Enhanced Ltd (“Enhanced” or “the Company”) announced that it has entered into a definitive business combination agreement with A Paradise Acquisition Corp. (“A Paradise”) (NASDAQ: APAD), a special purpose acquisition company (SPAC), as part of its plan to scale its global sports business.
The transaction values Enhanced at an enterprise value of $1.2 billion and is expected to provide up to $200 million in gross cash proceeds, assuming no redemptions by A Paradise shareholders. Upon completion of the business combination—subject to regulatory approvals—the combined company will be renamed Enhanced Group Inc.
A New Model at the Intersection of Sports and Science
Founded in 2023 by Executive Chairman Christian Angermayer, Co-Founder and CEO Maximilian Martin, and Dr. Aron D’Souza, Enhanced seeks to redefine athletic performance by integrating regulated medicine and science. The company aims to prioritize athlete safety, medical supervision, and transparency while challenging conventional sporting norms.
Enhanced plans to operate a diversified business model designed to capture growing global demand in sports entertainment, performance enhancement, and longevity products. Its strategy is built around creating a premium platform combining elite sport, consumer products, health technology, and media.
“Enhanced is on a mission to give everyone the opportunity to Live Enhanced,” said CEO Maximilian Martin. “Performance enhancements, when administered under proper clinical oversight, can deliver significant health and longevity benefits—not only for elite athletes but for people at all stages of life.”
Executive Chairman Christian Angermayer added: “Our focus is athlete safety, informed choice, and medical scrutiny. We offer athletes the tools to unlock new levels of performance while supporting quicker recovery and long-term wellbeing. This represents a fundamental shift in how sports can operate.”
The Enhanced Games
The Company’s flagship event, the Enhanced Games, will allow athletes to compete with or without enhancement under strict clinical and medical supervision. Enhanced will provide a regulated framework to ensure safe participation for athletes who choose enhancement. All competitors will undergo comprehensive medical profiling, and the event is designed to offer meaningful compensation to elite athletes.
Transaction Structure
Enhanced Ltd will merge with a wholly owned subsidiary of A Paradise, which will then merge with A Paradise and be renamed Enhanced Group Inc. Assuming no redemptions, existing Enhanced shareholders will retain approximately 81% economic ownership of the combined company.
Before announcing the business combination, Enhanced completed a $40 million equity private placement through a Simple Structured Agreement for Future Equity (SAFE). The SAFE—largely funded by existing shareholders—provides committed capital for the inaugural 2026 Enhanced Games. Investors received one warrant for every two shares, exercisable for two years at the $1.2 billion valuation if the transaction closes. The company noted that the SAFE should not be viewed as third-party validation of the valuation.
Use of Proceeds
Funds from the business combination and private placement will support five key areas:
- Athlete recruitment and compensation
- Production of the Enhanced Games
- Clinical and medical support for athletes
- Telehealth and consumer product development
- Administrative and operational expansion
The boards of both Enhanced and A Paradise have unanimously approved the agreement. Closing is expected in the first half of 2026, subject to customary regulatory and shareholder approvals.