Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 302

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 302
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. Any changes will impact Btab’s business, all of which are difficult to predict and many of which are beyond IWAC and Btab’s control. Neither IWAC’s management, Btab’s management, nor any of their respective representatives has made or makes any representations to any person regarding the ultimate performance of Btab relative to the financial projections. The financial projections are forward looking statements that are inherently subject to significant uncertainties and contingencies, many of which are beyond Btab’s control. The various risks and uncertainties include those set forth in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Btab” and “Cautionary Statement Regarding Forward-Looking Statements” sections of this joint proxy statement/information statement/prospectus, respectively, and risks and uncertainties inherent in the assumptions further described below.

The financial projections are inherently subjective due to various factors, including market conditions, business execution, competitive landscape, and macroeconomic influences. Several assumptions were made in formulating these projections, and the IWAC Board recognized that certain underlying assumptions may not fully materialize, potentially leading to actual results that differ significantly from estimates.

The projections reflect management’s current expectations and incorporate various assumptions related to platform adoption, monetization strategy, and geographic expansion. For example, gross merchandise value (GMV) per reseller was informed by internal benchmarks and public comps from other ecommerce platforms. The expected monetization of freemium tools in 2025 is tied to planned adoption rates, pricing tiers, and the launch schedule of paid services. Reseller onboarding projections are based on prior observed ramp-up periods and planned regional platform rollouts.

Where specific assumptions could not be directly mapped to individual line items, they reflect qualitative inputs based on management’s experience and judgment. These include assumptions related to reseller behavior, the pace of SaaS tool uptake, and execution timelines. These qualitative drivers materially influenced the projections, even though they are not sensitivity-tested or isolated as numerical inputs in the model.

One of the primary subjective aspects of the projections is the rate of reseller adoption and engagement. Btab’s growth model assumes a steady increase in resellers utilizing its platforms, driven by the company’s supply chain capabilities, e-commerce solutions, and technology-driven efficiencies. However, the pace at which resellers adopt Btab’s offerings may be impacted by competition from alternative platforms, shifting market trends, or unforeseen operational challenges. If reseller acquisition is slower than anticipated, projected revenue growth may not materialize as expected.

Another key assumption is