Executive Network Partnering Corp
ENPC · NYSE
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Beneficially Owned Approximate Percentage of Class ENPC Holdings, LLC, listed on NYSE in September 2020.
- What it's doing now
- It agreed in October 2022 to buy Granite Ridge Resources, Inc. (Grey Rock / GREP Holdings, LLC), an Oil and gas exploration and production company. The deal valued that business at about $1.30B. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Granite Ridge Resources, Inc. (Grey Rock / GREP Holdings, LLC)
- Industry
- Oil and gas exploration and production (Grey Rock Energy Funds)
- Deal value
- $1.3B
- announced 5 October 2022
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 17 September 2020
- size not on file
- Headquarters
- 137 NEWBURY STREET, 7TH FLOOR, BOSTON, MA, 02116
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Ruiz Gisel (Director) · CALBERT MICHAEL M (Director) · Dunn Alex J. (Director)
- Listed securities
- ENPC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 17 September 2020IPOpassed
IPO size not on file
- 5 October 2022Deal announcedpassed
Combination with Granite Ridge Resources, Inc. (Grey Rock / GREP Holdings, LLC)
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Granite Ridge Resources, Inc. (Grey Rock / GREP Holdings, LLC)$1.3B · announced 5 October 2022closedpost-close GRNTSEC primary
- Granite Ridge Resources, Inc. (Grey Rock / GREP Holdings, LLC)$1.3B · announced 5 October 2022closedpost-close GRNTSEC primary
The score
deterministic, from filed fieldsENPC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Executive Network Partnering Corp was a blank-check company whose Class A Common Stock and warrants traded on the New York Stock Exchange under the ticker ENPC. The company priced its initial public offering on September 17, 2020, according to a 424B prospectus. On October 25, 2022, a Form 25 was filed under 17 CFR 240.12d2-2(a)(3), establishing that the shares had come to evidence other securities in substitution therefor. The vehicle completed a business combination and no longer files, with the successor registrant Granite Ridge Resources, Inc. (GRNT) filing an 8-K carrying item 2.01 to report the completion of the acquisition.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
A $414.5 million trust at roughly $10.00 per share is a large, clean floor and the redemption right is unconditional — it does not depend on how a holder votes. The December 18, 2022 backstop means capital comes back within two months if the Granite Ridge transaction fails, so the downside is time rather than principal. That combination made redemption the low-risk election for ENPC holders.
No redemption right arises: nothing here touches the combination deadline or the trust, so a holder has no election and no delivery deadline, and this proxy must not be counted as a vote event. What it does is normalise ENPC's unusual per-share economics onto a conventional basis — a 2.5x split with a proportionally lowered warrant strike leaves percentage ownership unchanged, as the filing says. The board also asks for authority it may abandon: approving the amendment 'expressly also authoriz[es] the Board to delay, not proceed with, and abandon' it. Stockholders get no appraisal rights.
Two assumptions that hold across this tier are false here. The unit price is $25.00, so any per-share trust or floor check calibrated on $10.00 misreads the shell by a factor of 2.5. And sponsor economics sit in three classes - 120,000 Class B and 828,000 Class F against 16.8m public Class A - rather than a 20% founder promote, so a conventional insider-ownership calculation is wrong here. There is also no deferred underwriting fee to reduce cash at closing. The trust figure is as of September 30, 2020.
