Performance-Enhancement Sports Startup Enhanced Set for Public Debut via SPAC Deal

A startup built around sanctioned athletic competition involving performance-enhancing substances disclosed plans this week to become a publicly traded company through a merger with a special-purpose acquisition vehicle. The organization, which launched in 2023, centers its operations on an annual sporting event where competitors can employ enhancements while receiving medical supervision.

The company intends to generate revenue through multiple channels: broadcasting and media rights tied to its competitions, along with consumer-facing products and services in the performance medicine and telehealth sectors.

Enhanced secured a Series B funding round of undisclosed amount in February, with 1789 Capital leading the investment. The firm counts Donald Trump Jr. among its partners. An earlier seed-stage funding round closed in early 2024, backed by investors including Peter Thiel.

The merger will unite Enhanced with A Paradise Acquisition Corp., a SPAC currently listed on Nasdaq under ticker APAD. Following completion of the transaction, the combined entity will trade as EHNA.

The transaction values Enhanced at $1.2 billion on an enterprise basis and could deliver as much as $200 million in cash to the organization. Additionally, Enhanced finalized a $40 million equity private placement concurrent with the SPAC transaction.

The inaugural Enhanced Games competition is scheduled for Resorts World in Las Vegas, starting May 24, 2026. The company anticipates drawing prominent competitors, including Olympic gold medalists, world champions, and current world record holders such as sprinter Fred Kerley and swimmer Ben Proud.