Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 948

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 948
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., and Binson Lau (for limited purposes).

2)

the Letter of Intent (“ Proposal ”) by and between WEL and Btab Ecommerce Group, Inc. entered into on February 10, 2024.

3)

the Business Combination Agreement, dated May 30, 2024 (“Original Business Combination Agreement”), by and among WEL, the Company and the other parties thereto;

4)

the Articles of Association of WEL, dated July 7, 2021;

5)

the Certificate of Incorporation of WEL, dated July 7, 2021;

6)

the Memorandum of Association of WEL, dated July 7, 2021;

7)

the Form S-1 Registration Statement for WEL, dated September 2, 2021;

8)

the Form S-1 Registration Statement for WEL, dated November 3, 2021;

9)

the Form 10-Q for WEL, for the quarter ended September 30, 2023;

10)

the Form 10-K for WEL, for the fiscal year ended December 31, 2023, filed March 31, 2023;

11)

searched for companies similar to the Company in various business transaction and stock market databases including CapitalIQ, BV Resources and Yahoo Finance;

12)

reviewed the Btab Ecommerce Financial Model 04.04.2024.pdf; and,

13)

constructed a financial model with various approaches and methodologies to determine a range of enterprise value for the Company.

We have relied upon and assumed, without independent verification, the accuracy and completeness of all data, material other information furnished, or otherwise made available, to us, discussed with or reviewed by us, or publicly available, and do not assume any responsibility with respect to such data, material, and other information. We have relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or

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prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to us that would be material to our analyses or this Opinion, and that there is no information or any facts that would make any of the information reviewed by us incomplete or misleading.

We have relied upon and assumed, without independent verification, that (a) the representations and warranties of the Parties to the Business Combination