Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 324

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 324
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 of any IWAC Ordinary Shares surrendered in the Domestication).

The Receipt of Pubco Warrants in the Business Combination

The following description is the opinion of Ellenoff Grossman & Schole LLP. The appropriate U.S. federal income tax treatment of the Warrants is uncertain because it is unclear whether the Merger and the Business Combination qualifies as a Section 368(a) reorganization. If the Business Combination qualifies as a reorganization pursuant to Section 368(a) of the Code, a U.S. Holder of IWAC Warrants that are converted to Pubco Warrants generally should not recognize gain or loss. The aggregate tax basis of the Pubco Warrants received by such U.S. holder should be the same as the aggregate adjusted tax basis of IWAC

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Warrants exchanged therefor. The holding period of the Pubco Warrants received by such U.S. Holder will include the period during which IWAC Warrants exchanged therefor were held by such U.S. Holder. To qualify as a reorganization under Section 368 of the Code, a transaction must satisfy certain requirements, including, among others, that the acquiring corporation continue, either directly or indirectly through certain controlled corporations, either a significant line of the acquired corporation’s historic business or use a significant portion of the acquired corporation’s historic business assets in a business, in each case, within the meaning of Treasury Regulations Section 1.368-1(d). Accordingly, Ellenoff Grossman & Schole LLP is unable to render an opinion as to whether the Business Combination qualifies as a reorganization pursuant to Section 368(a) of the Code.

If the Business Combination satisfies the requirements of an exchange pursuant to Section 351 of the Code, but not a reorganization under Section 368(a) of the Code, a U.S. Holder of IWAC Warrants would realize and recognize gain or loss in such exchange in an amount equal to the difference between the fair market value of Pubco Warrants received by such U.S. Holder in the Business Combination and the adjusted tax basis of IWAC Warrants surrendered by such U.S. Holder in the Business Combination. If such U.S. Holder surrenders both IWAC Ordinary Shares and IWAC Warrants in the Business Combination in exchange for both Pubco common stock and Pubco Warrants, such U.S. Holder of IWAC Ordinary Shares and IWAC Warrants will be required to recognize gain (but not loss) in an amount equal to the