Integrated Wellness Acquisition Corp (IWAC) reported its financial results for the second quarter of 2025, revealing a net loss of $24,353 for the three months ending June 30, 2025, a decrease from a net loss of $78,378 during the same period in 2024. For the first half of 2025, the company recorded a net loss of $316,854, compared to a loss of $115,508 in the first half of 2024. The losses were primarily attributed to formation and operating costs, accounting and legal expenses, and administrative expenses, which totaled $140,344 for the quarter and $546,022 for the six months. Interest income from cash held in the Trust Account amounted to $115,991 for the quarter and $229,168 for the half-year.
The company’s total assets as of June 30, 2025, were reported at $14,771,649, a slight increase from $14,221,800 at the end of 2024. Current liabilities rose to $8,123,525 from $7,316,823, driven by increased accrued expenses and a promissory note to Suntone, which increased to $3,407,063. The shareholders' deficit also widened to $(12,142,095) from $(11,335,340) at the end of the previous fiscal year, reflecting ongoing operational losses.
Strategically, IWAC has been focused on completing its business combination with Btab Ecommerce Group, Inc. The company entered into a Business Combination Agreement on May 30, 2024, which was amended on August 26, 2024. The transaction is expected to be executed in two steps, with IWAC merging into a newly formed entity, Pubco, which will subsequently merge with Btab. The total transaction consideration is valued at $250 million, with Pubco expected to issue 25 million shares to Btab shareholders.
Operationally, IWAC has not yet commenced any revenue-generating activities, as it remains in the process of finalizing its business combination. The company has maintained a cash balance of $4,030 outside the Trust Account, with $14,765,219 held in the Trust Account, which includes interest earned. The company’s management has expressed concerns regarding its ability to continue as a going concern, citing the need for additional capital to meet operational expenditures and the costs associated with the business combination. The company may seek loans from its sponsor or affiliates to address these needs.
Looking ahead, IWAC's management remains focused on completing the business combination with Btab and addressing its liquidity challenges. The company has indicated that it may need to raise additional funds to support its operations and complete the transaction, which is subject to shareholder approval. The ongoing operational losses and the need for further financing underscore the challenges IWAC faces as it navigates the complexities of its business strategy.
About Integrated Wellness Acquisition Corp
Integrated Wellness Acquisition Corp is a Cayman Islands-based blank check company focused on effecting an initial business combination. It primarily seeks to acquire or merge with operating businesses, often in early or growth stages, to facilitate their transition to public markets. The company offers a streamlined, cost-effective alternative to traditional IPOs, leveraging its public structure to provide growth capital and strategic opportunities.
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