NEW YORK, May 8, 2026 /PRNewswire/ -- Enhanced (NYSE:ENHA), the elite sports competition and consumer products company, has published a letter to shareholders from Co-Founder and Chief Executive Officer, Maximilian Martin.

A Message From Our CEO: You know there's more — Live Enhanced

When we launched Enhanced, we set out to do something simple but undeniably ambitious: to redefine what human performance can be. What began as redefining elite sports has since grown into our broader mission to give everyone the opportunity to Live Enhanced.

This vision is becoming more real each and every day, and we are doing it from a position no one else in the world occupies.

No other entity, public or private, is building what we are: a fully transparent, medically supervised, science-led elite sporting property combined with a direct-to-consumer health and longevity platform. We're creating a new category in a large global market, and we believe being the singular operator at this intersection is a meaningful long-term advantage.

Over the past few years, we have brought in proven leaders across sports, medicine and science, consumer products, partnerships, content, communications, legal and finance to join us in this vision. These additions brought the discipline, innovation, and experience needed to prepare us for a bold move.

In November 2025, we entered into a business combination agreement with A Paradise Acquisition Corp. (NASDAQ:APAD) which would bring us to the public capital markets via the New York Stock Exchange.

This decision was driven by our goal of providing everyday people, fans, and consumers the opportunity to become part of the Enhanced movement, not just by watching our events or getting Enhanced, but by owning a piece of it. Going public lets us do this with a level of transparency few organizations in sport offer today. It also gives public investors access to a fully integrated sports and health platform at a formative stage of growth.

Building a New Category

Enhanced is doing more than just revolutionizing how the world thinks and talks about sporting competition. We are simultaneously building a new personalized performance medicine category at the intersection of science, human optimization, longevity, and entertainment.

Our first proof point came when Greek Olympian Kristian Gkolomeev broke the 50m freestyle swimming world record in February 2025 as the first openly enhanced athlete, earning a $1 million world record bonus from Enhanced. That record-breaking swim made Kristian wealthier, healthier, and happier than he had ever been, and he was performing at a level no human being had ever reached at that time. This was a milestone we chronicled in a feature documentary that showed the world what is possible when innovation replaces prohibition. The Enhanced Games are that same proof point on a global scale.

On May 24, 2026, we will host the inaugural Enhanced Games at Resorts World in Las Vegas, bringing together world-class athletes, safe and supervised performance medicine, world-renowned entertainment, and a global audience. More than a competition, we are showcasing the highest medical and clinical standards in sport while producing an event that provides something for each audience member. Our purpose-built 2,500 seat competition complex is currently rising out of the ground ahead of schedule. Our world-class production partner Van Wagner, who also produces the Super Bowl and the Kentucky Derby, is readying a top-flight broadcast production which will be streamed on several of the world's leading streaming platforms, for free.

Our momentum is undeniable. World Champions, Olympic Medalists and World Record Holders across swimming, sprinting and weightlifting have committed to compete, and training has already proven they are ready to redefine what the human body is capable of.

Our athletes have full autonomy over whether to enhance or not. This has attracted elite athletes who will compete non-enhanced while still receiving world-class medical supervision and care, and earning compensation not available in traditional sporting models. One athlete has said publicly that it would take them 13 years as a World Champion to earn what they could earn at a single Enhanced Games. With us, elite athletes can raise the level of competition, earn meaningful compensation, and still remain eligible for other international events.

The Enhanced medical program is structured as an Institutional Review Board (IRB) clinical study, the gold standard of clinical research. It is designed and overseen by our Independent Medical and Scientific Commissions, alongside experts including world renowned sports-cardiologist Prof. Dr. Guido Pieles and one of the world's leading sports integrity experts Michael Ashenden, PhD, JD. A few things worth noting about the program:

Each athlete's protocol is personalized along two dimensions: who they are as an individual, and which event they compete in. Both shape every dosage and compound in the program.
All substances available to athletes in the program are FDA-approved. Our clinical study is not being used to develop new drugs or trial new compounds, but rather observe the safety and efficacy of existing, approved substances in an elite athlete population.
Athletes who choose to compete non-enhanced receive the same world-class medical screening, monitoring and care, and compensation is not impacted by an athlete's decision whether to enhance or not.

