Former House Speaker Paul Ryan Joins Special Purpose Acquisition Company
Ryan is the latest high-profile person to join the newly popular investing trend.
The SPAC is named Executive Network Partnering Corp.
It plans to raise about $300 million in an initial public offering and trade under the ticker ENPC, according to The Journal.
According to Business Insider, SPACs raise cash in an IPO and distribute the funds in a merger.
SPACs are often used as an alternative to traditional IPOs for taking private firms public.
2020 has already seen record interest in SPACs, with 75 SPAC debuting. They collectively raised more than $30 billion.