Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 303

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 303
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 the successful monetization of Btab’s technology platforms. While Btab currently operates a freemium model, the financial projections assume that paid features — including online marketing tools, premium storefront services, and AI-driven advertising — will drive significant revenue starting in 2025. The IWAC Board considered the possibility that reseller demand for these paid services may develop at a slower-than-expected rate, delaying the company’s transition from a freemium model to a revenue-generating model.

Additionally, the projections assume continued expansion of product supply and distribution across multiple geographic regions. The model incorporates plans for increasing furniture manufacturing capacity in Australia, expanding wholesale and retail distribution, and scaling food product imports and exports in Hong Kong. These assumptions are subject to external risks such as supply chain disruptions, fluctuating raw material costs, and regulatory changes. If unforeseen market conditions or operational constraints hinder these expansion efforts, the projected revenue growth may not be fully realized.

Economic conditions and external macroeconomic factors also contribute to the subjectivity of the projections. The model assumes stable or improving economic conditions, with increasing demand for Btab’s product offerings and digital services. However, potential headwinds such as inflation, interest rate fluctuations, global supply chain disruptions, and shifts in consumer spending behavior could impact business performance and delay growth.

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Furthermore, the assumption of sustained gross merchandise value (GMV) per reseller is another key consideration. The projections estimate a conservative GMV per reseller, reflecting industry benchmarks and historical data. However, if actual reseller sales volumes are lower than anticipated due to competition, changing consumer trends, or platform adoption challenges, revenue projections could be negatively affected.

The IWAC Board also considered execution risks, including Btab’s ability to scale its logistics and fulfillment operations efficiently. As reseller participation grows, fulfillment services, warehousing, and last-mile delivery capabilities must scale accordingly. Any delays in expanding logistics infrastructure or inefficiencies in fulfillment operations could impact projected revenue targets and profitability. Given these uncertainties, the IWAC Board recognized that some of the underlying assumptions may not fully materialize, and as a result, actual financial outcomes may differ significantly from the projections. This acknowledgment was a key factor in evaluating the potential risks associated with the Business Combination.

There can be no assurance that the projected results will be realized or that actual results will not be significantly lower than projected. Neither Kreit & Chiu CPA LLP, Btab’s independent registered public accounting firm, nor BDO USA. P