# EDGAR Filing Document

**Accession Number:** 0002033522
**File Stem:** 0000000000-25-005999
**Filing Date:** 2025-6
**Character Count:** 18416
**Document Hash:** 848f7123240004a0b12de5564c5831cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-005999.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0000000000-25-005999

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250606

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IWAC Holding Co Inc.
- **CENTRAL INDEX KEY:** 0002033522
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-NONSTORE RETAILERS [5960]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 332068817
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-07409

**BUSINESS ADDRESS:**
- **STREET 1:** 1441 BROADWAY, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** (917) 397-7625

**MAIL ADDRESS:**
- **STREET 1:** 1441 BROADWAY, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-24-093903

## Text-Extract

```

                                                            June 6, 2025

Suren Ajjarapu
Chief Executive Officer
IWAC Holding Co Inc.
59 N. Main Street
Florida, NY 10921

Binson Lau
Chief Executive Officer
Btab Ecommerce Group, Inc.
Angel Place Level 17
123 Pitt Street
Sydney, NSW 2000 Australia

       Re: IWAC Holding Co Inc.
           Amendment No. 2 to Draft Registration Statement on Form S-4
           Submitted May 14, 2025
           CIK No. 0002033522
Dear Suren Ajjarapu and Binson Lau:

     We have reviewed your amended registration statement and have the
following
comment(s).

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

        After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our December 17,
2024
letter.

Amendment No. 2 to Draft Registration Statement on Form S-4
We have limited business insurance coverage, page 38

1.     We note your revised disclosure in response to prior comment 21,
including that your
       current insurance does not cover cyber threats and data breaches. Please
revise your
 June 6, 2025
Page 2

       risk factor disclosure at the top of page 38 to note this information
and describe the
       risks associated with operating an ecommerce company without insurance
coverage
       for cybersecurity incidents.
Risk Factors
Since we have not consummated our initial Business Combination by December 13,
2024 ...,
page 53

2.     We note your amended disclosure in response to prior comment 22,
including your
       statement that "[t]here can be no assurance that the Trading Suspension
will be lifted
       prior to the Closing." However, we note that since the suspension, the
NYSE filed a
       Form 25 to delist your securities. Please revise to remove any reference
to lifting the
       Trading Suspension and revise to state that in order to trade on NYSE,
you would
       need to submit a new application, what that involves, and the likelihood
that you
       would pursue that prior to closing the business combination.
Additionally, we note
       your statement that "[i]f the filing of the Form 25 materially impacts
the parties
       ability to complete the Business Combination on the terms thereof or
Pubco   s ability
       to list on a national securities exchange, IWAC will promptly file a
Current Report on
       Form 8-K to report such event, with sufficient advance notice prior to
the
       consummation of the Business Combination for shareholders to make an
investment
       decision with respect to their shares." Please revise to further explain
this statement,
       including how the Form 25 would materially impact the parties' ability
to complete
       the Business Combination. If it involves any conditions that need to be
waived by one
       or other of the parties, please revise to state as much.
Proposal Two -- The Domestication Proposal, page 102

3.     We note that IWAC is asking its shareholders to approve the
Domestication Proposal,
       which is a condition precedent to the Business Combination Proposal.
Please register
       the domestication on a Form S-4 or provide a detailed legal analysis as
to why IWAC
       is not required to register this transaction.
Background of the Business Combination, page 112

4.     We note you deleted the statement that "[p]rior to the consummation of
the IPO,
       neither IWAC, nor anyone on its behalf, had any substantive discussions,
formal or
       otherwise, with respect to a proposed transaction with Btab." Please
tell us why you
       deleted this statement.
5.     We note your amended disclosure in response to prior comment 26. Please
disclose
       which party is responsible for the $1.4 million outstanding costs and
fees associated
       with the Refreshing business combination. Please also revise to include
a Question
       and Answer that addresses the amounts to be paid by each party at and
post-closing.
Sponsor Handover, page 119

6.     We note your amended disclosure in response to prior comment 29. Please
revise to
       include the total costs and fees assumed by Sriram.
 June 6, 2025
Page 3
Description of negotiation process with Btab, page 120

7.     We note your amended disclosure in response to prior comment 30,
including each of
       the factors considered on page 120. Please revise to discuss each of the
factors in
       further detail or provide cross-references to their respective
discussions elsewhere in
       the prospectus.
8.     We note your amended disclosure in response to prior comment 31,
including that
       during the March 22, 2024 meeting, the parties agreed that each share
issued as
       consideration would be valued at $10 per share, rather than valuing the
shares at
       IWAC's redemption price at the time of the Business Combination. Please
revise to
       state the reason for this decision and include the anticipated
redemption price or price
       range for such shares. Additionally, please revise to include the
