Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 268

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 268
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 February 23, 2024, IWAC sent the executed Btab LOI to EGS and subsequently engaged EGS as transaction counsel. The EGS transactions team commenced its review of the Btab LOI and transaction terms on March 6, 2024.

On March, 8, 2024, EGS and Nelson Mullins Riley & Scarborough LLP (“

#### NMRS
”) held an initial tax and transaction structuring call. On March 14, 2024, EGS and NMRS held a counsel call to discuss and clarify certain business terms set forth in the Btab LOI.

The Btab LOI was negotiated directly by the parties in early February, prior to the involvement of EGS as transaction counsel. The EGS securities team became aware of the signed Btab LOI on February 23, 2024; however the EGS transactions team did not became involved in the matter until March 6, 2024.

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TABLE OF CONTENTS

On March 22, 2024, Btab, IWAC and their counsel held an all hands call to discuss the transaction.

During the conference call, the parties agreed that the overall transaction consideration would be $250 million and that each share issued as transaction consideration would be valued at $10 per share rather than valuing such shares at IWAC’s redemption price at the time of the Business Combination. This price was selected because it matched IWAC’s original IPO price and represented a customary reference point used in SPAC transactions. The parties considered using the redemption price at the time of Closing, which was estimated to be approximately $10.80 per share (inclusive of accrued trust interest), but ultimately determined that fixing the valuation at $10.00 would provide a more stable and straightforward framework for negotiation and execution. This decision also minimized the impact of short-term redemption fluctuations and simplified the determination of merger consideration. The parties also discussed whether the Class V shares should be issued for no consideration or whether they should also be valued at $10 per share, and whether the issuance of such shares should be in addition to the $250 million transaction consideration or included in such amount. The Class V shares to be issued to the Seller were valued at $10.00 per share and are included within the total $250 million aggregate equity consideration. These shares were not granted in addition to the agreed valuation but rather form part of the overall consideration allocated among Btab shareholders. The parties also agreed that Closing cash would be determined