Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 699

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 699
---
 administrative expenses increased to $197,758 from $41,333 in the prior year, driven by ongoing infrastructure, staffing, and product development efforts during the transition. As a result, the segment recorded a loss from operations of $208,193 in 2024, compared to income of $119,389 in 2023. No impairment charges or restructuring costs were recorded. The operational performance is reflective of the Company’s recalibration of its Hong Kong footprint and the timing of new sales initiatives launched during the year. This strategic shift was shaped in part by macroeconomic and trade-related developments. Notably, in December 2024, the Chinese government lifted its remaining restrictions on Australian agricultural imports, including meat products. These policy changes materially altered sourcing patterns and introduced heightened competition across regional supply chains, prompting the Company to reassess its product mix and sourcing strategy for the Hong Kong segment. Looking ahead, management will continue to evaluate the performance and strategic relevance of its Hong Kong operations as part of broader geographic planning. While 2024 included a reduction in activity, the Company remains committed to assessing opportunities for sustainable growth in the region and will adjust the scope and scale of operations as necessary in response to evolving conditions. NOTE 15 — SUBSEQUENT EVENTS The Company has evaluated subsequent events or transactions occurring through May 14, 2025, the date on which the consolidated financial statements were available to be issued and determined that, there were no material events or transactions are required to be disclosed herein.

F-119

TABLE OF CONTENTS

#### Annex A​

#### Execution Version​

### AMENDED AND RESTATEDBUSINESS COMBINATION AGREEMENT

### BY AND AMONG

#### INTEGRATED WELLNESS ACQUISITION CORP,

#### IWAC HOLDING COMPANY INC.,

#### IWAC PURCHASER MERGER SUB II INC.,

#### IWAC COMPANY MERGER SUB INC.,

#### AND

#### BTAB ECOMMERCE GROUP, INC.

#### DATED AS OF AUGUST 26, 2024
TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                                                          | ​ | ​ | Page |   |      |   | ​ |
| ARTICLE 1 CERTAIN DEFINITIONS                                              | ​ | ​ | ​    | ​ | A-3  | ​ | ​ |
| Section 1.1                                                                
 Definitions                                                                
 ​                                                                          | ​ | ​ | ​    | ​ | A-3  | ​ | ​ |
| ARTICLE 2 MERGERS                                                          | ​ | ​ |