Company: WELNF
Filing Date: 2025-10-31
Form Type: PRE 14A
Source: 0001104659-25-104954
Chunk: 69

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-10-31
Form: PRE 14A
Chunk 69
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 the NTA Rule. Rule 3a51-1(a)(2) of
the Exchange Act also excludes from the definition of “penny stock” a security that is registered, or approved for registration
upon notice of issuance, on a national securities exchange, or is listed, or approved for listing upon notice of issuance on, an automated
quotation system sponsored by a registered national securities association, that has established initial listing standards that meet or
exceed the criteria in the rule (the “Exchange Rule”). Historically SPACs have relied upon the NTA Rule to
avoid being deemed a penny stock issuer.

Reasons for the Redemption Limitation Amendment and Redemption Limitation Amendment Proposal

As discussed below, after
careful consideration of all relevant factors, our Board has determined that the Redemption Limitation Amendment is in the best interests
of our Company because it may facilitate the consummation of the Business Combination.

The Redemption Limitation
in our M&A limits our ability to consummate a Business Combination, or to redeem Ordinary Shares in connection with a Business Combination,
if it would cause us to have less than $5,000,001 in net tangible assets. The purpose of the Redemption Limitation was initially to ensure
that the Ordinary Shares were not deemed to be a “penny stock” pursuant to Rule 3a51-1 under the Exchange Act in the
event that such Ordinary Shares failed to be listed on an approved national securities exchange and thus, no longer qualified for the
Exchange Rule exemption.

Although we may be deemed
a penny stock issuer without the exemptions under the NTA Rule and Exchange Rule, if the Redemption Limitation Amendment Proposal
is not approved and there are significant requests for redemption in the Extension such that following the Extension, our net tangible
assets would be less than $5,000,001, the Redemption Limitation would prevent us from being able to use the Extension and we would need
to proceed with liquidation of the Trust Account and dissolution of our Company pursuant to the M&A by December 15, 2025. Additionally,
if the Redemption Limitation Amendment Proposal is not approved and there are significant requests for redemption in connection with the
consummation of the Business Combination, the Redemption Limitation could prevent us from being able to consummate the Business Combination,
even if all other conditions to the Closing are met. Consequently, our Board has determined that it is in the best interests of our Company
to eliminate the Redemption Limitation from our M&A in order for