WSJ reports that fmr. House Speaker Paul Ryan will serve as chairman for a special-purpose acquisition company.<br />Ryan is the latest high-profile person to join the newly popular investing trend.<br />The SPAC is named Executive Network Partnering Corp.<br />It plans to raise about $300 million in an initial public offering and trade under the ticker ENPC, according to The Journal.<br />According to Business Insider, SPACs raise cash in an IPO and distribute the funds in a merger.<br />SPACs are often used as an alternative to traditional IPOs for taking private firms public.<br />2020 has already seen record interest in SPACs, with 75 SPAC debuting. They collectively raised more than $30 billion.
