Enhanced Group (ENHA) insider entities receive major share and warrant grants

Rhea-AI Filing Summary

Apeiron Investment Group Ltd. reported acquisition or exercise transactions in this Form 4 filing.

Enhanced Group Inc. reported that entities associated with Christian Angermayer received large equity positions in connection with its business combination. On May 7, 2026, Enhanced Holdings LP was granted 258,837,933 shares of Class B Common Stock and 29,692,247 shares of Class A Common Stock at $0.00 per share as part of the merger consideration.

The same entity also received 212,499 warrants for Class A Common Stock, exercisable at $10.00 per share with a two‑year term that can accelerate if the Class A stock trades at or above $15 for twenty of thirty consecutive trading days. The securities are held directly by Enhanced Holdings LP, with Apeiron Investment Group Ltd., Enhanced Holdings GP, and Mr. Angermayer potentially deemed to share beneficial ownership through their ownership structure, subject to Mr. Angermayer’s pecuniary‑interest limitation.

Insights

Equity capital markets analyst

Large merger-related equity grants to a key shareholder are recorded as indirect holdings.

The transactions show Enhanced Holdings LP, tied to Christian Angermayer and Apeiron Investment Group, receiving substantial Class A and Class B shares plus warrants as consideration under a business combination Merger Agreement. The Form 4 characterizes all entries as awards, not open-market trades.

Because the Class A and Class B shares and warrants were granted at $0.00 per unit, this reflects allocation of ownership in the combined company rather than cash deployment. The warrants have a $10.00 exercise price and a two‑year term, with acceleration if Class A trades at or above $15 for twenty of thirty consecutive trading days.

The filing also clarifies that Enhanced Holdings LP is the direct holder and that Mr. Angermayer disclaims beneficial ownership beyond his pecuniary interest. This framing suggests routine merger-related equity structuring, with future impact depending on any later warrant exercises or share dispositions disclosed in subsequent filings.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Apeiron Investment Group Ltd., Enhanced Holdings LP, Angermayer Christian

Role null | null | null

Type	Security	Shares	Price	Value
Grant/Award	Warrants	212,499	$0.00	--
Grant/Award	Class A Common Stock	29,692,247	$0.00	--
Grant/Award	Class B Common Stock	258,837,933	$0.00	--

Holdings After Transaction: Warrants — 212,499 shares (Indirect, See Footnote); Class A Common Stock — 29,692,247 shares (Indirect, See Footnote); Class B Common Stock — 258,837,933 shares (Indirect, See Footnote)

Footnotes (1)

1. Represents securities received as part of the Issuer's business combination, in connection with that certain Agreement and Plan of Merger, dated as of November 26, 2025 (the "Merger Agreement"), by and between the Issuer (formerly A Paradise Acquisition Corp.), A Paradise Merger Sub I, Inc. and Enhanced Ltd. The securities are held directly by Enhanced Holdings LP. Christian Angermayer is the sole voting shareholder of Apeiron Investment Group Ltd., which is the sole shareholder of Enhanced Holdings GP, which is the general partner of Enhanced Holdings LP. As a result, each of the foregoing entities and Mr. Angermayer may be deemed to share beneficial ownership over the securities held directly by Enhanced Holdings LP. Mr. Angermayer disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. The warrants are currently exercisable and have a two-year term, which may be accelerated if the Class A Common Stock trades at or above $15 for at least twenty of thirty consecutive trading days.

Key Figures

Class B shares granted: 258,837,933 shares Class A shares granted: 29,692,247 shares Warrants granted: 212,499 warrants +4 more

7 metrics

Class B shares granted 258,837,933 shares Grant to Enhanced Holdings LP on May 7, 2026

Class A shares granted 29,692,247 shares Grant to Enhanced Holdings LP on May 7, 2026

Warrants granted 212,499 warrants Derivative award linked to Class A Common Stock

Warrant exercise price $10.00 per share Exercise price for 212,499 warrants

Acceleration trigger price $15.00 per share Class A price needed for warrant term acceleration

Class B shares after transaction 258,837,933 shares Holdings following grant transaction

Class A shares after transaction 29,692,247 shares Holdings following grant transaction

Key Terms

Agreement and Plan of Merger, business combination, beneficial ownership, warrants, +1 more

5 terms

Agreement and Plan of Merger financial

"in connection with that certain Agreement and Plan of Merger, dated as of November 26, 2025"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

business combination financial

"Represents securities received as part of the Issuer's business combination"

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

beneficial ownership financial

"may be deemed to share beneficial ownership over the securities held directly"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

warrants financial

"The warrants are currently exercisable and have a two-year term"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Class B Common Stock financial

"Represents securities received as part of the Issuer's business combination"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Apeiron Investment Group Ltd.

