Enhanced revealed on Wednesday that the company is planning to go public in a merger with blank-check company A Paradise Acquisition Corp. that would transform the enterprise value of the deal at $1.2 billion.
In a statement, the company said the deal is expected to supply as much as $200 million in gross cash proceeds.
Enhanced will offer testosterone treatments along with staging an upcoming sports exhibition in Las Vegas next year, called the Enhanced Games that will permit — and encourage athletes to use performance-enhancing drugs. Company officials believe that Enhanced can create a “premium sporting platform at the intersection of elite athletics, consumer products, health technology and media and entertainment.”
And while no consumer products are currently available for sale, Enhanced’s website already accepts deposits with the intent of distribution sometime next year.
The company has come under scrutiny for promoting the use of banned substances but has thrived financially with backing from billionaire Peter Thiel, Balaji Srinivasan and 1789 Capital.
By going public Enhanced believes $200 million figure can be raised and noted that it recently locked in a $40 million equity deal that will be converted into public shares once the IPO is approved in early 2026.
It announced its highest profile athlete signing in September when Fred Kerley said he would join its roster and come during a year of moves that have brought significant attention to the company.
“Athletes have the full autonomy and choice, whether they would like to participate enhanced or not,” Enhanced’s statement read on Wednesday. “The Company provides the regulated framework, in which athletes that choose to enhance, can do so safely and under clinical and medical supervision. The Enhanced Games will also offer meaningful compensation to elite athletes. ”
Last week it was revealed that company founder Aron D’Souza would transition away from day-to-day duties but remain a shareholder as Maximilian Martin takes over as new CEO. D’Souza’s departure came just days after a federal judge in New York dismissed an $800 million antitrust lawsuit Enhanced filed against the World Anti-Doping Agency, World Aquatics and USA Swimming. Enhanced claimed that the governing bodies were impacting its ability to sign athletes, officials and conduct business.
Still, it appears that Enhanced is committed to staging its showcase next year, which promises a $500,000 purse per event and $250,000 to all first-place finishers, including bonuses for world records and appearance fees.