ultimate decision that
       was made regarding the valuation of the Class V shares.
9.     We note your amended disclosure in response to prior comment 32,
including that
       Cayman Island counsel advised that Mr. Lau's conflict of interest be
fully disclosed to
       all directors. Please advise when such disclosure occurred. In this
light, we note that
       the LOI was entered into before the board received this advice from
Cayman Island
       counsel. Please advise if the conflicts disclosure occurred before or
after executing the
       LOI.
Recommendation of the Board and Reasons for the Business Combination, page 124

10.    We note your amended disclosure in response to prior comment 38 and we
reissue in
       part. Please revise to state whether or not the Business Combination
Agreement and
       transactions contemplated thereby was approved by a majority of the IWAC
       directors who are not employees of the special purpose acquisition
company. If any
       IWAC director of the special purpose acquisition company voted against,
or abstained
       from voting on, approval of the Business Combination Agreement and the
       transactions contemplated thereby, identify such persons, and indicate,
if known after
       making reasonable inquiry, the reasons for the vote against the
transaction or
       abstention.
11.    We note your amended disclosure in response to prior comment 39 and we
reissue in
       part. Please identify the specific financial and other terms of the
Business
       Combination Agreement that you are referencing with respect to the arm's
length
       negotiations between the Special Committee and Btab.
Certain Unaudited Projected Financial Information, page 145

12.    We note your response to prior comment 43 and we reissue it in part.
With respect to
       your risk factor disclosure on page 33, please revise to remove the
portion of the
       caption that states that actual results may be "significantly higher"
than estimated, or
       please tell us why you believe retaining this disclosure would likely be
material.
       Additionally, please further revise the risk factor to note, if true,
that projected results
       may be unrealistic and have resulted in inflated valuation conclusions.
With respect to
       your revised disclosure on page 147, to the extent any of the
assumptions can be
       qualified or tied to specific values in the financial projections,
please revise to disclose
       that information. If not, please revise to state as much. Finally,
please revise to:
           include specifics of what management experience and industry
information was
 June 6, 2025
Page 4

           used to create the financial projections;
             explain what information from established companies in related
industries Btab's
           management used and identify such companies and related information;
and
             state the assumptions underlying the increases in revenues over
the years (we note
           that revenue for product supply and online stores is projected to
increase from
           $9.1 million for the year ended December 31, 2023 to $646 million
for the year
           ended December 31, 2028), include a description underlying the
substantial
           projected revenue growth in 2025 and 2026, state the basis for the
addition of
           additional revenue streams for the year ended December 31, 2025, as
compared to
           any later year, etc.
13.    We note your response to prior comment 44. Please revise to include your
response to
       this comment in your disclosure. Additionally, please revise to disclose
whether the
       IWAC board would meet to consider and vote on the business combination
if Btab
       management revises and updates its financial projections prior to the
business
       combination. If not, please revise to state as much and state why not.
14.    We note your amended disclosure in response to prior comment 45. Please
revise your
       disclosure of "Industry Comparisons & Market Size Considerations" to
further qualify
       your statement regarding Btab's similarities with Amazon, Shopify,
Alibaba, Temple
       & Webster, Wayfair, and Global-e Online. In that light, we note that
many of these
       companies are much larger and further developed than Btab's current
business.
Opinion of the Mentor Group, page 152

15.    We note your amended disclosure in response to prior comment 46,
including your
       statement on page 152 that "The Mentor Group did not specifically
consider the
       fairness of the equity value of $250,000,000 to the security holders of
       IWAC." However, we also note your disclosure on the same page that "...
The Mentor
       Group as set forth in its written opinion, the $250,000,000 equity value
of Btab
       pursuant to the Business Combination Agreement, which was provided by
IWAC
       management, was fair from a financial point of view to the public
shareholders of
       IWAC." (emphasis added). Please advise and reconcile for consistency.
16.    We note your amended disclosure in response to prior comment 48 and we
reissue it
       in part. We also note your statement on page 155 that "[i]n performing
its analyses,
       The Mentor Group made numerous assumptions with regard to industry
performance,
       general business, economic, market and financial conditions and other
matters, many
       of which are beyond the control of Btab. These include, among other
things, the
       impact of competition on Btab   s business and the industry generally,
industry growth,
       and the absence of any adverse material change in the financial
condition and
       prospects of Btab, or the industry, or in the financial markets in
general." Please revise
       to disclose such assumptions. Finally, we note the statements that "The
Mentor Group
