Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 155

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 155
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 investment company under the Investment Company Act, unless IWAC can qualify for an exclusion, IWAC must ensure that it is engaged primarily in a business other than investing, reinvesting or trading in securities and that its activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. IWAC is mindful of the SEC’s investment company definition and guidance and intends to complete an initial business combination with an operating business, such as the Business Combination with Btab, and not with an investment company, or to acquire minority interests in other businesses exceeding the permitted threshold.

Earlier this year, the SEC provided guidance that the determination of whether a SPAC, like IWAC, is an “investment company” under the Investment Company Act is a facts and circumstances determination requiring individualized analysis and depends on a variety of factors, including a SPAC’s duration, asset composition, business purpose and activities. When applying these factors to IWAC, IWAC does not believe that its principal activities will subject it to the Investment Company Act. To this end, IWAC was formed for the purpose of completing an initial business combination with one or more businesses, such as the Business Combination with Btab. Since IWAC’s inception, its business has been and will continue to be focused on identifying and completing the Business Combination with Btab, or another initial business combination, and thereafter, operating the post-transaction business or assets for the long term. Further, IWAC does not plan to buy businesses or assets with a view to resale or profit from their resale and it does not plan to buy unrelated businesses or assets or to be a passive investor.

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IWAC is aware of litigation claiming that certain SPACs should be considered investment companies. Although IWAC believes that these claims are without merit, it cannot guarantee that IWAC will not be deemed to be an investment company and thus subject to the Investment Company Act. If IWAC were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which it has not allotted funds and may hinder its ability to complete the Business Combination or may result in its liquidation. If IWAC is unable to complete the Business Combination within the required time period under its organizational documents, its public shareholders may receive only approximately $12.78 per public share which is