Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 249

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 249
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usiness Combination. (5) Includes Pubco Class A Shares to be issued upon the assumed exercise of the 4,795,000 Private Placement Warrants held by Current Sponsor and Pubco Class A Shares to be issued upon the assumed exercise of the 2,055,000 Private Placement Warrants held by Prior Sponsor. (6) Calculation of implied per share value assumes total Equity Value of $250 million of Pubco upon consummation of the Business Combination, is assumed to be allocated to the Pubco Class A Shares and Pubco Class V Shares on a relative fair value basis according to the number of outstanding and fully diluted shares in each class. (7) Excludes redeemable shares held by IWAC Public Shareholders

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Calculation of implied per share value assumes total Equity Value of $250 million of Pubco upon consummation of the Business Combination, is assumed to be allocated to the Pubco Class A Shares and Pubco Class V Shares on a relative fair value basis according to the number of outstanding shares in each class.

### Background of the Business Combination
Prior to the consummation of the IPO, neither IWAC, nor anyone on its behalf, had any substantive discussions, formal or otherwise, with respect to a proposed transaction with Btab. The following is a brief description of the background of the negotiations, the Business Combination and related transactions.

IWAC is a Cayman Islands exempted company structured as a blank check company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Prior to the Sponsor Handover and entering into the Business Combination Agreement with Btab, IWAC’s Prior Sponsor and management conducted a thorough search for a potential business combination transaction, utilizing the network and investing and operating experience of its management team and Board.

From the date of its IPO through the Sponsor Handover, IWAC’s prior management and the IWAC Board evaluated and considered a number of potential target companies as candidates for a possible business combination transaction. Representatives of IWAC contacted and were contacted by a number of individuals and entities who offered to present potential acquisition opportunities to IWAC across a wide array of health, nutrition, fitness, wellness and beauty sectors and the products, devices, applications and technology driving growth within these verticals technology, with a focus on the U.S. and the European markets.

IWAC’s prior management and its advisors compiled a list of high priority potential targets and updated and