Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 110

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 110
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, which will be the business of Pubco following the consummation of the Business Combination. Accordingly, the risks described below relating to Btab could also materially and adversely affect Pubco after the consummation of the Business Combination. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and accompanying notes, and other financial information included elsewhere within this joint proxy statement/information statement/prospectus. This discussion includes forward-looking information regarding our business, results of operations and cash flows and contractual obligations and arrangements that involve risks, uncertainties and assumptions. Our actual results may differ materially from any future results expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to, those discussed in the sections of this joint proxy statement/information statement/prospectus entitled “Cautionary Note Regarding Forward-Looking Statements” and “Btab Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

### Risks Related to Btab’s Business, Industry and Operations
Btab’s independent registered public accounting firm have expressed substantial doubt about Btab’s ability to continue as a going concern, and neither Btab nor IWAC can assure you that the consummation of the Business Combination will eliminate this concern.

Btab’s independent registered public accounting firm have expressed substantial doubt about Btab’s ability to continue as a going concern, as set forth in their opinion included elsewhere in this joint proxy statement/information statement/prospectus.

Btab’s financial position and operating results raise substantial doubt about Btab’s ability to continue as a going concern, as reflected by the net loss of $806,161 for the six months ended June 30, 2025, accumulated deficit of $5,920,931, net cash provided by operating activities was $64,020 and negative working capital of $4,998,658 on June 30, 2025. Btab’s ability to continue as a going concern is, however, dependent on various factors, and neither Btab nor IWAC can assure you that the consummation of the Business Combination will eliminate any doubts about Btab’s ability to continue as a going concern. For example, if holders of IWAC ordinary shares elect to redeem shares in an amount that is above what IWAC expects, there may be less cash available to Pubco at the consummation of the Business Combination than expected. If Btab is unable to continue as a going concern, Btab may be forced to sell