       considered the results of all of its analyses as a whole and attributed
particular weights
       to several of the analyses or factors it considered" and "[i]n addition,
The Mentor
       Group may have given various analyses and factors more or less weight
than other
       analyses and factors, and may have deemed various assumptions more or
less
       probable than other assumptions." Please revise to disclose the
particular weights
       assigned to the analyses or factors it considered.
 June 6, 2025
Page 5

Comparable Company Analysis, page 153

17.    We note your response to prior comment 49; however, we do not see any
revised
       response disclosure. For each of the companies identified in the
Comparable
       Company Analysis, please disclose the historical, current, and
prospective financial
       information, ratios and public market multiples as well as the similar
business and
       operating characteristics identified by The Mentor Group. Additionally,
to the extent
       that The Mentor Group identified operations and/or other criteria, such
as lines of
       business, markets, business risks, growth prospects, maturity of
business and size and
       scale of business, please revise to state as much as well. Finally, we
note the statement
       that the companies were chosen based on The Mentor Group's "knowledge of
the
       industry." Please elaborate and advise whether any of the companies were
chosen
       based on The Mentor Group's knowledge, as compared to the categories
listed above.
Btab's Business, page 189

18.    We note you discuss certain measures or amounts as of fiscal year 2023,
for example
       you state "Our Australia-Owned Manufactured Furniture segment,
representing
       approximately 42% of our Fiscal 2023 net revenues...", please revise to
update for
       fiscal year 2024 through out this section and the filing as applicable.
Our Company, page 189

19.    We note your statement that "[w]e aspire to be the leading e-commerce
company for
       small businesses and make a significant social impact." Please revise to
disclose how
       you measure "leading" (revenues, number of products sold, etc.) and
clarify what you
       mean by "make a significant social impact.
Our Reportable Business Segments, page 191

20.    We note your statement that "[w]e diversify our business by geography,
primarily
       operating in Hong Kong and Australia, and through multiple distribution
channels."
       However, we note your disclosure on page 208 that only 8% of your
revenue for the
       year ended December 31, 2024 was generated by your Hong Kong Food
Products
       business due to your exploration of new international markets. Please
revise for
       consistency. Additionally, to the extent that you are winding-down or
pivoting
       direction with this business, please revise to reflect that current
status in your business
       description.
Third-Party Platforms
a. Industry Trends and Market Opportunity, page 196

21.    We note your amended disclosure in response to prior comment 56,
including that you
       base your statement of a "materially larger" total addressable market on
your ability to
       generate "incremental revenue." Please give additional context for what
you mean by
       a "materially larger" total addressable market by quantifying it and
similarly quantify
       the "incremental revenue" that you have generated.
 June 6, 2025
Page 6
Regulatory Matters, page 204

22.    We note your amended disclosure in response to prior comment 58. Please
revise the
       Regulatory Matters section to disclose the effect of existing or
probable governmental
       regulations on the business. Refer to Item 101(h)(4)(ix) of Regulation
S-K.
Certain Relationships and Related Parties Transactions, page 254

23.    Please revise to also include tabular or some other illustrative format
to disclose the
       various related party transactions listed here so that a potential
investor can clearly
       understand each transaction and the appropriate related party. Please
also revise to
       include a Question and Answer that discusses your related party
transactions and the
       total amounts between parties.
Index to consolidated financial statements of Btab Ecommerce Group, Inc.
Note 14. Segment Reporting, page F-63

24.    We note you reallocated resources and reduced direct investment and
sales efforts
       within your Hong Kong food products segment. You further state, "[t]he
Company
       clarifies that operations in Hong Kong have not been abandoned, nor
classified as held
       for sale or discontinued. Rather, the Company continues to maintain an
active
       operational presence in the region." However, on page 214 you state
sales decreased
       primarily due to temporary cease of operations in Hong Kong and having
only
       three months of sales during the year and on page 208 you state it was
due to the
       exploration of new international markets and office renovations. Please
tell us and
       revise to clarify the status and nature of these operations during 2024,
as of the end of
       2024, and the current status of that segment's operations.
General

25.    We note your amended disclosure in response to prior comment 62 and we
reissue in
       part. Please revise to disclose the information related to your Current
Sponsor as
       required by Items 1603(a)(2), 1603(a)(3), and 1603(a)(4) of Regulation
S-K.

       Please contact Aamira Chaudhry at 202-551-3389 or Lyn Shenk at
202-551-3380 if
you have questions regarding comments on the financial statements and related
matters. Please contact Cara Wirth at 202-551-7127 or Dietrich King at
202-551-8071 with
any other questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Trade &
Services
cc:   Jessica Yuan
      Andrew M. Tucker

```

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