Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 313

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 313
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 tax, and regulatory advisors with respect to legal, tax or regulatory matters. The Mentor Group did not make any independent valuation or appraisal of the assets or liabilities of Btab and was not furnished with any such valuations or appraisals. The Mentor Group’s opinion was necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to The Mentor Group as of, February 10, 2024. Events occurring after such date may affect The Mentor Group’s opinion and the assumptions used in preparing it, and The Mentor Group did not assume any obligation to update, revise or reaffirm its opinion.

Summary of Financial Analyses

The following is a summary of the material financial analyses performed by The Mentor Group in connection with its oral opinion and the preparation of its written opinion to the IWAC Board. The

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TABLE OF CONTENTS

following summary is not a complete description of The Mentor Group’s opinion, or the financial analyses performed and factors considered by The Mentor Group in connection with its opinion, nor does the order of analyses described represent the relative importance or weight given to those analyses. Unless stated otherwise, the following quantitative information, to the extent that it is based on market data, is based on market data as of February 10, 2024, and is not necessarily indicative of current market conditions. In performing its financial analyses summarized below and in arriving at its opinion, with the consent of the IWAC Board, The Mentor Group used and relied upon the financial projections provided by Btab management on or around April 04, 2024, and described herein in the section entitled “Certain Unaudited Projected Financial Information”. Some of the financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses used by The Mentor Group, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. The analyses listed in the tables and described below must be considered as a whole. Assessing any portion of such analyses and of the factors reviewed, without considering all analyses and factors, could create a misleading or incomplete view of the process underlying The Mentor Group’s opinion.

Comparable Company Analysis

The Mentor Group performed a comparable company analysis, which attempts to provide an implied value of a company by comparing it to similar companies that are publicly traded. The Mentor Group reviewed and compared, using publicly available information, certain historical, current, and prospective information for Btab