Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 311

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 311
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 is designed to empower small and mid-sized resellers in emerging Asia-Pacific markets. The company’s strategic focus aligns with macro industry trends in categories such as homewares, furniture, food, consumer packaged goods, and beauty and personal care, where digital enablement of traditional resellers remains relatively underdeveloped.**

Btab’s financial projections assume a gradual and controlled approach to market penetration, focusing on sustainable reseller adoption and technological integration. The company will leverage its existing supply chain, e-commerce platforms, and reseller network to expand within these industries.

We encourage you to review the financial statements of Btab included elsewhere in this proxy statement/ prospectus, as well as the financial information in the section entitled “Unaudited Pro Forma Condensed Combined Financial Information” in this proxy statement/prospectus and to not rely on any single financial measure.

#### Opinion of the Mentor Group
The Mentor Group Inc. (“

#### The Mentor Group
”) was retained by IWAC to act as its financial advisor in connection with the proposed Business Combination on or around February 10, 2024. IWAC selected The Mentor Group to act as its financial advisor based on The Mentor Group’s qualifications, expertise and reputation, its knowledge of and involvement in recent transactions in IWAC’s industry and its knowledge of the business and affairs of IWAC. On May 29, 2024, The Mentor Group rendered its oral opinion, which was subsequently confirmed in writing, to the IWAC Board to the effect that, as of that date and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by The Mentor Group as set forth in its written opinion, the $250,000,000 equity value of Btab pursuant to the Business Combination Agreement, which was provided by IWAC management, was fair from a financial point of view to the public shareholders of IWAC.

The Mentor Group based its analysis on the premise of a willing buyer, willing seller transacting for one hundred percent of the equity of Btab, both buyer and seller having reasonable knowledge of relevant facts. The Mentor Group did not recommend the equity value of $250,000,000 to any of the parties to the proposed transaction.

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In arriving at its opinion, The Mentor Group:

•

Reviewed certain publicly available financial statements and other business and financial information of IWAC and Btab, respectively;

•

Reviewed the above-referenced financial projections relating to