Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 276

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 276
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TABLE OF CONTENTS

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Digitally-enabled with scalable technology : Business with a high-quality existing technology stack that supports continued scale and increased penetration that could benefit from investment in technology to further scale the business.

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Delivering sustainable consumer outcomes : Products or services that have a clear value proposition and can be proven to drive health, wellness and fitness outcomes. Business will have high social engagement and an authentic relationship with the customer.

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Led by a proven and experienced team : Team that has expertise and track record of achieving scale and one that would succeed in public markets.

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Available at an attractive valuation : Valuation that is appropriate given comparable companies and transactions and that allows for considerable upside for investors.

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A platform for growth : Business whose brand and value proposition position it to pursue organic and acquisitive growth across our targeted verticals where we see long-term favorable trends and a sizable number of opportunities as complementary add-ons.

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Upside opportunities : Business that can grow through product line extensions, geographic expansion and/or new channels.

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Reasonableness of Consideration. Following a review of the financial data provided to IWAC and the due diligence of Btab’s business conducted by IWAC’s management and advisors, and taking into account the opinion received from Mentor regarding the fairness of the consideration to be paid by IWAC in the Business Combination, the IWAC Board (taking into account the recommendation of the Special Committee) determined that the aggregate consideration to be paid in the Business Combination was fair to IWAC;

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Stockholder Liquidity. The obligation in the Business Combination Agreement to apply to list Pubco Common Shares issued as merger consideration listed on the NYSE, a major U.S. stock exchange, which the IWAC Board believes has the potential to offer stockholders enhanced liquidity;

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Financial Condition . The IWAC Board also considered factors such as Btab’s historical financial results, outlook, financial plan, debt structure and unit economics. In considering these factors, the IWAC Board reviewed Btab’s historical growth and its current prospects for growth if Btab achieves its business plan and various historical and current balance sheet items of Btab. In reviewing these factors, the IWAC Board noted that Btab will be well positioned to gain national market share and leverage its infrastructure while continuing to drive industry leading margins;

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Fairness Opinion. The opinion of the Mentor Group, dated May 29, 2024, to the IWAC Board to the effect that, as of that date and qualified by the assumptions, qualifications and limiting conditions therein, the consideration to be