Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 117

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 117
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 continue to acquire new customers and maintain and increase engagement with existing customers; system updates to app stores and advertising platforms; changes in search algorithms by search engines; the development of new search engines or social media sites that reduce traffic on existing search engines and social media sites; and consumer behavior changes as a result of global conflicts or otherwise.

The financial projections are subjective in many respects. As a result, there can be no assurance that the financial projections will be realized or that actual results will not be significantly lower than estimated.

The IWAC Board considered, and recognized as part of its review and evaluation, the possibility that some of the assumptions underlying the projections would not materialize. Given the early stage of Btab’s revenue model and the significant projected growth, there is a risk that these projections may not be realized and may reflect assumptions that prove unrealistic. As such, reliance on these projections could result in inflated valuation conclusions. Since the financial projections cover multiple years, that information by its nature becomes less predictive with each successive year. Neither Btab’s management nor Btab representatives has made or makes any representations to any person regarding the ultimate performance of Btab relative to the financial projections. The financial projections are not fact nor a guarantee of actual future performance. The future financial results of Btab may differ materially from those expressed in the financial projections due to factors beyond Btab ability to control or predict. Our financial projections involve forward-looking

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estimates that may not materialize as expected. Several risks could impact performance, including variability in reseller and user adoption rates. If reseller participation grows at a slower pace than anticipated, revenue projections may need to be adjusted.

Execution risks also present challenges, as delays in monetization of online platforms or fulfillment expansions could impact revenue timelines. External macroeconomic and regulatory conditions, such as supply chain disruptions, economic downturns, and changes in regulatory requirements, may also influence financial performance. Additionally, if actual business expansion differs from projections, the post-Business Combination valuation may be affected.

We encourage you to review the financial statements of Btab included elsewhere in this proxy statement/ prospectus, as well as the financial information in the section entitled “Unaudited Pro Forma Condensed Combined Financial Information” in this proxy statement/prospectus and to not rely on any single financial measure.

We have acquired, and may acquire in the future, other businesses. Acquisitions divert a substantial part of our resources and management attention and if we are unable to effectively integrate acquired