Every default in this tier fails here. The unit price is $25.00, the strike is $28.75, and the warrant call trigger is $45.00 for 20 of 30 trading days - two and a half times the $18.00 a model would assume. Because the CAPS is priced at $25.00, a trust figure quoted per SHARE and a trust figure quoted per CAPS differ by a factor of one, not by rounding, and any per-unit arithmetic built on a $10.00 assumption is wrong by 150%. The vocabulary differs too: search this document for 'business combination' and the governing term is 'partnering transaction'.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: Executive Network Partnering Corporation called a special meeting for October 20, 2022 at 10:00 a.m. Eastern Time, virtual, on the Business Combination Agreement dated May 16, 2022 with Granite Ridge Resources, Inc. and ENPC Merger Sub, Inc. Based on approximately $414.5 million in the Trust Account as of June 30, 2022, stockholders would have received a redemption price of approximately $10.00 per Class A share. Public stockholders may redeem even if they vote for the Business Combination Proposal. Why it matters: A $414.5 million trust at roughly $10.00 per share is a large, clean floor and the redemption right is unconditional — it does not depend on how a holder votes. The December 18, 2022 backstop means capital comes back within two months if the Granite Ridge transaction fails, so the downside is time rather than principal. That combination made redemption the low-risk election for ENPC holders.
- What changed vs 2022-05-16trust $414.1M → $414.6M +0%
trust account, combination deadline, going-concern doubt +21 moved · 4 with no prior record of ours
- Trust account
- $414.1M$414.6M
- Combination deadline
- 2022-09-18 · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $430K · unchanged
- Redeemable shares
- 41.4M · unchanged
SpacBrain reads this as $474,293 was added to the trust between the two filings.
The clause …“expenses 55,630 206,980 Total current assets 227,732 300,842 Investments held in Trust Account 414,553,871 414,052,978 Total Assets $ 414,781,603 $ 414,353,820 Liabilities, Class A Common Stock Subject to Possible Redemption and”…
The clause …“Uncertainties about an Entity’s Ability to Continue as a Going Concern,” we have until September 18, 2022 to consummate a Partnering Transaction. It is uncertain that we will be able to consummate a Partnering Transaction by this”…
The clause …“Partnering Transaction not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. Management intends to complete the Business Combination prior to the liquidation”…
The clause “June 30, 2022 and December 31, 2021, there were approximately $ 1.5 million and $ 430,000 outstanding under the Working Capital Loans, respectively. In connection with the Company’s assessment of going concern considerations in accordance”…
The clause …“future events. Accordingly, as of June 30, 2022 and December 31, 2021, 41,400,000 shares of Class A common stock subject to possible redemption is presented as temporary equity, respectively, outside of the stockholders’ deficit”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Beneficially Owned Approximate Percentage of Class ENPC Holdings, LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/4
from 424B4 0001193125-20-248158
Trading & liquidity
Company profile
Directors & officers
- Ruiz GiselDirector
- CALBERT MICHAEL MDirector
- Dunn Alex J.Director
- Ryan Paul DDirector
- BOYCE RICHARD WDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
6 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Owl Creek Asset Management, L.P.with 8 other reporting persons on the same schedule7.7% · SC 13G/AFeb 10, 2022 stale
- Magnetar Financial LLCwith 2 other reporting persons on the same schedule6.8% · SC 13G/AJan 28, 2022 stale
- Apollo Management Holdings GP, LLCwith 12 other reporting persons on the same schedule6.3% · SC 13G/AFeb 14, 2022 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule2.5% · SC 13G/AFeb 2, 2022 stale
- Sculptor Capital LP0.3% · SC 13GJun 16, 2022 stale
- ENPC Holdings, LLC0.0% · SC 13G/AFeb 10, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — ENPC (Executive Network Partnering Corp)
vault-note · /vault/tickers/ENPC
- Vault deal note — Granite Ridge Resources, Inc. (Grey Rock / GREP Holdings, LLC) (ENPC)
vault-note · /vault/deals/granite-ridge-resources-inc-grey-rock-grep-holdings-llc
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail8 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001193125-20-248158 priced 2020-09-17; common ticker ENPC off 8-K 0001193125-22-267176 (2022-10-24); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0000876661-22-000887 (2022-10-25) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: CAPS, Class A Common Stock, and Warrants); the successor registrant Granite Ridge Resources, Inc. (GRNT) (CIK 0001928446) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Executive Network Partnering Corp" — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Beneficially Owned Approximate Percentage of Class ENPC Holdings, LLC" sourced from prospectus definition (10-K/A) acc 0001193125-21-178612.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read