Integrated Wellness Acquisition Corp Reports $100K Net Loss, Extends Business Combination Deadline

Integrated Wellness Acquisition Corp (IWAC) has reported a net loss of $100,031 for the fiscal year ending December 31, 2024, a significant decline from a net income of $1,491,456 in the previous year. The company's financial performance was primarily impacted by increased operating expenses, which totaled $2,069,999, compared to $2,497,919 in 2023. The increase in expenses was attributed to higher legal and accounting costs, as well as administrative expenses related to the company's ongoing operations as a public entity. As of December 31, 2024, IWAC held approximately $14.2 million in cash and marketable securities in its trust account, a decrease from $47.5 million in the prior year, largely due to shareholder redemptions.

In a notable strategic development, IWAC extended its deadline to complete a business combination from December 13, 2024, to December 15, 2025, following shareholder approval at an extraordinary general meeting held on December 11, 2024. This extension was necessary as the company continues to pursue its planned business combination with Btab Ecommerce Group, Inc. The company has also undergone a management change, with Sriram Associates, LLC assuming sponsorship responsibilities and appointing new officers and directors as part of a transaction completed on February 1, 2024.

Operationally, IWAC has faced challenges in maintaining its market presence, as evidenced by its delisting from the New York Stock Exchange (NYSE) due to the failure to complete a business combination within the required timeframe. Following this, the company's securities began trading on the OTC Markets. As of April 15, 2025, IWAC had 1,185,481 Class A ordinary shares and 2,875,000 Class B ordinary shares outstanding, with a market value of approximately $13.7 million as of June 28, 2024.

The company has indicated that it may need to raise additional funds to meet operational expenditures and complete its business combination. The management has expressed concerns regarding its ability to continue as a going concern, given the current cash position and working capital deficit of $7.3 million. The company is exploring financing options, including potential loans from its sponsor or affiliates, to support its ongoing operations and business combination efforts.

Looking ahead, IWAC remains focused on finalizing the Btab business combination, which is expected to enhance its market position and operational capabilities. However, the company acknowledges the inherent risks associated with completing such transactions, particularly in the current economic climate characterized by volatility and uncertainty. The management's ability to successfully navigate these challenges will be critical to the company's future performance and sustainability.