The Enhanced Games left Wall Street largely disappointed after its inaugural event over Memorial Day weekend. Shares of its parent company, Enhanced Group Inc., fell nearly 45% to close at $2.96 on Tuesday.
Enhanced Group began trading on the New York Stock Exchange earlier this month under the ticker ENHA after merging with a special purpose acquisition company. The transaction valued the business at $1.2 billion, and in the immediate aftermath, shares saw a 21% spike. Now, its market cap is less than $400 million.
A spokesperson for Enhanced Group declined to comment on the company’s share price.
The Olympics-style competition—which allows the use of FDA-approved, performance-enhancing drugs—debuted on Sunday at Resorts World Las Vegas. Both enhanced and clean athletes competed in swimming, weightlifting and track and field for prizes ranging from $20,000 for coming in seventh to $250,000 for topping a podium. A $1 million bonus was dangled to those who broke world records.
When Australian businessman Aron D’Souza unveiled his plans for the Enhanced Games in 2023, he said athletes would “obliterate all the world records” by “unlocking human potential.”
