Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 161

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 161
---
 arise. As a result of unidentified issues or factors outside of IWAC’s or Pubco’s control, Pubco may be forced to later write-down or write-off assets, restructure operations, or incur impairment or other charges that could result in reporting losses. Even if IWAC’s due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with the preliminary risk analysis conducted by IWAC. Even though these charges may be non-cash items that would not have an immediate impact on Pubco’s liquidity, the fact that Pubco reports charges of this nature could contribute to negative market perceptions about Pubco or its securities. In addition, charges of this nature may cause Pubco to violate leverage or other covenants to which it may be subject. Accordingly, any shareholders who choose to remain shareholders following the Business Combination could suffer a reduction in the value of their shares from any such write-down or write-downs.

<div align='center'>61</div>

TABLE OF CONTENTS

Btab has been and may continue to be subject to changing economic or market conditions.

The IWAC Board, based in part on the unanimous recommendation of the Special Committee, in May 2024 approved IWAC’s entry into the Business Combination Agreement and the Business Combination, and has unanimously recommended IWAC’s shareholders vote or give instruction to vote “FOR” each of these Proposals. Shareholders should be aware that since that date Btab’s business has been and will continue to be subject to changing economic or market conditions and a number of other events and factors such as those listed in “ Risk Factors — Risks Related to Btab’s Business ”, many of which are beyond IWAC’s and Btab’s control. Such adverse or changing economic or market conditions and other events and factors may adversely affect Pubco’s business, financial condition and results of operations and/or the stock price of Pubco following the Business Combination.

IWAC’s Public Shareholders will experience dilution due to the issuance to existing Btab equity holders of securities entitling them to a significant voting stake in Pubco.

Based upon the assumptions described under the section entitled “ Unaudited Pro Forma Condensed Combined Financial Information ,” IWAC’s current Public Shareholders and the Current Sponsor would hold in the aggregate approximately 3.6% and 16.7%, respectively, of the outstanding economic interests in Pubco (in each case, assuming no redemptions by IWAC’s public shareholders), following the consummation