Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 312

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 312
---
 income and balance sheet projections for 2024 – 2028 prepared by the management of Btab;

•

Discussed the past and current operations and financial condition and the prospects of Btab with senior executives of IWAC;

•

Reviewed the pro forma impact of the Business Combination on IWAC’s cash flow, consolidated capitalization and certain financial ratios;

•

Reviewed the reported prices and trading activity for IWAC’s ordinary shares;

•

Reviewed the financial terms, to the extent publicly available, of certain comparable transactions;

•

Reviewed the Letter of Intent, the Business Combination Agreement, and certain related documents; and

•

Performed such other analyses, reviewed such other information and considered such other factors as The Mentor Group deemed appropriate, including:

(i)

reviewing the Btab Ecommerce Group, Inc. Annual report for the period ending December 31, 2023,

(ii)

performing a discounted cash flow analysis (“DCF”) utilizing the financial projections and an industry-derived discount rate,

(iii)

performing regression analyses on certain financial performance measures for ten industry companies comparable to Btab to determine the strength of the relationships between the financial performance measures and the equity value of the comparable companies; and,

(iv)

applying multiples of certain financial performance measures from the industry comparable companies to the same financial performance measures of Btab to determine an implied value of equity for each of the selected multiples over a five-year forecast period.

We have relied upon and assumed, without independent verification, the accuracy and completeness of all data that was publicly available or supplied or otherwise made available to The Mentor Group by IWAC and formed a substantial basis for its opinion. With respect to Btab’s financial projections, Mentor assumed that they had been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Btab of the future financial performance of Btab.

In addition, The Mentor Group assumed that the business combination will be consummated in accordance with the terms set forth in the Business Combination Agreement without any waiver, amendment or delay of any terms or conditions. The Mentor Group assumed that in connection with the receipt of all the necessary governmental, regulatory or other approvals and consents required for the proposed business combination, no delays, limitations, conditions or restrictions will be imposed that would have a material adverse effect on the contemplated benefits expected to be derived in the proposed business combination. The Mentor Group noted that it is not a legal, tax or regulatory advisor. The Mentor Group is a financial advisor only and relied upon, without independent verification, the assessment of Integrated Wellness and its legal,