(Last) (First) (Middle)

66 & 67 AMERY STREET

(Street)

SILEMA MALTA SLM1707

(City) (State) (Zip)

MALTA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Enhanced Group Inc. [ ENHA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/07/2026		A(1)		29,692,247	A	(1)	29,692,247	I	See Footnote(2)
Class B Common Stock	05/07/2026		A(1)		258,837,933	A	(1)	258,837,933	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	$10	05/07/2026		A		212,499		(3)	(3)	Class A Common Stock	212,499	(1)	212,499	I	See Footnote(2)

1. Name and Address of Reporting Person^*

Apeiron Investment Group Ltd.

(Last) (First) (Middle)

66 & 67 AMERY STREET

(Street)

SILEMA MALTA SLM1707

(City) (State) (Zip)

MALTA

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Enhanced Holdings LP

(Last) (First) (Middle)

66 & 67 AMERY STREET

(Street)

SILEMA MALTA SLM1707

(City) (State) (Zip)

MALTA

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Angermayer Christian

(Last) (First) (Middle)

66 & 67 AMERY STREET

(Street)

SILEMA MALTA SLM1707

(City) (State) (Zip)

MALTA

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Represents securities received as part of the Issuer's business combination, in connection with that certain Agreement and Plan of Merger, dated as of November 26, 2025 (the "Merger Agreement"), by and between the Issuer (formerly A Paradise Acquisition Corp.), A Paradise Merger Sub I, Inc. and Enhanced Ltd.

2. The securities are held directly by Enhanced Holdings LP. Christian Angermayer is the sole voting shareholder of Apeiron Investment Group Ltd., which is the sole shareholder of Enhanced Holdings GP, which is the general partner of Enhanced Holdings LP. As a result, each of the foregoing entities and Mr. Angermayer may be deemed to share beneficial ownership over the securities held directly by Enhanced Holdings LP. Mr. Angermayer disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

3. The warrants are currently exercisable and have a two-year term, which may be accelerated if the Class A Common Stock trades at or above $15 for at least twenty of thirty consecutive trading days.

	Apeiron Investment Group Ltd., By: /s/ Mario Frendo, Director	05/11/2026
	Enhanced Holdings GP, By: Apeiron Investment Group Ltd., its sole stockholder, By: /s/ Mario Frendo, Director	05/11/2026
	Enhanced Holdings LP, By: Enhanced Holdings GP, its general partner, By: Apeiron Investment Group Ltd., its sole stockholder, By: /s/ Mario Frendo, Director	05/11/2026
	/s/ Christian Angermayer	05/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Enhanced Holdings LP report for Enhanced Group Inc. (ENHA)?

Enhanced Holdings LP reported acquiring large equity positions in Enhanced Group. It received 258,837,933 Class B shares, 29,692,247 Class A shares, and 212,499 warrants, all as grant or award transactions tied to the business combination, not open-market purchases.

How were the shares and warrants in Enhanced Group (ENHA) priced in this Form 4 filing?

All reported securities were granted at a price of $0.00 per share or warrant. This indicates they were part of the negotiated merger consideration, allocating ownership in the combined company rather than reflecting cash purchases in the open market.

What are the key terms of the warrants reported for Enhanced Group Inc. (ENHA)?

The Form 4 shows 212,499 warrants for Class A Common Stock with a $10.00 exercise price. They are immediately exercisable for a two-year term, which may accelerate if the Class A stock trades at or above $15 for twenty of thirty consecutive trading days.

Who directly holds the Enhanced Group (ENHA) securities reported in this Form 4?

The securities are held directly by Enhanced Holdings LP. Apeiron Investment Group Ltd. and Enhanced Holdings GP sit above it, and Christian Angermayer may be deemed to share beneficial ownership, while he disclaims ownership beyond his pecuniary interest in these holdings.

Are the insider holdings in Enhanced Group (ENHA) direct or indirect for Christian Angermayer?

The Form 4 classifies all positions as indirect. Securities are held by Enhanced Holdings LP, and Angermayer’s link is through Apeiron Investment Group and Enhanced Holdings GP. The filing states he disclaims beneficial ownership except to the extent of his pecuniary interest.