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Integrated Wellness Acquisition Corp (WELNF) holders back merger with Btab

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(High)
Filing Sentiment
(Neutral)
Form Type
425

Rhea-AI Filing Summary

Integrated Wellness Acquisition Corp reported that its shareholders have approved the previously announced business combination with Btab Ecommerce Group, Inc., a global e-commerce and technology company. This is a key step toward closing the transaction but does not complete it.

The closing of the business combination remains subject to several conditions, including obtaining required exchange listing approvals for the combined company and securing sufficient financing to meet applicable listing requirements. The disclosure emphasizes that many forward-looking statements about valuation, redemptions, and Btab’s future performance involve risks and uncertainties, and directs shareholders to detailed risk factors and proxy materials filed with the SEC.

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Insights

Shareholder approval advances the Btab merger, but key closing conditions remain.

Integrated Wellness Acquisition Corp disclosed that its shareholders have approved the planned business combination with Btab Ecommerce Group, Inc.. This vote is a major procedural milestone in the de-SPAC process, signaling shareholder support for combining the SPAC with Btab’s global e-commerce and technology business.

However, the transaction is still contingent on several conditions. The closing requires applicable exchange listing approvals for the combined company and sufficient financing to satisfy those listing requirements, and the text highlights risks around redemptions, minimum cash thresholds, and meeting Nasdaq’s initial listing standards. It also notes the possibility that events could trigger termination of the business combination agreement.

The discussion of forward-looking statements and risk factors underscores that outcomes around valuation, redemptions and Btab’s future performance may differ from current expectations. Future filings and the definitive proxy statement/prospectus are identified as key sources for more detailed financial and risk information related to the business combination.

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) 

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): December 17, 2025

 

INTEGRATED WELLNESS ACQUISITION CORP

(Exact name of registrant as specified in its charter)

 

Cayman Islands   001-41131   98-1615488
(State or other jurisdiction of
incorporation)
  (Commission File Number)   (IRS Employer Identification No.)

 

1441 Broadway, 6th Floor

New York, NY 10018

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (917) 397-7625

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

xWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On December 17, 2025, Integrated Wellness Acquisition Corp, a Cayman Islands exempted company with limited liability (the “Company”), announced that its shareholders had approved the Company’s previously announced business combination (the “Business Combination”) with Btab Ecommerce Group, Inc., (OTC: BBTT) (“Btab”), a global e-commerce and technology company. The closing of the Business Combination is subject to the satisfaction or waiver of various closing conditions, including but not limited to obtaining applicable exchange listing approvals for the combined company and requisite financing to fulfill applicable listing requirements.

 

The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of any general incorporation language in such filings. 

 

No Offer Or Solicitation

 

This Current Report on Form 8-K is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

 

Forward-Looking Statements

 

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this Current Report on Form 8-K, including without limitation statements regarding the anticipated benefits of the Business Combination, the anticipated timing of the Business Combination, the implied enterprise value, future financial condition and performance of Btab after the closing and expected financial impacts of the Business Combination, the satisfaction of closing conditions to the Business Combination, the pre-money valuation of Btab (which is subject to certain inputs that may change prior to the closing of the Business Combination and is subject to adjustment after the closing of the Business Combination), the level of redemptions of the Company’s public shareholders and the products and markets and expected future performance and market opportunities of Btab. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including but not limited to: (i) the risk that the proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the Company’s securities; (ii) the risk that the proposed Business Combination may not be completed by the Company’s Business Combination deadline; (iii) the failure to satisfy the conditions to the consummation of the Business Combination; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (v) the failure to achieve the minimum amount of cash available following any redemptions by the Company’s shareholders; (vi) redemptions exceeding a maximum threshold or the failure to meet the Nasdaq’s initial listing standards in connection with the consummation of the contemplated Business Combination; (vii) the effect of the announcement or pendency of the Business Combination on Btab’s business relationships, operating results, and business generally; (viii) risks that the proposed Business Combination disrupts current plans and operations of Btab; (ix) the outcome of any legal proceedings that may be instituted against Btab or against the Company related to the Business Combination Agreement or the proposed Business Combination; and (x) those factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”) and in the Proxy Statements (as defined below). Shareholders should carefully consider the risks and uncertainties described in the “Risk Factors” section in the annual report on Form 10-K for year ended December 31, 2024 of the Company, filed with the SEC on April 15, 2025, and the “Risk Factors” section of the Definitive Proxy Statement/Prospectus (as defined below), relating to the Business Combination, the Extension, and other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither the Company nor Btab presently know or that the Company or Btab currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this Current Report on Form 8-K may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this Current Report on Form 8-K should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company and Btab assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

