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 merger, share exchange, asset acquisition, or similar business combination, with an initial focus on the leisure and entertainment sector but flexibility to target any industry or geography.

• Management team and advisors have extensive experience in SPACs, private equity, M&A, and capital markets, with a track record of successful transactions in Asia and the U.S.

• The company is led by Claudius Tsang, who has previously led multiple SPACs to successful business combinations, and is supported by a board and advisors with deep financial, operational, and governance expertise.

• The company intends to leverage its proprietary network and management’s expertise to identify and evaluate acquisition targets, with a preference for strong management, public market advantages, and defensible competitive positions.

Financial performance and metrics

• As of March 31, 2025, the company had not commenced operations and reported a working capital deficit of $308,576, with no revenues and accumulated losses since inception.

• The company’s financial statements reflect only organizational and offering-related expenses, with no operating income until a business combination is completed.

• The company’s ability to continue as a going concern is contingent on the successful completion of the IPO and subsequent business combination.

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 within 24 months.

• Approximately $1.15 million will be available outside the trust account for working capital, due diligence, legal, and regulatory expenses prior to a business combination.

• Up to $1.5 million in working capital loans may be provided by the sponsor or affiliates, convertible into private placement units at $10 per unit.