Executive Network Partnering Corp., a blank check company formed by Paul Ryan, Solamere Capital, and Vivint Solar co-founder Alex Dunn, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The Boston, MA-based company plans to raise $300 million by offering 12 million units, which the company calls CAPS (Capital which Aligns and Partners with a Sponsor), at $25. Each CAPS consists of one share of common stock and one-quarter of a warrant, exercisable at $27.50. At the proposed price, Executive Network Partnering Corp. would command a market value of $323 million.
The company is led by CEO, CFO, and Director Alex Dunn, the former President of Vivint Smart Home (NYSE: VVNT), which went public via SPAC merger in January 2020 and last closed up 84% 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. was founded in 2020 and plans to list on the NYSE under the symbol ENPC.U. The company filed confidentially on June 29, 2020. Evercore ISI is the sole bookrunner on the deal.
