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Integrated Wellness Acquisition Corp Class A (WEL0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company is a blank check company incorporated in the Cayman Islands, focusing on a business combination in the health, nutrition, fitness, wellness, and beauty sectors.
The company reported a net loss of $24,472 for the three months ended September 30, 2024, primarily due to formation and operating costs, accounting and legal expenses, and other administrative expenses.
Interest earned on cash held in the Trust Account was $533,728 for the three months ended September 30, 2024.
The company has extended the date to complete a business combination to December 13, 2024, with additional deposits made into the Trust Account.
As of September 30, 2024, the company had $50,297,550 in cash held in the Trust Account and $5,329 in cash outside the Trust Account.
The company entered into an Amended and Restated Business Combination Agreement with Btab Ecommerce Group, Inc., which is expected to result in the formation of Btab Ecommerce Holdings, Inc.
The company faces substantial doubt about its ability to continue as a going concern due to the need for additional funds to meet expenditures required for operating its business prior to completing the business combination.
The company has identified material weaknesses in its internal controls related to the financial statement close process and accounting for complex transactions.
The SEC's new rules and regulations for SPACs, effective July 1, 2024, may materially affect the company's ability to complete its initial business combination and increase related costs and time.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Integrated Wellness Acquisition Corp Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.