Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 259

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 259
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 Company F and the results of their market analysis. During that period, IWAC management also held several conference calls with the management of Company F and their respective advisors to discuss, among others, the post-business combination cap table, the cash requirements at closing and generally the opportunity of a business combination.

On July 22, 2022, following these discussions and review of the materials and information provided to IWAC’s former management team, a non-binding indication of interest letter (“

#### Company F IOI
”) was sent for discussion purposes to the advisor and broker to Company F. During the following weeks, the parties involved had several conference calls to discuss the terms of the Company F IOI and comments received from the management and the board of Company F. One of the main concerns raised was the amount of cash remaining at closing and the requirement for IWAC to find sources of financing to cover potential redemptions. On August 5, 2022, following these discussions, IWAC’s former management sent a revised non-binding indication of interest letter to Company F addressing these comments and with the objective to continue the discussions with Company F. Finally, following internal discussions with the management and the board of Company F, IWAC’s former management was informed on September 5, 2022, that Company F had decided not to pursue further a potential listing on the NYSE, and discussions were terminated.

Description of negotiation process with Refreshing

In mid-2022, an external advisor to Refreshing USA, LLC (“

#### Refreshing
”) mentioned the interest of Refreshing to explore potential transactions to A.G.P./Alliance Global Partners (“

#### AGP
”), who, at such time, acted as non-exclusive financial advisor to IWAC with respect to possible business combination transactions.

On August 19, 2022, representatives of AGP contacted members of both IWAC’s former management and board to inquire about IWAC’s interest in a potential business combination with a target operating in the food and beverage distribution and services industry and provided an executive summary of Refreshing’s business and a valuation analysis prepared by Refreshing in August 2022 showing an equity value of approximately $188 million. On August 22, 2022, former IWAC board members and management team and representatives of AGP had an introductory meeting with Ryan Wear, Refreshing’s founder and Chief Executive Officer and Jeremy Briggs, Refreshing’s Director of Finance. On August 23, 2022, IWAC and Refreshing entered into a non-disclosure