PROPOSED BUSINESS COMBINATION BETWEEN ENHANCED LTD AND A PARADISE ACQUISITION CORP. IS MOVING TOWARDS CLOSING

Rhea-AI Summary

A Paradise Acquisition Corp (NASDAQ: APAD) and Enhanced Ltd are progressing toward a business combination that values the merged company at $10 per share and will be renamed Enhanced Group Inc. Key dates: redemption deadline Apr 29, 2026; shareholder vote May 1, 2026; expected closing/delisting May 7, 2026; first NYSE trading as ENHA on May 8, 2026. Post-close, Enhanced will host the inaugural Enhanced Games on May 24, 2026 with a $25 million athlete compensation pool and operate the direct-to-consumer performance medicine platform Live Enhanced. The company plans to expand its peptide catalog in line with recent FDA guidance.

Positive

• Merger valuation set at $10.00 per share
• NYSE listing expected under ticker ENHA starting May 8, 2026
• Unanimous board recommendation urging shareholders to vote FOR the merger
• Enhanced Games scheduled May 24, 2026 with a $25 million athlete compensation pool
• Live Enhanced direct-to-consumer platform launched and ready for expansion

Negative

• Redemption deadline of April 29, 2026 may reduce the number of APAD shares converting
• Nasdaq delisting expected on May 7, 2026 prior to NYSE listing
• Regulatory uncertainty tied to FDA guidance on peptides could affect product rollout timing

Key Figures

Merger valuation basis: $10/share Redemption deadline: April 29, 2026 Shareholder vote date: May 1, 2026 +4 more

7 metrics

Merger valuation basis $10/share Proposed merger valuation reference price for A Paradise shares

Redemption deadline April 29, 2026 Last date for Class A shareholders to elect redemption

Shareholder vote date May 1, 2026 Extraordinary general meeting to approve proposed merger

Expected closing date May 7, 2026 Targeted closing and Nasdaq delisting of APAD

NYSE trading start May 8, 2026 Expected first trading day as ENHA on NYSE

Enhanced Games date May 24, 2026 Inaugural Enhanced Games event at Resorts World Las Vegas

Prize/compensation pool $25 million Total athlete compensation model for inaugural Enhanced Games

Market Reality Check

Price: $10.26 Vol: Volume 500,323 is slightl...

normal vol

$10.26 Last Close

Volume Volume 500,323 is slightly below 20-day average 524,664 (relative volume 0.95x). normal

Technical Price 10.26 is above 200-day MA of 10.06 and -0.48% vs 52-week high 10.31.

Peers on Argus

No peer stocks in the Shell Companies peer set were flagged in the momentum scan...

No peer stocks in the Shell Companies peer set were flagged in the momentum scanner, indicating the move in APAD appears company-specific rather than sector-driven.

Historical Context

5 past events · Latest: Apr 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 13	S-4 effectiveness	Positive	-0.1%	Form S-4 declared effective, advancing proposed business combination and NYSE uplist plan.
Mar 26	Event entertainment	Positive	-0.1%	Announcement of The Killers and DJ Ruckus for Enhanced Games closing event.
Mar 24	Athlete participation	Positive	-0.1%	Weightlifter Dylan Cooper confirmed to compete in Enhanced Games in Las Vegas.
Mar 18	Business update	Positive	-0.1%	Launch of performance medicine platform and IRB-approved trial of 40 elite athletes.
Mar 09	Athlete announcement	Positive	+0.0%	Sprinter Tristan Evelyn announced as non-enhanced competitor for Enhanced Games.

Pattern Detected

Recent positive business combination and branding updates have seen flat to slightly negative price reactions, suggesting a tendency for modest divergence from upbeat news.

Recent Company History

Over the past months, A Paradise and Enhanced have steadily advanced their business combination, highlighted by an effective Form S-4 valuing Enhanced at an $1.2 billion enterprise value and targeting up to $200 million in gross cash proceeds. Parallel communications emphasized the inaugural Enhanced Games on May 24, 2026, a prize pool around $25 million, and launch of a performance medicine platform and peptide-focused strategy. Today’s announcement fits this trajectory by fixing redemption, vote, and listing timelines as the combination moves toward closing and an NYSE trading debut under ENHA.

Market Pulse Summary

This announcement formalizes the final steps of the A Paradise–Enhanced combination, giving sharehol...

Analysis

This announcement formalizes the final steps of the A Paradise–Enhanced combination, giving shareholders clear dates for the April 29 redemption deadline, the May 1 merger vote, and an expected May 7 closing with NYSE trading as ENHA from May 8. It also ties the deal to near-term brand catalysts: the inaugural Enhanced Games on May 24, 2026 with a $25 million compensation pool and the Live Enhanced direct-to-consumer platform. Investors can track SEC filings for detailed terms and risks.

