Company: WELNF
Filing Date: 2025-12-04
Form Type: DEFA14A
Source: 0001104659-25-118484
Chunk: 46

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-12-04
Form: DEFA14A
Chunk 46
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 concluded that as of September 30, 2025, our disclosure
controls and procedures were not effective due to the material weaknesses described below.

As previously disclosed in
Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2022, as of December 31, 2022 we identified a material
weakness related to the fact that we have not yet designed and maintained effective controls relating to the financial statement close
process which resulted in errors in the classification of investing activities in our statements of cash flows. Specifically, we incorrectly
presented dividends earned and reinvested in money market mutual funds on the trust account within the cash flows from operating activities
section on our statements of cash flows. This material weakness continues to exist as of September 30, 2025.

As previously disclosed in
Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2023, and December 31, 2024, as of the years then ended
we identified a material weakness related to the fact that we have not yet designed and maintained effective controls related to the accounting
for complex transactions which resulted in an error in the classification of payments made under certain purchase agreements. Specifically,
we incorrectly accounted for a purchase agreement whereby payments made on behalf of the Company by parties to the agreement were presented
as capital contributions prior to the consummation of the purchase agreement and should have been presented as a liability. This material
weakness continues to exist as of September 30, 2025.

We have implemented a remediation
plan which includes our Chief Financial Officer performing additional post-closing review procedures including a review of the classification
of earnings on the trust account and confirmation of amounts and balances with the trustee of the trust account. We have implemented a
remediation plan which includes our Chief Financial Officer consulting with legal and account experts to review complex transactions,
specifically newly executed agreements, and performing additional post-closing review procedures including review of the accounting for
complex transactions and newly executed agreements.

We do not expect that our disclosure
controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.
Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits
must be considered