Paul Ryan’s SPAC Is the Latest Hit by a Massive Investor Exodus

About 95% of investors chose to bail on the SPAC this week
Average redemption rate for October currently sits at 92%

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By Bailey Lipschultz

October 21, 2022 at 1:52 PM UTC

This article is for subscribers only.

A SPAC that counts former US House Speaker Paul Ryan as chairman became the latest vehicle to be bailed on by investors who want their money back.

Executive Network Partnering Corp. saw roughly 95% of its investors opt to swap their shares for $10 when they voted on a tie-up with oil and gas company Granite Ridge Resources Inc. The deal will leave a little more than two million of the initial 41 million shares outstanding ahead of the merger’s closing.