Key Terms

special purpose acquisition company, telehealth, Form S-4, proxy statement/prospectus, +2 more

6 terms

special purpose acquisition company financial

"A Paradise Acquisition Corp. ("A Paradise") (NASDAQ: APAD), a special purpose acquisition company"

A special purpose acquisition company (SPAC) is a company formed with the sole purpose of raising money through a public offering to buy or merge with an existing private business. It acts like a vehicle that allows private companies to go public more quickly and with less complexity. For investors, it offers an opportunity to invest early in a potential acquisition, though it also carries risks if the intended deal doesn’t materialize.

telehealth medical

"its telehealth platform Live Enhanced."

Telehealth is the delivery of healthcare services and consultations remotely using video calls, phone, text messaging, or connected devices to monitor and transmit medical information. It matters to investors because it can reshape how patients access care, lower costs, and create new revenue streams or risks for healthcare providers, insurers and technology companies—similar to how online banking changed financial services—while also exposing businesses to reimbursement and regulatory shifts.

Form S-4 regulatory

"have filed a registration statement on Form S-4 with the SEC"

A Form S-4 is a legal document that companies file with the government to announce and explain a major business move, such as a merger or acquisition. It provides detailed information to help investors understand how the deal might affect the company's value and future prospects, similar to a detailed blueprint that clarifies the impact of a significant change.

proxy statement/prospectus regulatory

"referred to as a proxy statement/prospectus."

A proxy statement or prospectus is a document that companies send to shareholders to provide important information about upcoming decisions or investments, such as voting on company issues or offering new shares to the public. It helps investors understand the details and risks involved, enabling them to make informed choices about their ownership or involvement with the company.

registration statement regulatory

"have filed a registration statement on Form S-4 with the SEC"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

proxy card financial

"by signing, dating and returning the proxy card upon receipt"

A proxy card is a document that allows shareholders to give someone else the authority to vote on their behalf at a company’s meeting. Think of it as a permission slip that ensures a shareholder’s interests are represented even if they cannot attend in person. For investors, proxy cards are important because they influence company decisions and governance, giving them a way to participate indirectly.

AI-generated analysis. Not financial advice.

NEW YORK and HONG KONG, April 27, 2026 /PRNewswire/ -- A Paradise Acquisition Corp. ("A Paradise") (NASDAQ: APAD), a special purpose acquisition company, is swiftly moving towards closing of the proposed business combination with Enhanced Ltd ("Enhanced"), an elite sports competition and consumer products company. Post closing, the company will be named Enhanced Group Inc. Here are all important dates and deadlines:

REDEMPTION

Holders of A Paradise Class A ordinary shares have until Wednesday, April 29^th, 2026 to decide if they want to remain A Paradise shareholders and hence become Enhanced Group Inc. shareholders at the proposed merger valuation (calculated at $10/share) and upon the terms therein, or if they want to redeem their A Paradise Class A ordinary shares.

APPROVAL OF PROPOSED MERGER

On Friday, May 1^st, 2026, A Paradise shareholders can vote on the proposed merger with Enhanced and other proposals in the extraordinary general meeting.

CHANGE OF TICKER

Enhanced Group Inc. Class A common stock is expected to trade on the New York Stock Exchange ("NYSE") under the ticker symbol "ENHA" on the first trading day after the closing of the proposed business combination.

Closing and delisting from the Nasdaq is expected on Thursday, May 7^th, and hence first day of trading under ENHA on NYSE is expected to be Friday, May 8^th.

Until the day before the change of ticker and switch to NYSE, there will be trading on Nasdaq of those A Paradise Class A ordinary shares that have not been redeemed, under the ticker "APAD".

VOTING RECOMMENDATION

A Paradise's Board of Directors unanimously recommends shareholders vote "FOR" all proposals.

UPCOMING ENHANCED GAMES & DIRECT-TO-CONSUMER PLATFORM

The timing could not be more consequential. Shortly after the expected closing, Enhanced Group Inc. will host the inaugural Enhanced Games on May 24, 2026, at a purpose-built competition complex at Resorts World Las Vegas. The Enhanced Games are the world's first elite sports competition built around performance science, offering athletes an unprecedented compensation model totaling $25 million. The event is expected to draw significant global attention to the Enhanced brand, its mission and its telehealth platform Live Enhanced.

Live Enhanced, Enhanced Group Inc.'s direct-to-consumer performance medicine platform, has launched at www.enhanced.com with a wide range of performance products that allow consumers to enjoy the benefits of an enhanced lifestyle.