The Enhanced Games are an exciting and formidable business in their own right, but they are also a means to a much larger end. Every protocol our medical team designs for an elite athlete, every clinical data point we collect, and every personalization decision we make in the program, creates IP which we plan to make available through our consumer business, where that knowledge will compound at scale.

From an Event to an Ecosystem

While the Enhanced Games are currently our most prominent business, they are only the beginning. Enhanced is building a vertically integrated flywheel around two complementary, mutually-reinforcing engines:

The Enhanced Games sporting business, an annual elite sporting competition, extends into a year-round content slate of additional live sporting events, programming and competition formats that keep our audience engaged outside the Enhanced Games. In a traditional sports business, revenue typically comes from a mix of sponsorships, media rights, ticketing and merchandise. In year one, our revenue is almost entirely from sponsorships. We are intentionally giving away our media rights and free tickets for the first Enhanced Games, to maximize accessibility for reach and impact. As we are still in the early stages of our sports business, and we believe it is the right decision to prioritize reach and impact over short term financial upside.
The Live Enhanced consumer platform, today consists of our proprietary supplement line and telehealth product offerings. This includes two top tier OTC supplement stacks focused on longevity and strength & recovery. On the telehealth side, our offering currently spans across HRT, TRT, prescription longevity drugs and peptides. We're expanding from a static product offering to fully personalized performance and longevity protocols across both columns of our product suite, delivering individualized performance medicine to athletes and consumers at scale.

The Enhanced Games stand at the pinnacle of our sports content pyramid, which produces content across various layers throughout the year. This will not only provide world class entertainment, but it will also create awareness. Awareness that, under the right medical supervision, enhancements can not only have major health and performance benefits, but are also safe. This organic consumer awareness inspires our viewers to ask the question: What can enhancements do for me? Our Live Enhanced consumer platform provides people the answer to this question, and offers products to help them Live Enhanced.

The Live Enhanced platform has two product lines today. On the supplement side, we offer two proprietary stacks formulated by our Medical and Scientific Commissions: Longer+ for longevity, and Stronger+ for strength and recovery. We believe they sit at the top of the category on quality when compared to single-ingredient competitor products. We expect to roll out a personalized supplement layer, designed to be taken in combination with Stronger+ and Longer+, this summer.

On the prescription side, our telehealth platform offers hormone replacement therapy for women, testosterone replacement therapy for men, select longevity drugs and FDA-approved peptides. Today, the peptides market is dominated by unregulated grey-market suppliers. Enhanced makes approved peptides, compounded in U.S. pharmacies and prescribed by U.S. doctors, available to U.S. consumers.

The complementary nature between these two engines will fuel a flywheel effect that is the core thesis of our business. This is how we continue to deepen our MOAT.

The example we like to use is Formula 1. The car a Formula 1 team builds sits at the frontier of engineering. It will never be mass-produced, and the average driver will never need it. But what the engineers learn from developing that car trickles down into the road car production over time. For instance, the shifting paddles on steering wheels in today's road cars originate from the F1 grid.

Our work with elite athletes follows the same logic. The enhancement protocols designed for elite performance - what helps an athlete break a world record or what lets a 35-year-old break their personal best from when they were a two-time world champion in their twenties - are specifically tailored to meet our athletes' elite performance needs. But the learnings from the work we do with athletes are the core IP of the Live Enhanced consumer platform and inform its product offering and particularly the approach and methodology to design personalized enhancement protocols for consumers.

The approach and methodology are the same for both elite athletes and everyday consumers alike- every protocol starts the same way. We establish a baseline, run comprehensive bloodwork and diagnostics, and design a protocol matched to that individual's personal objectives. Whether they're a 25-year-old training for their first marathon or a 65-year-old looking for the energy to keep up with their grandkids on the playground. Most of the telehealth industry cannot replicate that, and no stand-alone live-events business has any reason to build it. Enhanced does both, and that is our MOAT.

