Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 267

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 267
---
 financial projections.
The Board reviewed multi-year financial forecasts prepared by Btab’s management, which projected significant revenue and margin expansion through 2028. These forecasts incorporated assumptions regarding reseller onboarding, monetization of platform tools, and geographic expansion;

•

#### Market growth expectations.
The Board assessed macroeconomic and sector-specific forecasts relating to the ecommerce enablement and product supply industries in which Btab operates, particularly in Australia and the Asia-Pacific region. Btab’s internal growth strategy was compared to third-party data on digital adoption, platform-based reselling, and cross-border commerce;

•

#### Competitive positioning.
The Board considered Btab’s strategic strengths, including vertical integration, reseller-centric platform architecture, and its alignment with small business ecommerce needs. These factors were evaluated in the context of comparable ecommerce enablement platforms; and

•

#### Public company benchmarks.
The Mentor Group provided the Special Committee with comparable public company and transaction precedent analysis. Peer companies considered included Global-e Online, Shopify, Wayfair, and Temple & Webster. These comparables were used to assess whether a $250 million equity valuation was within a reasonable range for a growth-stage ecommerce platform.

Pursuant to the Btab LOI, the consideration for the transaction was initially proposed to consist of 25,000,000 IWAC Class A ordinary shares plus the holders of Btab’s preferred stock would also receive 10,000,000 IWAC preferred shares, each with 100 votes per share, however such shares would be without economic value. In addition, the shareholders of Btab would have the right to receive a contingent earnout of up to an additional 30,000,000 IWAC Class A ordinary shares, issuable in three tranches of 10,000,000 each upon the combined company achieving certain to be determined revenue targets.

The independent members of the IWAC Board did not separately retain an unaffiliated representative to act solely on behalf of unaffiliated security holders of IWAC for purposes of negotiating the terms of the Business Combination transaction and/or preparing a report concerning the approval of the Business Combination, but rather formed a special committee of the IWAC Board, as further described below. Additionally, following the approval of the special committee, Mr. Lau voted on the Business Combination while serving as the Chair of the IWAC Board and simultaneously as the chief executive officer of Btab.

On February 12, 2024, the IWAC Board engaged The Mentor Group, Inc. (“

#### Mentor
”) to provide a fairness opinion on the transaction.

On