Enhanced Group (ENHA) Registration filing summary

Company overview and business model

• Incorporated in the British Virgin Islands as a blank check company to pursue a business combination, primarily targeting the leisure and entertainment sector but open to other industries and geographies.

• No operations or revenues to date; all activities have focused on organizational matters and preparing for the IPO.

• Management team and advisors have significant experience in SPAC transactions, capital markets, and M&A, with a track record of prior successful SPAC deals.

• The company may pursue a business combination globally, with no restrictions on industry or location, but intends to leverage management’s network for deal sourcing.

Financial performance and metrics

• As of March 31, 2025, the company had a working capital deficit of $308,576 and no cash or revenues.

• Net loss for the three months ended March 31, 2025 was $34,600; for the year ended December 31, 2024, net loss was $75,562.

• All financial activity to date relates to organizational and offering expenses; no operating revenues are expected until a business combination is completed.

Use of proceeds and capital allocation

• $200 million in gross proceeds from the IPO and $6 million from private placement units will be placed in a U.S.-based trust account, to be used for a business combination or returned to shareholders if no deal is completed.

• Approximately $1.15 million will be available outside the trust account for working capital, legal, accounting, and due diligence expenses.

• Up to $1.5 million in working capital loans may be provided by the sponsor or affiliates, convertible into private placement units at $10.00 per unit.