Company: WELNF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001410578-25-000739
Chunk: 14

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 13C
Chunk 14
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 sponsor to extend the Termination Date from March 13, 2023 to June 13, 2023. The Extension Note is non-interest bearing and payable on the earlier of the date the business combination is consummated or the liquidation of the Company. As of December 31, 2024, the Company had borrowed $1,150,000, the maximum amount under the Extension Note.

In June 2023, we issued an additional unsecured promissory note to the prior sponsor (the “Second Extension Note”) in connection with the shareholder approval to extend the date which the Company must consummate an initial business combination from June 13, 2023 for up to an additional six months to December 13, 2023. The Second Extension Note is non-interest bearing and payable on the earlier of the date the business combination is consummated or the liquidation of the Company. The Second Extension Note has a principal amount up to $960,000, of which the Company has borrowed $640,000 as of December 31, 2024.

On November 8, 2023, the Company entered into a purchase agreement (the “Sponsor Handover”), with IWH Sponsor LP and Sriram Associates, LLC, under which the Prior Sponsor transferred 2,012,500 Class B shares and 4,795,000 private placement warrants for a total purchase price of one dollar. The agreement also initiated a management change by appointing new officers and directors, and Sriram assumed several obligations including costs for a monthly extension, proxy statement filing, public reporting, D&O insurance premiums, legal fees, and certain existing liabilities. By December 31, 2024, a Sriram affiliate had contributed $2,933,387 towards these obligations and Trust Account deposits. The transaction closed on February 1, 2024, when Suntone Investment Pty Ltd, a Sriram designee, acquired the securities and assumed the role of Sponsor.

In December 2023, we issued a promissory note (the “Third Extension Note”) in the aggregate principal amount of up to $1,500,000 to Sriram, pursuant to which Sriram agreed to loan the Company up to $1,500,000 in connection with the extension of the Company’s termination date from December 13, 2023 to December 13, 2024. The Third Extension Note bears no interest and is repayable in full upon the earlier of (a) the date of the