A Paradise Acquisition Corp (ENHA) is a blank check special purpose acquisition company incorporated in the British Virgin Islands on November 9, 2022, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, or similar business combination with one or more businesses. The company does not generate operating revenue. It holds capital raised through its IPO and private placement in trust while searching for a target. The company completed its IPO on July 31, 2025, selling 20,000,000 units at $10.00 per unit and generating gross proceeds of $200,000,000. Simultaneously, it completed a private placement of 600,000 private placement units. Each IPO unit consists of one Class A ordinary share and one right to receive one-eighth of one Class A ordinary share upon consummation of a business combination. The company has stated its intention to pursue targets in the leisure and entertainment sector, though no industry or geographic restriction is formally imposed by its governing documents.

Revenue model

No operating revenue. The company raises capital through a public offering and holds proceeds in trust pending a business combination. Returns to shareholders are realized through a completed acquisition or redemption of shares.

Products and services

IPO units consisting of Class A ordinary shares and rights. Each right entitles the holder to one-eighth of one Class A ordinary share upon consummation of a business combination. Private placement units were also issued at the time of the IPO.

Customers and end markets

Public market investors who purchased units in the July 31, 2025 IPO. Target end market upon acquisition is the leisure and entertainment sector, per the company's stated intention in its 10-K filed 2026-02-09.

Value-chain role

SPAC sponsor and acquisition vehicle. Identifies, negotiates, and executes a business combination with a private operating company.

Geographic exposure

Incorporated in the British Virgin Islands. No restriction on target geography per the 10-K filed 2026-02-09.

Source: SEC 10-K, filed 2026-02-09

Industry: Services-Miscellaneous Amusement & Recreation