Enhanced Group Inc. shares sank 14% on their first day of trading after completing a SPAC merger with A Paradise Acquisition Corp., valuing the combined company at $1.2 billion. The debut marks the public market entry of one of the most controversial ventures in sports: the Enhanced Games, an international athletic competition that permits the use of performance-enhancing drugs.

The inaugural event is scheduled for later this month in Las Vegas, featuring more than 40 athletes from 23 countries competing in weightlifting, track and field, and swimming. Founded in 2023 by Dr. Aron D'Souza, Christian Angermayer, and Maximilian Martin, the company aims to push athletic boundaries in what it describes as an effort to "safely evolve mankind into a new superhumanity." Billionaire bio-hacker Bryan Johnson and former NFL player Emmanuel Acho will lead broadcast coverage.

The SPAC structure carries inherent risks for investors, with many such mergers historically yielding losses. Both the International Olympic Committee and anti-doping authorities have rejected the concept on grounds of safety and competitive integrity. Enhanced Games now trades on the NYSE under the ticker ENHA.