Paul Ryan to serve as chairman of company for purchasing leather animals

Former home speaker Paul RyanPaul Davis RyanTrump kills ‘rogue’ Sasse criticizes executive action Wary GOP eyes Meadows shift from bricklayer to dealmaker Budowsky: Why I’re Kennedy back, praise Markey MORE (R-Wis.) will act as the chairman of Executive Network Partnering Corp., a low-control purchasing company, told The Wall Street Journal.

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

Companies with low-control acquisitions, also known as Special Purpose Acquisition Companies (SPACs), enter the stock market before acquiring a company with the hope of raising enough money to take over an existing commercial operation.

These ventures have been growing in popularity since the onset of the coronavirus pandemic, the Journal noted.

The company, which will use the ticker ENPC, will report paperwork with the Securities and Exchange Commission in the coming days.

The structure of the company will use the acronym “CAPS”, which stands for “capital that corresponds and cooperates with a sponsor”, and SPAC is the opposite.

ENPC supporters will not be able to sell any of their shares for three years after each merger closes, unlike one year that most SPACs wait.

Ryan has remained relatively far from politics since leaving office in 2019.