Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 487

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 487
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,721 outstanding under the Promissory Note.

In March 2023, we issued an unsecured promissory note to our Prior Sponsor (the “

#### Extension Note
”) in connection with the extension payment made by the Prior Sponsor to extend the Termination Date from March 13, 2023 to June 13, 2023. The Extension Note is non-interest bearing and payable on the earlier of the date the business combination is consummated or the liquidation of the Company. As of December 31, 2023, the Company had borrowed $1,150,000, the maximum amount under the Extension Note.

In June 2023, we issued an additional unsecured promissory note to the Prior Sponsor (the “

#### Second Extension Note
”) in connection with the shareholder approval to extend the date which the Company must consummate an initial business combination from June 13, 2023 for up to an additional six months to December 13, 2023. The Second Extension Note is non-interest bearing and payable on the earlier of the date the business combination is consummated or the liquidation of the Company. The Second Extension Note has a principal amount up to $960,000, of which the Company has borrowed $640,000 as of December 31, 2023.

In December 2023, we issued a promissory note (the “

#### Third Extension Note
”) in the aggregate principal amount of up to $1,500,000 to Sriram, pursuant to which Sriram agreed to loan the Company up to $1,500,000 in connection with the extension of the Company’s termination date from December 13, 2023 to December 13, 2024. The Third Extension Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination, and (b) the date of the liquidation of the Company. As of December 31, 2023, the Company has not borrowed any amounts under the Third Extension Note.

On January 14, 2025, IWAC amended the Third Extension Note to increase the principal amount to up to $4,000,000 to the Current Sponsor, pursuant to which the Current Sponsor may elect to convert up to a maximum amount of $1.5 million of the unpaid principal balance under such amended promissory note relating to working capital expenses into such number of ordinary shares (the “