By Anya Pelshaw on SwimSwam
The Enhanced Games will merge with A Paradise Acquisition Corp and go public, according to Bloomberg. After the deal is closed, the two will be renamed Enhanced Group and list on the Nasdaq under the ticker “EHNA.”
With the deal, Enhanced Ltd. will have an enterprise value of $1.2 billion. The deal is expected to provide $200 million in gross cash proceeds. Prior to the deal, Enhanced closed a $40 million private equity deal through a Simple Agreement for Future Equity, or SAFE, which is convertible into Enhanced’s shares after the merger. “Investors in the SAFE have received one warrant for every two shares exercisable for two years at a $1.2 billion valuation if the business combination is consummated,” the Enhanced press release noted.
The merger is expected to close in the first half of 2026. Notably, the first Enhanced Games is scheduled for May 23-25, 2026 in Las Vegas, Nevada. $1 million is on the line if a swimmer goes under the existing World Record in the 50 freestyle. Other events have payouts of $250,000. Some swimmers who have committed to the Enhanced Games include Ben Proud, James Magnussen, and Andrii Govorov. The women’s side has not had as many commitments, with Megan Romano being the first female to join in August.
A Paradise is already traded on the Nasdaq with the ticker “APAD.” It’s closing price from Wednesday was 10.06 and has a total market cap of 274 million. A Paradise began trading on the Nasdaq at the end of July 2025.
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