Integrated Wellness Acquisition Corp (WELNF) is a blank-check special purpose acquisition company (SPAC) incorporated to identify and complete a merger or acquisition with one or more target businesses. The company holds proceeds from its initial public offering in a trust account, with funds released only upon completion of an initial business combination or liquidation. As of the 10-K filed April 15, 2025 (accession 000141057825000739, fiscal year ended December 31, 2024), the company had entered into a Business Combination Agreement targeting Btab, with the post-combination entity expected to be renamed Btab Ecommerce Holdings, Inc. The company has one executive officer, no full-time employees, and generates no operating revenue. A deferred underwriting fee of $4,025,000 becomes payable solely upon completion of an initial business combination. The sponsor waived administrative services fees of $10,000 per month for both FY2024 and FY2023. Trust account funds are held as cash or marketable securities, with a redemption floor referenced at $10.20 per public share.

Revenue model

No operating revenue. The company is a pre-combination SPAC. Economics are realized at deal close: a $4,025,000 deferred underwriting fee becomes payable from the trust account upon completion of an initial business combination.

Products and services

Blank-check acquisition vehicle. Core activity is sourcing, evaluating, and executing an initial business combination. No products or commercial services as of fiscal year ended December 31, 2024.

Customers and end markets

No commercial customers. Counterparties are IPO shareholders, the sponsor, and the target business (Btab, per the Business Combination Agreement disclosed in the FY2024 10-K).

Value-chain role

SPAC sponsor vehicle. Raises capital via IPO, holds proceeds in trust, and acts as acquirer in a reverse-merger transaction. Post-combination, the company would become a wholly owned subsidiary of Pubco (expected to be renamed Btab Ecommerce Holdings, Inc.).

Geographic exposure

Incorporated as a Cayman Islands entity based on filing structure references to Class A ordinary shares and domestication steps prior to closing. No operating geographic footprint disclosed.

Source: SEC 10-K, filed 2025-04-15

Industry: Retail-Nonstore Retailers