The second beneficiary of the flywheel is subscription economics- not just customer acquisition cost (CAC), but the full picture of LTV, CAC, retention, churn and average order value that determines whether a consumer health platform is a success compounder. Most of the telehealth category is now competing for the same paid-social audience that Meta's Andromeda algorithm has made harder and more expensive to reach. The category response has been to chase a sports audience by other means: Overpriced Super Bowl advertising spots, mega-athlete brand deals, anything to be visible to a sports audience. Enhanced is sport at its core, so we do not need to rent that relevance. And when consumers see our athletes performing better and being healthier than ever, and know their protocols are informed by the same scientific work done with those elite athletes, we expect they will stay subscribed longer, expand their basket as new product lines launch, and churn less. Lower CAC, higher retention, lower churn, higher order value. The combination will compound into subscription economics a stand-alone telehealth business cannot match.

Cultural Momentum

Our operations tell only part of the story. The response to Enhanced from athletes, brands, media and consumers has been strong and accelerating:

Explosive growth across social platforms. Since we announced the first enhanced World Record in May of last year, our content has been seen more than 600 million times, with more than half coming from just the last three months. As we get closer to the first Enhanced Games, momentum and interest continues to grow.
A strategic sponsor model that proves the thesis. Our sponsor relationships are built to compound. We're signing partnerships across AI, technology, streaming, media, hydration, recovery, fitness and apparel, and structuring those deals to not just fully finance the sports related expenses and capex, but also improve our brand awareness and consumer offerings outside of sport.
Press coverage across categories that rarely overlap. Enhanced has been covered by some of the most respected publications and platforms in the world, including feature stories in Vanity Fair, GQ and the Financial Times, as well as The Athletic at The New York Times; and extensive coverage across the most influential podcasts in health, performance and longevity. It is uncommon for a sole property to reach the Wall Street reader, the Vanity Fair reader, the Olympic fan, and the longevity-obsessed podcast listener at the same time. That mix is by design.

Why Now

Now is the moment for Enhanced. Consumer attitudes toward health, longevity and personalized optimization are shifting rapidly, with adults in their 40s, 50s and 60s asking how to make the next decade of their lives better than the last. Peptides and hormone optimization in particular have moved from niche biohacking into the mainstream, and recent federal signaling from the U.S. Department of Health and Human Services points toward expected peptide reclassification in July 2026, which Enhanced is ready to capitalize on.

Today, much of that demand is served by grey-market suppliers operating without quality control, diagnostics, dosing or medical oversight. Enhanced is built to serve it inside a regulated, medically supervised environment, so consumers can access the same protocols used by elite athletes, safely.

At the same time, the traditional sports model is under pressure, opening space for new formats. Our Enhanced Games are designed for a social-first audience, with every event fitting the length of a standard TikTok or Reel. Consumer demand, policy direction, format design and product roadmap rarely line up this cleanly. Enhanced is built for all of these.

Looking Ahead

Becoming a public company marks the beginning of our next chapter and phase of growth.

With additional access to capital, increased transparency, and a broader investor base, we will accelerate:

The development of our consumer health platform.
The expansion of the Enhanced Games.
Strategic partnerships across media, brands and healthcare.

Final Thoughts

Great companies define categories and create markets.

Enhanced was founded on the belief that the future of human performance should be transparent, scientific, and more ambitious than anything that exists today.

We are proud of the progress we've made, and even more excited about what comes next.

I want to thank all our athletes, partners, investors, fans and employees for believing in our vision.

The future is Enhanced.

