Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 310

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 310
---
 based on conservative estimates. Btab has set cautious revenue assumptions per seller, ensuring that its projections remain realistic and sustainable.

Btab’s projected revenue growth for product supply and online stores from approximately $9.1 million in 2023 to $646 million in 2028 is based on several key operational and strategic assumptions. These include:

•

A multi-year expansion of Btab’s reseller network across the Asia-Pacific region;

•

The phased monetization of its existing freemium user base beginning in 2025, through the introduction of subscription services, premium listing upgrades, and integrated SaaS solutions;

<div align='center'>163</div>

TABLE OF CONTENTS

•

The development of additional revenue streams, including AI-driven marketing tools and end-to-end warehousing and logistics services targeted at wholesale buyers.

The significant year-over-year increases anticipated in 2025 and 2026 reflect the launch and initial scale-up of these monetization initiatives, alongside increased seller activity and fulfillment capacity. Beginning in 2027, the financial model assumes a transition to a steady-state growth phase, with revenues driven primarily by continued expansion in reseller volume and an increase in gross merchandise value (GMV) per reseller, rather than new service offerings.

**3.

Industry Comparisons & Market Size Considerations: Btab’s business model incorporates certain functional elements that are directionally similar to those used by established e-commerce platforms such as Amazon, Shopify, Alibaba, Temple & Webster, Wayfair, and Global-e Online, particularly in areas such as e-commerce enablement, third-party reseller infrastructure, product sourcing, and technology integration. These comparisons are included solely to help contextualize the types of services and structural features Btab seeks to integrate into its platform as it grows. However, Btab is a much earlier-stage company with a significantly smaller scale, financial resources, and market penetration than the aforementioned companies. These companies are far more mature, diversified, and globally scaled, and operate with materially greater technological and logistical capabilities. The inclusion of such companies is not intended to imply that Btab is currently comparable to them in terms of financial condition, market capitalization, revenue generation, profitability, or operational maturity. Rather, these references are provided to illustrate the broader industry frameworks and business models that Btab draws inspiration from as it seeks to establish a differentiated presence in the Asia-Pacific reseller market. Btab’s differentiation lies in its integrated approach: combining product supply, proprietary e-commerce infrastructure, and reseller enablement tools within a single ecosystem. This adaptive model