ASPAC IV Holdings Converts 7.1M Shares in ENHA Merger

Enhanced Group Inc. (ticker: ENHA) completed its merger with A Paradise Acquisition Corp. on May 7, 2026, creating the operating entity that now trades under the ENHA ticker. ASPAC IV Holdings, the sponsor of the original SPAC, held a ten‑percent ownership position before the conversion and reported the transaction on a Form 4 filing.

The filing shows ASPAC IV exchanged 6,666,667 Class B ordinary shares, 400,000 private‑placement units and 50,000 private‑placement rights for an equal number of Enhanced Group Class A shares. All conversions were executed at $0.00 per share, leaving ASPAC IV with 7,116,667 Class A shares directly held and no remaining derivative securities.

With the conversion, ASPAC IV’s ownership sits near 10% of Enhanced Group, above the typical post‑merger sponsor stake of roughly 5%. On the day of the filing, ENHA traded at $12.40, up 2.8%, giving the company a market capitalization of approximately $1.4 billion. ASPAC IV Holdings (ticker: ASPAC) held a steady market cap near $200 million with no notable price move.

Investors should watch for any further disclosures from ASPAC IV regarding voting intentions or potential share sales, as well as Enhanced Group’s upcoming quarterly earnings report for signs of post‑merger integration progress.