Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 262

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 262
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 determined that the potential tax benefits of the Up-C structure for the post-closing company was likely outweighed by the additional administrative burden of the exchangeable shares that would be required under that approach and therefore the double dummy transaction, as reflected in the merger agreement relating to the transaction (the “

#### Refreshing Merger Agreement
”), was the agreed upon approach.

On November 28, 2022, EGS circulated initial drafts of the voting agreement, lock-up agreement, and the non-competition agreement. Such ancillary documents were in customary form and reflected the terms set forth in the Term Sheet, as a result, the revisions to the initial drafts were minimal.

From November 7, 2022 through January 2023, EGS and McCarter negotiated drafts of the Refreshing Merger Agreement, with negotiation surrounding net tangible asset conditions, representations and warranties, and earnout shares.

Between November 14, 2022 and February 10, 2023, a presentation to be used for meetings with potential investors between signing of the Refreshing Merger Agreement and closing and outlining the key elements of the Refreshing business and its growth opportunities was regularly reviewed, discussed and updated between the parties and their respective advisers.

During mid-November 2022, IWAC engaged ValueScope, Inc. (“

#### ValueScope
”) to provide a fairness opinion in connection with the proposed transaction. Following that date and during the following weeks, IWAC provided ValueScope with copies of the draft transaction documents and other information regarding IWAC and Refreshing together with other materials requested to perform their analysis.

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On December 8, 2022, the parties held a conference call to discuss and negotiate the earnout consideration and structure.

On December 16, 2022, ValueScope provided a draft of its fairness opinion which concluded that the proposed Business Combination was fair to the shareholders of IWAC from a financial point of view.

Between mid-December 2022 and early February 2023, IWAC, EGS and McCarter held regularly meetings and exchanged various emails to provide comments and finalize the Refreshing Merger Agreement including, among other things, the disclosure schedules and other transaction documents. During that period, IWAC also considered the relevance of including a termination fee should Refreshing decided to walk out from the transaction between the signing of the Refreshing Merger Agreement and the Closing. Following discussions between IWAC’s former management and EGS, it was agreed not