Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 269

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 269
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 net of expenses rather than prior to expenses. The Btab team also provided an update on the expected timing of the 2023 audit.

Upon further review of the Btab LOI and noting that the proposed business combination would be a related party transaction, on March 25, 2024, EGS sought the advice of IWAC’s Cayman Island counsel, Ogier (Cayman) LLP (“Ogier”), for applicable corporate governance considerations. Since Binson Lau, is the Chairman of IWAC as well as the Chief Executive Officer of Btab, on March 25, 2024, EGS convened a call with IWAC’s Cayman Island counsel, Ogier to discuss conflict of interest and fiduciary duty issues, if any, raised by the proposed business combination under Cayman Islands law. Ogier advised that under Cayman Islands law Mr. Lau would not be required to resign as a director and officer of IWAC and BTAB and a special committee would not be required to approve the transaction provided that the conflict is fully disclosed to all directors in accordance with IWAC’s articles of association, IWAC otherwise complies with the its articles of association (including obtaining a fairness opinion), and Mr. Lau is able to satisfy his fiduciary duties to both companies.

On March 28, 2024, NMRS delivered the initial draft of the Original Business Combination Agreement to EGS.

On April 1, 2024, EGS advised the management of IWAC that Ogier, IWAC’s Cayman Island counsel, had advised EGS that there is no outright prohibition against Binson Lau remaining on the board of IWAC or acting as its Chairman under Cayman Islands law, and that he will not be required to resign from such roles because of the proposed transaction with Btab. In addition, Ogier advised EGS and EGS relayed to the IWAC Board that Btab was not be required to establish a special committee under Cayman Islands Law provided that the conflict is fully disclosed to the other directors in accordance with IWAC’s articles of association, IWAC otherwise complies with its articles of association (including obtaining a fairness opinion), and Mr. Lau is able to satisfy his fiduciary duties to both companies. Notwithstanding the foregoing, and regardless of Cayman Law requirements, EGS recommended that the transaction should be reviewed and negotiated by an independent committee of the IWAC Board since IWAC intends to redomesticate to the U.S. prior to the Closing,