Maximilian Martin

Co-Founder & CEO

Enhanced

Forward-Looking Statements

This communication only speaks at the date hereof and may contain, and related discussions contain, "forward-looking statements" within the meaning of U.S. federal securities laws. These statements include descriptions regarding the intent, belief, estimates, assumptions or current expectations of Enhanced or its officers with respect to the consolidated results of operations and financial condition, future events and plans of Enhanced. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as "expect", "believe", "foresee", "anticipate", "intend", "estimate", "goal", "strategy", "plan", "target" and "project" or conditional verbs such as "will", "may", "should", "could", or "would" or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond Enhanced's control. Such expectations, beliefs, estimates and projections are expressed in good faith, and management believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to: the outcome of any legal proceedings that may be brought against Enhanced following the announcement of the consummation of the transactions described herein; the inability to complete the transactions described herein; the failure to obtain required regulatory or shareholder approvals; the valuation of Enhanced in connection with the business combination, which was determined through negotiations among affiliated parties and may not represent a market-based valuation; Enhanced's unproven business model, limited operating history, and minimal revenue to date; the success of the inaugural 2026 Enhanced Games and subsequent events; audience, sponsor and media demand for performance-enhanced competition and related products; the availability of financing and proceeds from the private placement financing described herein; public, medical, regulatory, and ethical scrutiny of performance-enhancement substances and telehealth practices; the evolution of applicable sports, health, and data-privacy regulations; competition from established sports organizations and entertainment providers; insurance coverage limitations and increased operating costs; dependence on key management and medical personnel; exposure to litigation, antitrust or regulatory actions; risks related to market volatility, redemptions and the consummation of the business combination; Enhanced's ability to develop and, expand its information technology and financial infrastructure; Enhanced's intellectual property position, including the ability to maintain and protect intellectual property; the need to hire additional personnel and ability to attract and retain such personnel; the ability to recruit and retain athletes, coaches and partners; its ability to obtain additional capital and establish, grow and maintain cash flow or obtain additional and adequate financing; the effects of any future indebtedness on Enhanced's liquidity and its ability to operate the business; its expectations concerning relationships with third parties and partners; the impact of laws and regulations and its ability to comply with such laws and regulations including laws and regulations relating to consumer protection, advertising, tax, data privacy, and anti-corruption; any changes in certain rules and practices of U.S. and Non-U.S. entities, including U.S.A. Swimming, U.S.A. Track & Field, U.S.A Weightlifting, World Anti-Doping Agency, World Aquatics, World Athletics, the International Weightlifting Federation and other sport governing bodies; its expectations regarding the period during which Enhanced will qualify as an emerging growth company under the JOBS Act; the increased expenses associated with being a public company; and Enhanced's anticipated use of its existing resources and proceeds from the transactions described herein. There may be other risks not presently known to us or that we presently believe are not material that could also cause actual results to differ materially. Analysis and opinions contained in this communication may be based on assumptions that, if altered, can change the analysis or opinions expressed. In light of the significant uncertainties inherent in the forward-looking statements included in this communication, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this communication will be achieved, and you are cautioned not to place substantial weight or undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date they are made and Enhanced disclaims any obligation, except as required by law, to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

References throughout this communication to websites and reports are provided for convenience only, and the content on the referenced websites or in the referenced reports is not incorporated by reference into this communication. Enhanced assumes no liability for any third-party content contained on the referenced websites or in the referenced reports.

About Enhanced

Enhanced (NYSE:ENHA) is an elite sports competition and performance products company committed to giving athletes and people alike access to products that optimize their health, performance and recovery. The Enhanced Performance Product line provides consumers access to products, and protocols that optimize health, longevity and vitality. As a premium brand, Enhanced aims to revolutionize and lead the Performance Medicine category.

About The Enhanced Games

The Enhanced Games will champion scientific innovation and integrity in elite sporting competition. Enhanced believes in an objective, evidence-based approach to competition, one that celebrates athletic excellence and unlocks athletes' full potential. The Enhanced Games is not only creating a sporting event that is thrilling for spectators but also a beacon for scientific transparency and athlete welfare. By putting athletes first, it gives them the opportunity to reach their full potential and be compensated accordingly, all while ensuring their safety through rigorous medical supervision and scientific oversight. The inaugural Enhanced Games will take place on May 24, 2026 and will be held at a purpose-built competition complex at Resorts World Las Vegas. The Games will offer unprecedented financial incentives to athletes.

For Investors Contact:

Asia Gilbert

Head of Investor Relations, Enhanced

investors@enhanced.com

ICR, Inc.

Enhanced@icrinc.com

For Media:

Chris Jones, Chief Communications Officer

media@enhanced.com

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SOURCE Enhanced

Enhanced Group CEO, Maximilian Martin, Issues Letter to Shareholders