Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 153

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 153
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 covenants, agreements or obligations under the Business Combination Agreement, (b) cause any of the conditions to the Closing set forth in Sections 6.1 or 6.3 of the Business Combination Agreement not to be satisfied or (c) otherwise materially impede, materially interfere with, materially delay, materially discourage, materially and adversely affect or materially inhibit the timely consummation of, the transactions contemplated by the Business Combination Agreement. No consideration was provided to the Current Sponsor in exchange for agreeing to vote in favor of the Business Combination.

As of the date of this joint proxy statement/information statement/prospectus, the Current Sponsor owns approximately 49.3% of the issued and outstanding IWAC ordinary shares.

If IWAC is deemed to be an investment company for purposes of the Investment Company Act, it could be forced to liquidate and investors in IWAC would not be able to participate in any benefits of owning shares in Pubco, including the potential appreciation of Pubco’s shares following the Business Combination and IWAC’s warrants would expire worthless.

IWAC’s net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants were placed in the Trust Account located in the United States and invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by IWAC meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by IWAC, until the earlier of (i) the completion of a business combination and (ii) IWAC’s liquidation. However, to mitigate the risk of IWAC being deemed to have been operating as an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act), on January 5, 2024, IWAC instructed Continental Stock Transfer & Trust Company, the trustee with respect to the Trust

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Account, to liquidate the money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in a demand deposit account in a bank until the earlier of consummation of the Business Combination or liquidation, as reflected in the amendment to IWAC’s investment management trust agreement.

The holding of these assets in this form, however, is intended to be temporary and for the sole purpose