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Paul Ryan-backed blank-check company files for $300 million IPO
A blank-check company backed by former U.S. House Speaker Paul Ryan said on Monday it plans to raise $300 million in an initial public offering, joining the recent frenzy of Wall Street deal-making with SPACs. Executive Network Partnering Corp (ENPC) said in a regulatory filing it is aiming to sell 12 million CAPS, or ‘capital which aligns and partners with a sponsor’, on the New York Stock Exchange at a maximum price of $25 per CAPS.
Each CAPS represents one share of Class A common stock and one-quarter of a redeemable warrant, according to ENPC's filing with the U.S. Securities and Exchange Commission. Ryan will be appointed chairman of the company’s board, ENPC said. ENPC’s CAPS will be listed on the New York Stock Exchange after the IPO.
Ryan is the latest among a number of high-profile public figures and investors to join the rush for blank-check firms that has gripped U.S. capital markets in the recent weeks and months.
A number of big-name financiers and investors such as Bill Ackman, Michael Klein and Chamath Palihapitiya have raised billions of dollars for these shell firms through IPOs, with the aim of then combining with real companies in the next couple of years.
A special purpose acquisition company (SPAC) is a shell company that raises money through an IPO to buy an operating company, usually within two years.
However, according to ENPC’s filing, its structure is slightly differently from a typical SPAC, as CAPS minimize dilution and create “a process which is comparable to a traditional initial public offering”.
https://www.reuters.com/article/us-enpc-ipo/paul-ryan-backed-blank-check-company-files-for-300-million-ipo-idUSKBN25K26O
S-1 filing
https://www.sec.gov/Archives/edgar/data/1816261/000119312520227969/d36738ds1.htm
LASH74 USAFSOC C-32B just ne of Boston from Shannon, Ireland after a ground stop-origin of Ramstein AFB.
This AC departed Eglin AFB later in the day on 0822 and had about a 2hr ground stop at Bangor, Maine prior to heading across the pond to Stuttgart. Another ground stop at Stuttgart prior to it's arrival at Ramstien on 0823
United States Air Force Special Operations Command (AFSOC) operates a small number of Boeing C-32B passenger jet aircraft, providing global airlift for U.S. government crisis response activities. These may include U.S. State Department Foreign Emergency Support Teams (FEST), which deploy in response to terrorism incidents around the world. They may also fly in support of CIA Special Activities. The C-32B has been associated with the 150th Special Operations Squadron out of Joint Base McGuire, NJ (previously designated as 227th Special Operations Flight ) and the 486th Flight Test Squadron out of Elgin AFB, FL. These are highly secretive units, with little information publicly available about their activities. The aircraft have been spotted in a plain white paint scheme, with minimal markings. They appear to change serial numbers many times - no doubt an attempt to keep a low profile.
The aircraft are modified Boeing 757 airliners. They feature a standard seating fitment, as with a typical passenger jet. Any cargo must be stowed at the rear of the cabin as the usual cargo space in the hold has been configured to accomodate enlarged fuel tanks, extending the aircraft's unrefueled max range to 6000 nautical miles. The C-32Bs have been given an in-flight refuelling capability, via a Universal Aerial Refueling Receptacle Slipway Installation (USRRSI) located atop the fuselage, 15 feet aft of the nose, along the aircraft's centerline. Other fittments to the C-32B include a satellite communications package.
https://www.americanspecialops.com/usaf-special-operations/aircraft/boeing-c-32b/
*sw of Boston
VM714 USMC C-560 departed Portland, OR after a ground stop-origin of Grand Junction, NC-Central Nebraska Regional Airport
GRZLY50 USMC C-560 departed China Lake Naval Weapons Center-Armitage Field after a ground stop-origin of MCAS Miramar
BANKR21 KC-135R Stratotanker south-heading to MacDill AFB
SAM330 USAF G5 departing MacDill AFB after a ground stop-origin of JBA earlier
BANKR21 KC-135R Stratotanker going in to MacDill