Apeiron Investment Group Ltd. 4

What Happened
Apeiron Investment Group Ltd., reported as a 10% owner of Enhanced Group Inc. (ENHA), received large awards/acquisitions on May 7, 2026 under transaction code A. The filing shows: 29,692,247 shares, 258,837,933 shares, and 212,499 derivative securities (warrants) were acquired. No purchase price is reported (shares listed as N/A) — these securities were received in connection with the issuer’s business combination (see footnote F1). This is an award/merger-related issuance (not an open-market buy or insider sale).

Key Details

• Transaction date: 2026-05-07; Form 4 filed 2026-05-11 (filed within the usual two-business-day window).
• Securities acquired: 29,692,247 shares; 258,837,933 shares; and 212,499 warrants. Total shares received = 288,530,180. Price: N/A (merger consideration / award).
• Derivative detail (F3): the 212,499 warrants are currently exercisable, have a two-year term, and may accelerate if ENHA Class A stock trades at/above $15 for 20 of 30 consecutive trading days.
• Ownership chain (F2): the shares are held directly by Enhanced Holdings LP. Apeiron is the 10% owner; Christian Angermayer is the sole voting shareholder of Apeiron and may be deemed to share beneficial ownership through related entities; he disclaims beneficial ownership except to the extent of any pecuniary interest.
• Filing notes: transaction coded "A" = grant/award/other acquisition; this is institutional/merger-related, not routine executive trading.

Context
These entries reflect securities received as part of the company’s merger transaction (per the Merger Agreement dated Nov 26, 2025). For retail investors, merger-related awards to a large shareholder are different from open-market purchases or sales — they reflect deal consideration and ownership structure changes rather than a manager’s buy/sell signal. The warrants are exercisable with a short two-year window and include an acceleration provision tied to the stock price.