Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 4

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 4
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the “

#### Aggregate Class A Share Consideration
”) and 100,000 Pubco Class V Common Shares (the “

#### Aggregate Class V Share Consideration
”), with each Pubco Class A Share and each Pubco Class V Share valued at $10.00 per share.

The IWAC Board obtained a fairness opinion from the Mentor Group, dated May 29, 2024, which provided that, as of that date and based on and subject to the assumptions, limitations, qualifications and other conditions set forth therein, Btab’s equity value in the Business Combination of $250,000,000 was fair, from a financial point of view, to the shareholders of IWAC.

Upon completion of the Business Combination, Pubco will qualify as a “controlled company” under the corporate governance rules of the Nasdaq Capital Market (“Nasdaq”). This is because Binson Lau, Pubco’s chairman of the board, will beneficially own up to approximately 36% of the issued and outstanding Pubco Class A Shares and 100% of the issued and outstanding Pubco Class V Shares (on an as-converted basis), depending on the level of redemptions by IWAC’s public shareholders. Each Pubco Class V Share carries 1,000 votes per share, resulting in Mr. Lau holding more than 50% of the total voting power for the election of directors. Under Nasdaq rules, a company in which more than 50% of the voting power for the election of directors is held by an individual, group, or another company is considered a “controlled company” and may elect not to comply with certain Nasdaq corporate governance requirements. Pubco currently intends to rely on these exemptions upon consummation of the Business Combination. As a result, Pubco’s stockholders will not have the same protections afforded to stockholders of companies that are subject to all Nasdaq corporate governance requirements. See “Risk Factors — Pubco will be a ‘controlled company’ within the meaning of the Nasdaq rules and, as a result, may rely on exemptions from certain corporate governance requirements.” See also “Risk Factors — Pubco’s corporate actions will be substantially controlled by its chairman of the board, who will have the ability to exert significant influence over important corporate matters.”

After careful consideration, the IWAC Board has determined that the proposals are fair to and in the best interests of IWAC and its shareholders and unanimously recommends that you vote or give instruction “

#### FOR
” the NTA Proposal, “

####