Paul Ryan has formed a special purpose acquisition company (SPAC) named Executive Network Partnering and is planning a flotation on the New York Stock Exchange.
The blank check business has filed a registration document with the Securities and Exchange Commission to raise USD 345.00 million through an initial public offering (IPO), if overallotments are exercised in full.
Created in a partnership between Ryan, Solamere Capital and Vivint Solar co-founder Alex Dunn, Executive Network Partnering plans to focus on businesses where its strong network, operational background, and aligned economic structure will provide a competitive advantage.
Dunn is the former president of Vivint Smart Home, which made its stock market debut via a SPAC in January 2020.
Under the terms of Executive Network Partnering’s share sale, 12.00 million units, being referred to as capital which aligns and partners with a sponsor (CAPS), for USD 25.00 apiece.
Each unit consists of one common stock and one-quarter of a redeemable warrant exercisable at USD 27.50.
The company, which will list under the symbol ENPC.U, is expecting to achieve a market value of USD 323.00 million.
Evercore ISI has been hired as sole bookrunner for the listing and has also been granted a 45-day green shoe option to purchase an additional 1.80 million CAPS.
ENPC Holding, Executive Network Partnering’s sponsor, has agreed to pick up 200,000 CAPS at USD 25.00 apiece, via a private placement to occur concurrently with the closing of this offering.
Ryan will be appointed as chairman of the company’s board, with Dunn assuming the roles of chief executive, director and head of finance.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 116 IPOs of other financial vehicles signed off in 2020 to date.
Pershing Square Tontine Holdings, in the largest ever blank check stock market flotation, raised USD 4.00 billion through a listing on the New York Stock Exchange in July.
© Zephus Ltd