Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 84

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 84
---

#### FOR
” each of the separate Organizational Documents Proposals, “

#### FOR
” the Incentive Plan Proposal “

#### FOR
” each of the director nominees set forth in the Director Election Proposal and, if presented at the Extraordinary General Meeting, “

#### FOR
” the Adjournment Proposal.

After careful consideration, the IWAC Board determined unanimously that each of the proposals is fair to and in the best interests of IWAC and its shareholders. The IWAC Board has approved and declared advisable and unanimously recommends that you vote or give instructions to vote “FOR” each of these proposals.

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TABLE OF CONTENTS

For a description of various factors considered by the IWAC Board in reaching its decision to recommend in favor of voting for each of the proposals to be presented at the Extraordinary General Meeting of IWAC’s shareholders, see the sections herein regarding each of the proposals.

Recommendation of the Board and Reasons for the Business Combination

The IWAC Board, in evaluating the Business Combination, consulted with IWAC management and its financial, legal and other advisors. In reaching its unanimous resolution (i) that the Business Combination Agreement and the transactions contemplated thereby, including the Mergers and the Domestication, are advisable and in the best interests of IWAC and (ii) to recommend that the IWAC shareholders adopt the Business Combination Agreement and approve the Mergers and the other transactions contemplated by the Business Combination Agreement, the IWAC Board considered the unanimous recommendation of the Special Committee, the fairness opinion by the Mentor Group and a range of factors. Such factors included, but were not limited to, positive factors such as Btab’s earnings history and potential, Btab’s strong management team, opportunities for growth by Btab, Btab’s defensible and differentiated business niche, Btab’s diversified customer and supplier base. The IWAC Board also considered various potential negative factors associated with the Business Combination, including, but not limited to, market risk, Btab’s business plans potentially not being achieved, Btab’s revenue concentration, competition to Btab, macroeconomic uncertainty and conflicts of interest.

Additionally, the IWAC Board, in fulfilling its fiduciary duties, evaluated the benefits and detriments of the Business Combination to the unaffiliated security holders of IWAC. For example, the IWAC Board considered the ability of the IWAC securityholders to participate in the potential upside of Pubco if it is successful following the Closing, as well as the redemption