Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 277

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 277
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 paid by IWAC in the Business Combination is fair, from a financial point of view, to IWAC, as more fully described below in the section of this proxy statement/prospectus entitled “- Opinion of the Mentor Group”;

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Lock-Up. Certain stakeholders of Btab (Binson Lau and Btab Group Pty Ltd., who own an aggregate of 41.3% of the outstanding Btab equity) have agreed to be subject to 180-day lockup in respect of their Transaction Shares following consummation of the Business Combination, subject to certain customary exceptions, which will provide important stability to the leadership and governance of Btab;

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Other Alternatives. After a thorough review of other business combination opportunities reasonably available to IWAC, IWAC concluded that the proposed Business Combination represents the best potential business combination for IWAC and the most attractive opportunity based upon the process utilized to evaluate and assess other potential business combination targets; and

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Negotiated Transaction. The financial and other terms of the Business Combination Agreement, including the consideration to be paid by IWAC which was supported by the fairness opinion, the lack of conditionality based on minimum cash of IWAC, and the robust representations and warranties provided by Btab in the Business Combination, and the fact that such terms and conditions are reasonable and were the product of arm’s length negotiations between the Special Committee and Btab.

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TABLE OF CONTENTS

The Special Committee and the IWAC Board also considered a variety of uncertainties and risks and other potentially negative factors concerning the Business Combination including, but not limited to, the following:

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Macroeconomic Risks. Macroeconomic uncertainty, including fluctuations in interest rates, inflation, exchange rates, and GDP growth. These factors can impact consumer spending, supply chain stability, and overall market demand for Btab’s products and services. For Btab, post-Closing, such risks could lead to challenges in revenue generation, increased operational costs, and disruptions to supply chains. Prolonged economic uncertainty could also affect Btab’s ability to execute its business plan, secure financing, or achieve projected growth, underscoring the importance of robust risk mitigation strategies;

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Redemption Risk. The potential that a significant number of IWAC shareholders elect to redeem their shares in connection with the consummation of the Business Combination and pursuant to IWAC’s Current Articles, which would potentially make the Business Combination more difficult to complete, including because redemptions may make it more challenging for Pubco to satisfy applicable exchange