In accordance with the recent guidance from the U.S. Food & Drug Administration ("FDA") regarding certain peptides moving off their Category 2 list, Enhanced Group Inc. previously announced in March that it is preparing to rapidly expand its peptides catalog in response to the potential changing regulatory environment in accordance with FDA's guidance.  

HOW TO VOTE

A Paradise shareholders are urged to read the proxy materials, including the reasons for the unanimous recommendation by A Paradise's Board that all shareholders vote "FOR" all proposals included in the definitive proxy statement in advance of the extraordinary general meeting. A Paradise shareholders may vote by telephone, online, or by signing, dating and returning the proxy card upon receipt by following the instructions on the proxy card.

If you have any questions or need assistance voting, please contact Advantage Proxy, Inc. by telephone at +206 870 8565 or by email at ksmith@advantageproxy.com.

A Paradise shareholders whose shares are held of record by a broker, bank, or other nominee should contact their broker, bank, or nominee to ensure that their shares are voted. In this regard, they must provide the broker, bank or nominee with instructions on how to vote their shares or, if they wish to attend the extraordinary general meeting and vote in person or virtually, obtain a valid proxy from their broker, bank or nominee.

IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS

This communication relates to a proposed transaction involving A Paradise and Enhanced. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A Paradise and Enhanced have filed a registration statement on Form S-4 with the SEC, which includes a document that serves as a prospectus and proxy statement of A Paradise, referred to as a proxy statement/prospectus. A proxy statement/prospectus has been sent to all A Paradise shareholders. A Paradise and Enhanced also will file other documents regarding the business combination with the SEC. Before making any voting decision, investors and security holders of A Paradise are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the business combination, as they become available because they will contain important information about the business combination. Neither the SEC nor any securities commission or any other U.S. or non-U.S. jurisdiction has approved or disapproved of the business combination or information included herein.

Investors and security holders are able to obtain free copies of the registration statement, the proxy statement/prospectus, and all other relevant documents filed or that will be filed with the SEC by A Paradise and Enhanced through the website maintained by the SEC at www.sec.gov. The documents filed by A Paradise with the SEC also may be obtained upon written request to A Paradise Acquisition Corp., The Sun's Group Center, 29th Floor, 200 Gloucester Road, Wan Chai, Hong Kong, Attention: Claudius Tsang, Chief Executive Officer, +852 9583 3199.

MERGER PROXY:

https://www.sec.gov/Archives/edgar/data/1956439/000162828026024742/aparadiseacquisitioncorp-4.htm

PARTICIPANTS IN SOLICITATION

Enhanced, A Paradise and their respective directors and executive officers may be deemed participants in the solicitation of proxies from A Paradise's shareholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in A Paradise is contained in A Paradise and  Enhanced's registration statement on Form S-4 which was filed with the SEC, and is available free of charge at the SEC's website at https://www.sec.gov/, or by directing a request to A Paradise Acquisition Corp., The Sun's Group Center, 29th Floor, 200 Gloucester Road, Wan Chai, Hong Kong, Attention: Claudius Tsang, Chief Executive Officer, +852 9583 3199.

Additional information regarding the interests of such participants is contained in the registration statement. A list of the names of the directors and executive officers of Enhanced and information regarding their interests in the business combination is contained in the registration statement. Additional information regarding the interests of such participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC.

