Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 264

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 264
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, Gael Forterre and Hadrien Forterre, regarding the terms of the Refreshing Merger Agreement, the transactions contemplated thereby and fiduciary duties of directors when considering whether to authorize a potential business combination transaction, IWAC’s former board members unanimously approved the Refreshing Merger Agreement and the transactions contemplated thereby and recommended that IWAC’s shareholders consent to adopt and approve in all respects the Refreshing Merger Agreement and the transactions contemplated thereby. A preliminary draft of the written due diligence report prepared by EGS was also delivered to IWAC on February 9, 2023. Prior to the delivery of the draft report IWAC’s former management was advised of, and updated on the progress of, the material findings set forth in the report. On February 10, 2023, IWAC and Refreshing entered into the Refreshing Merger Agreement.

IWAC Holdings Inc. filed a registration statement on Form S-4 relating to the Refreshing Merger Agreement on February 14, 2023. The S-4 was amended twice, in April and August 2023. On September 27, 2023, the Refreshing Merger Agreement was terminated by IWAC, as certain conditions to the closing of the Refreshing Merger Agreement, including the effectiveness of the registration statement and the listing of securities on NYSE were not met by the outside date.

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The total estimated costs and fees associated with the previously proposed business combination with Refreshing were approximately $2.2 million, which included legal, accounting, audit, advisory, and SEC filing fees. Of this amount, approximately $800,000 has already been paid. The remaining $1.4 million in unpaid costs are obligations of IWAC. These costs are expected to be paid primarily from working capital loans provided by the Current Sponsor in connection with the closing of the Business Combination with Btab. Subject to agreement with Btab and negotiations with service providers, a portion of these unpaid amounts may also be settled using proceeds from the PIPE financing.

#### Sponsor Handover
On November 8, 2023, IWAC entered into a purchase agreement (the “

#### Purchase Agreement
”) with the Prior Sponsor, and Sriram Associates, LLC (“

#### Sriram
”), pursuant to which, the Prior Sponsor agreed to transfer to Sriram or its designees (i) 2,012,500 of IWAC’s Class B ordinary shares and (ii) 4,795,000