Company: WELNF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001410578-25-000739
Chunk: 23

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 23
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Item 1. Business.

Overview

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

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 private placement 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 private placement warrants, was placed in the trust account maintained by Continental, acting as trustee.

Sponsor Handover

On November 8, 2023, the Company entered into a purchase agreement (the “Sponsor Handover”) with IWH Sponsor LP and Sriram Associates, LLC, under which the Prior Sponsor transferred 2,012,500 Class B shares and 4,795,000 private placement warrants for a total purchase price of one dollar. The agreement also initiated a management change by appointing new officers and directors, and Sriram assumed several obligations including costs for a monthly extension, proxy statement filing, public reporting, D&O insurance premiums, legal fees, and certain existing liabilities. By December 31, 2024, a Sriram affiliate had contributed $2,933,387 towards these obligations and Trust Account deposits. The transaction closed on February 1, 2024, when Suntone Investment Pty Ltd, a Sriram designee, acquired the securities and assumed the role of Sponsor.

Btab Business Combination

On May 30, 2024, the Company entered into a Business Combination