Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 89

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 89
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 of the Existing Organizational Documents of IWAC and Cayman Islands law, the exercise of redemption rights shall be treated as an election to have such Public Shares repurchased for cash and references in this joint proxy statement/information statement/prospectus shall be interpreted accordingly. Immediately following the Domestication and the consummation of the Business Combination, Public Shareholders who properly exercised their redemption rights in respect of their Public Shares shall be paid.

Public Shareholders who redeem their shares may continue to hold any warrants they owned prior to redemption, which results in additional dilution to non-redeeming holders upon exercise of such warrants. Assuming (i) all redeeming Public Shareholders acquired units in the IPO and continue to hold the warrants that were included in the units, and (ii) maximum redemptions of the ordinary shares held by the redeeming Public Shareholders, 5,750,000 warrants would be retained by redeeming Public Shareholders with a value of approximately $574,425 based on the $0.0999 quoted price of the IWAC Public Warrants on the OTC on November 3, 2025. As a result, the redeeming Public Shareholders would recoup their entire investment and

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continue to hold warrants with an aggregate market value of approximately $574,425, while non-redeeming Public Shareholders would suffer additional dilution in their percentage ownership and voting interest in Pubco upon exercise of the warrants held by redeeming Public Shareholders.

Unlike some other blank check companies which require Public Shareholders to vote against a business combination in order to exercise their redemption rights, Public Shareholders may vote in favor of the Business Combination and exercise their redemption rights. Accordingly, the Business Combination may be consummated even though the funds available from the Trust Account and the number of Public Shareholders are substantially reduced as a result of redemption by Public Shareholders. However, unless the NTA Proposal is approved, the Business Combination will not be consummated if redemptions would cause IWAC to not have at least US$5,000,001 in net tangible assets immediately prior to, or upon such consummation of the Business Combination.

With fewer Public Shares and public stockholders, the trading market for Pubco Class A Shares may be less liquid than the market for the IWAC Class A ordinary shares was prior to the Business Combination, and Pubco may not be able to meet the listing standards for Nasdaq or another national securities exchange.