Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 266

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 266
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 Sriram, and Mr. Malriat were approached due to their prior SPAC experience. Mr. Malriat and Mr. Ajjarapu held informal discussions with the Prior Sponsor about the Sponsor Handover and the appointment of the new team at a business conference and ultimately reached an agreement in November 2023.

#### Description of negotiation process with Btab
The terms of the proposed Business Combination with Btab were the result of thorough negotiations between the representatives of IWAC and Btab, based on diligence efforts of IWAC management with the support of its advisors. The following is a brief description of the background of the negotiations, the Business Combination and related transactions.

Following the consummation of the Sponsor Handover, IWAC’s management team and board focused their efforts on pursuing a business combination with Btab. Due to constraints on time (IWAC only having 11 months remaining to complete its initial business combination), IWAC’s search for qualified acquisition targets was limited and management believed that many targets would not be interested in engaging in a business combination transaction with IWAC.

IWAC sent an initial draft of a non-binding letter of intent to Btab (the “

#### LOI
”). IWAC and Btab negotiated the terms of the LOI directly between the parties, prior to IWAC’s engagement of transaction counsel.

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On February 8, 2024, IWAC and Btab entered into the non-binding LOI (the “

#### Btab LOI
”). At that time, the potential conflict of interest involving Mr. Binson Lau both a board member of IWAC and the CEO of Btab had not yet been disclosed to the IWAC Board, and formal advice regarding Cayman Islands conflict procedures had not yet been obtained, as IWAC was yet to engage counsel. Moreover, the LOI was non-binding, and therefore Company management had the authority to execute the LOI without Board approval. Once the parties proceeded to negotiate a definitive agreement, appropriate counsel was engaged.

Pursuant to the Btab LOI, IWAC valued Btab at a pre-transaction enterprise value of $250 million. IWAC’s proposed valuation was determined by the management including its Chief Executive Officer and Chief Financial Officer, in consultation with its financial advisors, and submitted for consideration by IWAC Board based upon various comparable companies and market factors. The initial valuation was based on several qualitative and quantitative factors, and key assumptions including:

•

### Btab’s internal