A Paradise Acquisition (APAD), a blank check firm, has entered into a deal to merge with Enhanced and take it public, Enhanced said Wednesday.

Enhanced said the transaction assigns the company a $1.2 billion enterprise value and could provide up to $200 million in gross cash proceeds at closing if there are no redemptions.

The company said it closed a $40 million Simple Agreement for Future Equity round before signing the merger agreement, which will convert into shares if the deal is completed.

Enhanced said its shareholders are expected to hold about 81% of the combined company, which will be called Enhanced Group, if no redemptions occur.

The deal is expected to close in H1 of 2026, Enhanced said, adding that the combined entity is anticipated to trade on the Nasdaq under the ticker symbol ENHA.

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