ASPAC IV (Holdings) converts into 7.1M Enhanced Group (ENHA) Class A shares

Rhea-AI Filing Summary

Enhanced Group Inc. insider ASPAC IV (Holdings) Corp., a ten percent owner, reported a series of conversions tied to the company’s merger on May 7, 2026. The Sponsor acquired 7,116,667 shares of Class A common stock through the conversion of A Paradise Acquisition Corp. securities.

According to the filing, these Class A shares reflect a one‑for‑one conversion of 6,666,667 Class B ordinary shares, plus 400,000 Class A shares underlying Private Placement Units and 50,000 Class A shares from Private Placement Rights. Following the transactions, ASPAC IV (Holdings) Corp. directly holds 7,116,667 Class A shares, and the related derivative securities and Class B ordinary shares reported here have been fully converted.

Insider Trade Summary

Net Buyer: 7,116,667 shares

Net Buy 4 txns

Insider ASPAC IV (Holdings) Corp.

Role 10% Owner

Type	Security	Shares	Price	Value
Conversion	Class B ordinary shares	6,666,667	$0.00	$0.00
Conversion	Private Placement Units	400,000	$0.00	$0.00
Conversion	Private Placement Rights	50,000	$0.00	$0.00
Conversion	Class A common stock	7,116,667	$0.00	$0.00

Holdings After Transaction: Class B ordinary shares — 0 shares (Direct); Private Placement Units — 0 shares (Direct); Private Placement Rights — 0 shares (Direct); Class A common stock — 7,116,667 shares (Direct)

Footnotes (3)

1. F1. Consists of securities acquired in connection with the transactions consummated on May 7, 2026, pursuant to that certain Agreement and Plan of Merger, dated November 26, 202, by and among A Paradise Acquisition Corp. ("A Paradise"), A Paradise Merger Sub I Inc. ("Merger Sub"), and Enhanced Ltd. ("Enhanced"), pursuant to which (i) Merger Sub merged with and into Enhanced, the separate corporate existence of Merger Sub ceased and Enhanced was the surviving corporation and a wholly owned subsidiary of A Paradise, (ii) Enhanced merged with and into A Paradise, the separate corporate existence of Enhanced ceased and A Paradise was the surviving corporation, and (iii) A Paradise changed its name to Enhanced Group Inc. (the "Issuer"). The merger did not alter the proportionate interest of security holders.
2. F2. Includes 7,116,667 shares of Class A common stock of the Issuer consisting of such converted from (i) 6,666,667 A Paradise Class A ordinary shares from the A Paradise Class B ordinary shares on a one-to-one basis, (ii) 400,000 A Paradise Class A ordinary shares underlying the Private Placement Units, and (iii) 50,000 A Paradise Class A ordinary shares issuable upon conversion of the private placement rights underlying the Private Placement Units.
3. F3. The reported shares of the Issuer are directly held by A SPAC IV (Holdings) Corp. (the "Sponsor"). Claudius Tsang is the sole director of the Sponsor and has voting and investment discretion with respect to the securities held of record by the Sponsor.

Key Figures

Class A shares acquired: 7,116,667 shares Converted Class B ordinary shares: 6,666,667 shares Private Placement Units converted: 400,000 units +3 more

6 metrics

Class A shares acquired 7,116,667 shares Class A common stock held directly after conversion

Converted Class B ordinary shares 6,666,667 shares Converted into Class A common stock on a one-to-one basis

Private Placement Units converted 400,000 units Underlying A Paradise Class A ordinary shares converted to Class A

Private Placement Rights converted 50,000 rights Rights converted into A Paradise Class A shares, then into Class A

Exercise / conversion price $0.0000 per share Price per share for reported conversions

Derivative exercises 7,116,667 shares ExerciseShares in transaction summary for derivative conversions

Key Terms

Agreement and Plan of Merger, Private Placement Units, Private Placement Rights, Class B ordinary shares, +1 more

5 terms

Agreement and Plan of Merger financial

"transactions consummated on May 7, 2026, pursuant to that certain Agreement and Plan of Merger"

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.

Private Placement Units financial

"400,000 A Paradise Class A ordinary shares underlying the Private Placement Units"

Private Placement Rights financial

"50,000 A Paradise Class A ordinary shares issuable upon conversion of the private placement rights"

Class B ordinary shares financial

"6,666,667 A Paradise Class A ordinary shares from the A Paradise Class B ordinary shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

ten percent owner financial

"ASPAC IV (Holdings) Corp. is reported as a ten percent owner of the issuer"

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/13/2026 - 09:54 PM Learn about SEC filing dates

FAQ

What did ASPAC IV (Holdings) Corp. report in this Form 4 for ENHA?