FORWARD-LOOKING STATEMENTS

This communication only speaks at the date hereof and may contain, and related discussions contain, "forward-looking statements" within the meaning of U.S. federal securities laws. These statements include descriptions regarding the intent, belief, estimates, assumptions or current expectations of A Paradise, Enhanced or their respective officers with respect to the consolidated results of operations and financial condition, future events and plans of A Paradise and Enhanced. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as "expect", "believe", "foresee", "anticipate", "intend", "estimate", "goal", "strategy", "plan", "target" and "project" or conditional verbs such as "will", "may", "should", "could", or "would" or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond A Paradise's and Enhanced's control. Such expectations, beliefs, estimates and projections are expressed in good faith, and management believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to: the outcome of any legal proceedings that may be brought against Enhanced or A Paradise following the announcement of the transactions described herein; the inability to complete the transactions described herein; the failure to obtain required regulatory or shareholder approvals; the valuation of Enhanced in connection with the business combination, which was  determined through negotiations among affiliated parties and may not represent a market-based valuation; Enhanced's unproven business model, limited operating history, and minimal revenue to date; the success of the inaugural 2026 Enhanced Games and subsequent events; audience, sponsor and media demand for performance-enhanced competition and related products; the availability of financing; public, medical, regulatory, and ethical scrutiny of performance-enhancement substances and telehealth practices; the evolution of applicable sports, health, and data-privacy regulations; competition from established sports organizations and entertainment providers; insurance coverage limitations and increased operating costs; dependence on key management and medical personnel; exposure to litigation, antitrust or regulatory actions; risks related to market volatility, redemptions and the consummation of the business combination; Enhanced's ability to develop and, expand its information technology and financial infrastructure; Enhanced's intellectual property position, including the ability to maintain and protect intellectual property; the need to hire additional personnel and ability to attract and retain such personnel; the ability to recruit and retain athletes, coaches and partners; its ability to obtain additional capital and establish, grow and maintain cash flow or obtain additional and adequate financing; the effects of any future indebtedness on Enhanced's liquidity and its ability to operate the business; its expectations concerning relationships with third parties and partners; the impact of laws and regulations and its ability to comply with such laws and regulations including laws and regulations relating to consumer protection, advertising, tax, data privacy, and anti-corruption; any changes in certain rules and practices of U.S. and Non-U.S. entities, including U.S.A. Swimming, U.S.A. Track & Field, U.S.A Weightlifting, World Anti-Doping Agency, World Aquatics, World Athletics, the International Weightlifting Federation and other sport governing bodies; its expectations regarding the period during which Enhanced will qualify as an emerging growth company under the JOBS Act; the increased expenses associated with being a public company; and Enhanced's anticipated use of its existing resources and proceeds from the transactions described herein. There may be other risks not presently known to us or that we presently believe are not material that could also cause actual results to differ materially. Analysis and opinions contained in this communication may be based on assumptions that, if altered, can change the analysis or opinions expressed. In light of the significant uncertainties inherent in the forward-looking statements included in this communication, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this communication will be achieved, and you are cautioned not to place substantial weight or undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date they are made and, A Paradise and Enhanced each disclaims any obligation, except as required by law, to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

References throughout this communication to websites and reports are provided for convenience only, and the content on the referenced websites or in the referenced reports is not incorporated by reference into this communication. Enhanced assumes no liability for any third-party content contained on the referenced websites or in the referenced reports. 

ABOUT ENHANCED LTD.

Enhanced is an elite sports competition and performance products company committed to giving athletes and people alike access to products that optimize their health, performance and recovery. The Live Enhanced performance product line provides consumers access to products, and protocols that optimize health, longevity and vitality. As a premium brand, Enhanced aims to revolutionize and lead the Performance Medicine category.

ABOUT THE ENHANCED GAMES

The Enhanced Games will champion scientific innovation and integrity in elite sporting competition. Enhanced believes in an objective, evidence-based approach to competition, one that celebrates athletic excellence and unlocks athletes' full potential. The Enhanced Games is not only creating a sporting event that is thrilling for spectators but also a beacon for scientific transparency and athlete welfare. By putting athletes first, it gives them the opportunity to reach their full potential and be compensated accordingly, all while ensuring their safety through rigorous medical supervision and scientific oversight. The inaugural Enhanced Games will take place on May 24, 2026 and will be held at a purpose-built competition complex at Resorts World Las Vegas. The Games will offer unprecedented financial incentives to athletes.

FOR INVESTORS CONTACT:

ICR, Inc.

Enhanced@icrinc.com 

Asia Gilbert, Head of Investor Relations, Enhanced

investors@enhanced.org 

For Media:

Enhanced Group Inc.

media@enhanced.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/proposed-business-combination-between-enhanced-ltd-and-a-paradise-acquisition-corp-is-moving-towards-closing-302754288.html

SOURCE Enhanced

FAQ

What is the redemption deadline for A Paradise (APAD) shareholders in the proposed merger?

Shareholders must decide by April 29, 2026 whether to redeem APAD Class A ordinary shares. According to the company, holders choosing not to redeem will convert into Enhanced Group Inc. shareholders under the merger valuation of $10 per share.

When will APAD change tickers and begin trading as ENHA on the NYSE?

The company expects Nasdaq delisting on May 7, 2026 with first NYSE trading as ENHA on May 8, 2026. According to the company, remaining APAD shares will trade on Nasdaq until the day before the ticker change.

What are the key shareholder meeting and vote dates for APAD's merger with Enhanced?

A Paradise shareholders can vote at the extraordinary general meeting on May 1, 2026. According to the company, proxy materials have been distributed and the board unanimously recommends a vote FOR all proposals related to the business combination.

What is the Enhanced Games event and how does it relate to the APAD–Enhanced merger?

Enhanced Group Inc. will host the inaugural Enhanced Games on May 24, 2026 at Resorts World Las Vegas. According to the company, the event features a $25 million athlete compensation model and aims to raise global visibility for the merged business.

Will Enhanced expand peptide offerings after the merger and what guidance applies?

Enhanced plans to expand its peptide catalog in response to recent FDA guidance regarding certain peptides. According to the company, this expansion is being prepared to align with potential regulatory changes and to scale Live Enhanced product offerings.