Former Republican House of Representatives Speaker Paul Ryan is creating a blank-check firm which is set to go public soon, the Wall Street Journal reported on Thursday.
Ryan will serve as the chairman of the company which is registered with the Securities and Exchange Commission (SEC) as Executive Network Partnering Corp and incorporated in Delaware. The firm will be looking to raise $300 million in an initial public offering. Blank check companies have no specific business linked to it, but rather usually plans on a merger or acquisition with another entity. The company's main sponsor will be Solamere Capital, led by the son of Utah Senator Mitt Romney, Taggart Romney.
In 2018, Ryan announced he would not run for re-election. He was later announced as a board member at Fox Corp.