ASPAC IV (Holdings) Corp. reported acquiring 7,116,667 shares of Enhanced Group Inc. Class A common stock via conversions on May 7, 2026. These shares arose from converting Class B ordinary shares, Private Placement Units, and Private Placement Rights linked to the merger transactions.

How were the 7,116,667 Enhanced Group Inc. Class A shares for ENHA created?

The 7,116,667 Class A shares came from converting 6,666,667 Class B ordinary shares, 400,000 Class A shares underlying Private Placement Units, and 50,000 Class A shares issuable from Private Placement Rights. All were tied to the merger involving A Paradise Acquisition Corp.

Did ASPAC IV (Holdings) Corp. buy or sell ENHA shares in the market?

No open‑market buys or sells are reported. The filing shows conversions of derivative securities and Class B ordinary shares into Class A common stock, all at a stated price of $0.0000 per share, reflecting non‑cash, merger‑related restructuring.

Who controls the ENHA shares held by ASPAC IV (Holdings) Corp.?

The filing states the reported shares are held by A SPAC IV (Holdings) Corp., the Sponsor. Claudius Tsang is described as the sole director of the Sponsor with voting and investment discretion over the securities it holds of record.

What merger transaction led to these ENHA share conversions?

The conversions occurred in connection with an Agreement and Plan of Merger among A Paradise Acquisition Corp., A Paradise Merger Sub I Inc., and Enhanced Ltd. After closing, A Paradise changed its name to Enhanced Group Inc., and holders’ proportionate interests remained unchanged.

Are there remaining derivative securities for ASPAC IV (Holdings) Corp. after this ENHA filing?

The filing shows the Private Placement Units, Private Placement Rights, and Class B ordinary shares reported here now have zero balances following conversion. The derivative summary is empty, indicating no remaining derivative positions in this specific Form 4 entry.

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

X

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^*

ASPAC IV (Holdings) Corp.

(Last) (First) (Middle)

169 MADISON AVE, SUITE 15101

(Street)

NEW YORK NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

	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)

X	Form filed by One Reporting Person
	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		C(1)(2)		7,116,667	A	(2)	7,116,667	D(3)

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
Class B ordinary shares	(1)(2)	05/07/2026		C			6,666,667	(1)(2)	(1)(2)	Class A common stock	6,666,667	(1)(2)	0	D
Private Placement Units	(1)(2)	05/07/2026		C			400,000	(1)(2)	(1)(2)	Class A common stock	400,000	(1)(2)	0	D
Private Placement Rights	(1)(2)	05/07/2026		C			50,000	(1)(2)	(1)(2)	Class A common stock	50,000	(1)(2)	0	D

Explanation of Responses:

1. Consists of securities acquired in connection with the transactions consummated on May 7, 2026, pursuant to that certain Agreement and Plan of Merger, dated November 26, 202, by and among A Paradise Acquisition Corp. ("A Paradise"), A Paradise Merger Sub I Inc. ("Merger Sub"), and Enhanced Ltd. ("Enhanced"), pursuant to which (i) Merger Sub merged with and into Enhanced, the separate corporate existence of Merger Sub ceased and Enhanced was the surviving corporation and a wholly owned subsidiary of A Paradise, (ii) Enhanced merged with and into A Paradise, the separate corporate existence of Enhanced ceased and A Paradise was the surviving corporation, and (iii) A Paradise changed its name to Enhanced Group Inc. (the "Issuer"). The merger did not alter the proportionate interest of security holders.

2. Includes 7,116,667 shares of Class A common stock of the Issuer consisting of such converted from (i) 6,666,667 A Paradise Class A ordinary shares from the A Paradise Class B ordinary shares on a one-to-one basis, (ii) 400,000 A Paradise Class A ordinary shares underlying the Private Placement Units, and (iii) 50,000 A Paradise Class A ordinary shares issuable upon conversion of the private placement rights underlying the Private Placement Units.

3. The reported shares of the Issuer are directly held by A SPAC IV (Holdings) Corp. (the "Sponsor"). Claudius Tsang is the sole director of the Sponsor and has voting and investment discretion with respect to the securities held of record by the Sponsor.

	/s/ Claudius Tsang, as authorized signatory	05/13/2026
	** 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.
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* Form 4: SEC 1474 (03-26)