Enhanced Group Inc, the firm behind the pro-doping Enhanced Games, opened more than 10 per cent down on its previous close on its first full week on the New York Stock Exchange. The stock opened at around $8.35, down 14 per cent from Friday's close, and touched a 22 per cent decline at about 10:20am EDT.
Inaugural Enhanced Games This Month
The inaugural Enhanced Games, due to take place this month in Las Vegas, encourages competitors to take performance enhancing drugs – in stark contrast with mainstream sports including the Olympics. The organisation, formed by merging Enhanced Group with Hong Kong-based blank check organisation A Paradise Acquisition Corp, sells its own range of supplements and started publicly trading in New York on Friday.
Market Performance and Valuation
Opening at a valuation of $1.2bn and jumping after the morning bell was rung last week, stocks on Monday instead began trading at more than a 10 per cent down from Friday's close. At the time of writing, Enhanced Group Inc's trading price was hovering around $8.35, down 14 per cent. The stock touched 22 per cent down at around 10:20am EDT.
Enhanced Games Features
The Enhanced Games will feature track athletics and swimming as part of its roster, having already claimed unofficial world records in the pool, in part due to speed suits. Aside from the first games in Las Vegas – which will also feature a performance from Nevada band The Killers – the organisation in March announced that an affiliated “performance medicine and supplement” had gone live.
CEO Statement
Enhanced Group chief Maximilian Martin wrote to shareholders at the end of last week: “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.” Martin said that “our team has worked tirelessly to create a platform that offers products designed for each individual”. “This unmatched personalisation along with proprietary data we gain from our athlete clinical trial provides a significant competitive advantage when compared to companies with standardised offerings,” he added.
Notable Athletes and Concerns
The most notable Brit taking part in the Enhanced Games is Olympian swimmer Ben Proud, while two-time 100m medalist, American Fred Kerley, will start in the dash format. Onlookers have raised concerns about the lack of sponsors and broadcasters for the games, which take place from in May to coincide with Memorial Day, although the Enhanced Games on Monday announced a deal with streamer Roku for the North American rights.