 

 

 

 

Additional Information

 

The Company has filed a definitive proxy statement (the “Extension Proxy Statement”, and together with the Definitive Proxy Statement/Prospectus, the “Proxy Statements”) with the SEC in connection with an extraordinary general meeting of shareholders on December 12, 2025 (the “Extension Meeting”), and, beginning on or about November 18, 2025, mailed the Extension Proxy Statement and other relevant documents to its shareholders as of November 3, 2025, the record date for the Extension Meeting. In connection with the Business Combination, the Company and Btab prepared a registration statement on Form S-4 with the SEC, which includes a definitive proxy statement/prospectus (the “Definitive Proxy Statement/Prospectus”) that was distributed to the Company’s shareholders in connection with its solicitation for proxies for the vote by the Company’s shareholders in connection with the Business Combination. Shareholders are urged to read the Proxy Statements and any other relevant documents filed with the SEC when they become available because, among other things, they will contain updates to the financial, industry and other information herein as well as important information about the Company, Btab and the Business Combination. Shareholders of the Company are able to obtain free copies of the Proxy Statements, as well as other filings containing information about the Company, Btab and the Business Combination, without charge, at the SEC’s website located at www.sec.gov. This Current Report on Form 8-K does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination.

 

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

Participants in Solicitation

 

The Company, Btab and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in connection with the Business Combination. Shareholders can find information about the Company’s directors and executive officers and their interest in the Company can be found in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on April 15, 2025. A list of the names of the directors, executive officers, other members of management and employees of the Company and Btab, as well as information regarding their interests in the Business Combination, are included in the Definitive Proxy/Prospectus filed with the SEC by the Company and Btab. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. Shareholders may obtain free copies of these documents from the sources indicated above.

 

 

 

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibit is furnished with this Form 8-K:

 

Exhibit
No.
Description of Exhibits
99.1 Press Release dated December 17, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Integrated Wellness Acquisition Corp
   
  By: /s/ Matthew Malriat
    Name: Matthew Malriat
    Title: Chief Executive Officer

 

Dated: December 18, 2025

 

 

 

FAQ

What did Integrated Wellness Acquisition Corp (WELNF) announce about its business combination?

Integrated Wellness Acquisition Corp announced that its shareholders have approved the previously announced business combination with Btab Ecommerce Group, Inc., a global e-commerce and technology company.

Is the Integrated Wellness and Btab business combination now closed?

No. The business combination remains subject to various closing conditions, including obtaining applicable exchange listing approvals for the combined company and securing requisite financing to meet listing requirements.

What risks and uncertainties are highlighted regarding the WELNF–Btab business combination?

The disclosure cites risks that the business combination may not be completed in a timely manner or at all, potential failure to meet the SPAC’s business combination deadline, failure to satisfy closing conditions, high shareholder redemptions, and not meeting Nasdaq initial listing standards, among others.

Where can Integrated Wellness (WELNF) shareholders find more information about the Btab merger?

Shareholders are directed to the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and to the Definitive Proxy Statement/Prospectus and Extension Proxy Statement filed with the SEC, all available free of charge at www.sec.gov.

Does this Integrated Wellness 8-K constitute an offer to buy or sell securities?

No. The document explicitly states it is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offering would be made only by a prospectus that meets Section 10 of the Securities Act.

How does Integrated Wellness describe the forward-looking statements in this update?

The update explains that statements about anticipated benefits, timing, valuation, redemptions, and Btab’s future performance are forward-looking statements based on current expectations and are subject to numerous risks and uncertainties that could cause actual results to differ materially.

Integrated Wellness

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