Paul Ryan to be President of Blank Check Acquisition Company

Former Speaker of the House Paul RyanPaul Davis RyanTrump slams ‘thug’ Sasse after criticizing management’s actions. (R-Wis.) will serve as president of Executive Network Partnering Corp., a blank check acquiring company, sources told The Wall Street Journal.

The group will tentatively seek to raise $ 300 million in an initial public offering, the Journal reported.

Blank check acquiring companies, also known as PSPC, go public before acquiring a business in the hope of raising enough funds to take over an existing business operation.

These companies have grown in popularity since the onset of the coronavirus pandemic, the Journal noted.

The company, which will use the ENPC ticker, would file the documents with the Securities and Exchange Commission in the coming days.

The corporate structure will use the acronym “CAPS,” which stands for “capital that aligns and partners with a sponsor,” and happens to be SPAC backwards.

ENPC’s backers will not be able to sell any of their shares for three years after a merger closes, compared to the one year most PSPCs expect.

Ryan has remained relatively removed from politics since leaving in 2019.