Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 433

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 433
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, and in aggregate 46.2% (approximately $0.5 million) of accounts payable and accrued liabilities.

#### Concentration of credit risk
Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, short-term investments, accounts receivable and notes receivable.

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TABLE OF CONTENTS

### IWAC’S BUSINESS

#### General
Integrated Wellness Acquisition Corp is a blank check company incorporated as a Cayman Island exempted company and formed for the purpose of effecting an initial business combination. The 2024 SPAC Rules may materially affect our ability to negotiate and complete our initial Business Combination and may increase the costs and time related thereto.

#### Initial Public Offering and Private Placement
On December 13, 2021, we consummated our initial public offering of 11,500,000 units. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant of the Company, with each warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per whole share. The units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $115,000,000.

Simultaneously with the closing of our initial public offering, we completed the private sale of an aggregate of 6,850,000 warrants to our Prior Sponsor at a purchase price of $1.00 per IWAC Private Warrant, generating gross proceeds of $6,850,000.

A total of $117,300,000 (equal to $10.20 per unit), comprised of $112,700,000 of the proceeds from our initial public offering and $4,600,000 of the proceeds of the sale of the IWAC Private Warrants, was placed in the trust account maintained by Continental, acting as trustee.

### Termination of Business Combination
On February 10, 2023, the Company entered into the merger agreement with Refreshing USA, LLC (“

#### Refreshing
”), Pubco, Purchaser Merger Sub, Refreshing Merger Sub, our Prior Sponsor in the capacity as the Purchaser Representative and Ryan Wear in the capacity as the Seller Representative (the “

#### Merger Agreement
”). Refreshing is a national provider of vending services to education, healthcare, business & industry, sports & leisure and corrections clients. It oversees multiple subsidiaries and businesses across the United States that operate vending assets and services and estimates that it