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Paul Ryan's SPAC Executive Network Partnering Corp. prices upsized $360 million IPO at $25

September 16, 2020

Executive Network Partnering Corp., a blank check company formed by Paul Ryan, Solamere Capital, and Vivint Solar co-founder Alex Dunn, raised $360 million by offering 14.4 million units, which the company calls CAPS (Capital which Aligns and Partners with a Sponsor), at $25. The company offered 2.4 million more CAPS than anticipated. Each CAPS consists of one share of common stock and one-quarter of a warrant, exercisable at $28.75.

The company is led by CEO, CFO, and Director Alex Dunn, the former President of Vivint Smart Home (VVNT), which went public via SPAC merger in January 2020 and last closed up 74% from the $10 offer price. The company was formed as a partnership of Alex Dunn, former House speaker and Director Paul Ryan, and Solamere Capital, a private equity firm founded and managed by Tagg Romney, Eric Scheuermann, and Spencer Zwick. The company has not selected a target industry, but plans to focus on businesses where its strong network, operational background, and aligned economic structure will provide a competitive advantage.

Executive Network Partnering Corp. plans to list on the NYSE under the symbol ENPC.U. Evercore ISI acted as a lead manager on the deal.