Enhanced Ltd has agreed to merge with A Paradise Acquisition Corp., paving the way for the elite sports and performance company to go public at an enterprise value of $1.2 billion. The combined entity, to be renamed Enhanced Group Inc., is expected to list on the Nasdaq Stock Exchange under the ticker symbol ENHA pending regulatory approval and shareholder consent. The transaction is expected to deliver up to $200 million in gross cash proceeds, assuming no redemptions by A Paradise shareholders.
The announcement comes as Enhanced closed an additional $40 million in equity in a private placement immediately prior to executing the business combination agreement. Structured as a Simple Agreement for Future Equity (SAFE), the investment converts into Enhanced Group shares following the completion of the merger. If the merger does not close, investors would instead receive shares in Enhanced Ltd, providing committed capital for the inaugural Enhanced Games in 2026. The SAFE was primarily funded by existing shareholders who received a partial early lock-up release in exchange. It should therefore not be interpreted as external validation of the company’s valuation. Investors also received one warrant for every two shares exercisable over two years at the agreed $1.2 billion valuation if the business combination proceeds.
Founded in 2023 by Christian Angermayer, Maximilian Martin, and Dr. Aron D’Souza, Enhanced positions itself as a premium performance company at the intersection of sports, longevity science, consumer products, and media. The company’s model is built around a new category of elite sports competition that allows athletes to participate in enhanced or non-enhanced forms under strict clinical oversight. Enhanced requires athletes to undergo advanced medical profiling and offers compensation packages that it believes will raise standards across professional athletics.
Enhanced’s revenue model encompasses direct-to-consumer products and telehealth services, global brand partnerships, and media and broadcasting rights. Its consumer segment is developing performance medicine products intended to democratize access to regulated enhancement protocols, with a commercial launch targeted for the first quarter of 2026. The company expects its brand partnership revenues, anchored by the annual Enhanced Games, to serve as the core foundation of its business while media rights expand the platform globally.
The inaugural Enhanced Games are scheduled to take place at Resorts World in Las Vegas on May 24, 2026, featuring million-dollar prizes and world-class athletes including Gold Medalists, World Champions and world record holders such as Fred Kerley and Ben Proud. Enhanced plans to roll out an integrated marketing initiative beginning in December designed to build global anticipation through athlete storytelling, sports content and education around performance medicine.
The company is led by a seasoned executive team that includes Co-Founder & CEO Maximilian Martin, Co-Founder & Executive Chairman Christian Angermayer, Chief Sporting Officer Rick Adams, Chief Brand Officer Alex Lopez, Chief Financial Officer Sid Banthiya and Chief Communications Officer Chris Jones. Jim Murren, former MGM Resorts International Chairman & CEO, will serve as an independent board member.
Following the closing of the business combination, Enhanced Group intends to deploy proceeds across athlete recruitment and compensation, production of the Enhanced Games, medical and clinical support infrastructure, expansion of telehealth and consumer offerings, and general administrative needs to support company growth. Both boards have unanimously approved the proposed transaction, which is expected to close in the first half of 2026, subject to customary regulatory and shareholder approvals.
Support: Advisors to the transaction include Berenberg as financial advisor to Enhanced and Cohen & Company Capital Markets as financial advisor to A Paradise. Sullivan & Cromwell and Reed Smith are serving as counsel to Enhanced, while Morrison & Foerster represents A Paradise. ICR is the company’s communications advisor.
KEY QUOTES
“Enhanced is on a mission to give everyone in the world the opportunity to Live Enhanced. By merging scientific progress with elite athletic performance, we can not only build an exciting new sports property that changes athletes’ lives, but also showcase that performance enhancements – under the right clinical and medical supervision – can deliver long term health and longevity benefits. All people should be able to Live Enhanced – from amateur athletes that train for a triathlon, to grandparents that want to play with their grandchildren at the park.”
Maximilian Martin, Co-Founder and CEO of Enhanced
“Athlete safety, informed choice, and scientific and medical scrutiny stand at the center of what we do. Not only are we enabling athletes to tap into previously locked pockets of performance, but also to recover quicker and protect themselves better from injuries, which strengthens their careers and improves their long-term health. This represents a paradigm shift in sports – to a system where athlete health and wellbeing is the focus and not stigmatized.”
Christian Angermayer, Co-Founder and Executive Chairman of Enhanced
“We see Enhanced as an innovator in athletics with a diversified revenue model spanning events, media, consumer products and technology, well-positioned for significant growth potential. Their commitment to transparency, safety protocols and athlete empowerment aligns perfectly with our investment thesis of backing transformative companies that redefine traditional industries.”
Claudius Tsang, CEO and Chairman of A Paradise Acquisition Corp.
