Sports technology firm Enhanced announced on Wednesday its plans to go public in the U.S. through a merger with special purpose acquisition company (SPAC) A Paradise Acquisition Corp, valuing the combined entity at $1.2 billion.

After a prolonged slump, SPACs—often called "blank-check companies"—are witnessing a resurgence on Wall Street this year. Established sponsors are reviving the SPAC model as an alternative path for companies seeking public listings.

Founded in 2023, Enhanced aims to transform the elite sports and performance industry with products focused on health and longevity. The company plans to build a diversified portfolio spanning live events, media, direct-to-consumer (DTC) products, and telemedicine.

The transaction is expected to provide Enhanced with up to $200 million in total gross proceeds.

Upon closing, the merged company will be renamed "Enhanced Group" and is set to trade on the Nasdaq under the ticker symbol "ENHA," pending regulatory approvals.