Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 315

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 315
---
V Conclusion): Shows Mentor’s selected multiple ranges (high, low, and selected) derived from the above analysis and used to estimate Btab’s business enterprise value (BEV).**

Each company’s financial data and valuation multiples were reviewed in the context of their relevance to Btab’s operating profile. Although The Mentor Group utilized its industry knowledge in this process, the final set of guideline companies was selected based on objective quantitative and qualitative criteria outlined above and reflected in the referenced schedules.

The companies included in the comparable companies analysis were:

•

MercadoLibre, Inc.

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Coupang, Inc.

•

Jumia Technologies AG

•

Etsy, Inc.

•

Revolve Group, Inc.

•

Chewy, Inc.

•

PDD Holdings Inc.

•

Wayfair Inc.

•

Global-E Online Ltd.

•

Beyond, Inc.

For purposes of this analysis, The Mentor Group analyzed the ratio of enterprise value, which The Mentor Group Enterprise defined as fully-diluted market capitalization plus total debt, plus non-controlling interest, less cash and cash equivalents, less short-term investments, minus net non-operating assets to estimated revenue, EBITDA (earnings before interest, taxes, depreciation, amortization and certain other non-recurring items), and EBIT (earnings before interest, taxes, and certain other non-recurring items) for calendar years 2024 through 2028, of Btab and each of these comparable companies based on publicly available financial information for comparison purposes.

Based on its analysis of the relevant metrics for each of the comparable companies and upon the application of its professional judgment and experience, The Mentor Group selected representative ranges of revenue and EBITDA and applied these ranges of multiples to the estimated relevant metric for Btab based on the financial projections.

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TABLE OF CONTENTS

The Mentor Group calculated the estimated implied equity value of Btab’s total equity as of February 10, 2024 as follows: Comparable Company Multiples

| Calendar Year Financial Metric | ​ | ​ | Selected ForwardMultiple Range | ​ | ​ | Implied Value of Btab TotalEquity ($000) | ​ |
| EV / 2024 Revenue              | ​ | ​ | 0.40 x – 0.90 x                | ​ | ​ | $5,476.3 – $12,321.6                     | ​ |
| EV / 2025 Revenue              | ​ | ​ | 0.30 x