Former House Speaker Paul Ryan will serve as chairman of a special-purpose acquisition company, or SPAC (also known as a "blank check" company), that is looking to raise about $300 million in an initial public offering, according to a report by the Wall Street Journal (link). Citing people described as familiar with the situation, the report said the SPAC, which is known as Executive Network Partnering Corp., will file documents with the Securities and Exchange Commission in the next few days. The ticker symbol is to be "ENPC," and the company will be called CAPS, for "capital which aligns and partners with a sponsor" -- or SPAC, backward, the Journal report said. Alex Dunn, former president of security company Vivint Smart Home Inc. (VVNT), will be CAPS's new CEO. Vivint went public in January (link) via a reverse merger valued at $4.2 billion with a SPAC. CAPS is looking to go public at a good time for IPOs and SPACs (link), as the Renaissance IPO ETF (IPO) has rallied 26.9% over the past three months while the S&P 500 has gained 13.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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