Btab Ecommerce Group Signs LOI to Merge with Integrated Wellness Acquisition Corp
15 Febbraio 2024 - 3:34PM
Btab Ecommerce Group, Inc., an e-commerce company (OTC: BBTT)
(“BTAB” or the “Company”), and Integrated Wellness Acquisition
Corp, a special purpose acquisition company (NYSE: WEL) (“WEL” or
“Integrated Wellness”), today announced that they have entered into
a Letter of Intent (the "LOI") providing for a proposed business
combination (the "Transaction") that will result in BTAB acquiring
control of WEL. The Transaction values BTAB at an initial
enterprise value of U.S. $250 million.
Under the terms of the LOI, subject to
negotiation and signing a definitive agreement, WEL will issue both
common and preferred shares in exchange for the shares in BTAB.
BTAB is an e-commerce company that operates
through its network in Australia, Asia, United States and United
Kingdom, and its affiliated company is the e-commerce company, Btab
Group Inc.
Binson Lau, BTAB’s Chief Executive Officer
stated, “We are excited to announce this LOI with WEL and look
forward to concluding the definitive agreement and closing the
transaction as soon as feasible. We believe that the capital raise
contemplated in connection with this transaction will enable BTAB
to accelerate its growth strategy as we seek to expand our reach
into Europe, the Americas, and Asia.”
Suren Ajjarapu, Chief Executive Officer of
Integrated Wellness, said, “It is gratifying to be working with Mr.
Lau to help accelerate BTAB’s growth strategy. This transaction
will create, for our WEL investors, the opportunity to participate
in BTAB’s expected growth. We look forward to finalizing the
definitive agreement in the weeks to come.”
Completion of the Transaction is subject to,
among other matters, the completion of due diligence, the
negotiation of a definitive agreement, satisfaction of the
conditions negotiated therein, applicable regulatory approvals and
approval of the transaction by the board and stockholders of both
companies. The parties expect to announce additional details
regarding the proposed Transaction when a definitive agreement is
executed. Subject to the signing of definitive agreements, the
Transaction is anticipated to be completed in the second half of
this year.
About Btab Ecommerce Group,
Inc.
Btab Ecommerce Group (OTC: BBTT) is an
e-commerce company that operates through its network in Australia,
Asia, United States and United Kingdom. It provides affordable
ecommerce services and supplies technology and products to small
businesses to allow them to compete in an underserved market
segment. The Company seeks to expand its reach into Europe and the
Americas where it intends to provide small businesses with products
and services generally not currently commercially available to
them. The Company believes the e-commerce growth in Asia alone will
be significant well into the next decade and beyond as increasing
numbers of internet users take advantage of online shopping and
increasing spending power.
For additional information
visit https://btabcorp.com
About Integrated Wellness Acquisition
Corp
Integrated Wellness Acquisition Corp (NYSE: WEL)
is a special purpose acquisition company listed on the New York
Stock Exchange formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, recapitalization,
reorganization, or similar business combination with one or more
businesses. While Integrated Wellness may pursue an acquisition
opportunity in any industry or sector, it intends to focus on
businesses in the health, nutrition, fitness, wellness, and beauty
sectors and the products, devices, applications, and technology
driving growth within these verticals.
Safe Harbor StatementCertain
statements set forth in this press release constitute
"forward-looking statements.” Forward looking statements include,
without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance or achievements, and
may contain the words "estimate", "project", "intend", "forecast",
"anticipate", "plan", "planning", "expect", "believe", "will
likely", "should", "could", "would", "may" or words or expressions
of similar meaning. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could
cause the Company's actual results and financial position to differ
materially from those included within the forward-looking
statements. Forward-looking statements involve risks and
uncertainties, including those relating to the Company's ability to
grow its business. Actual results may differ materially from the
results predicted and reported results should not be considered as
an indication of future performance. The potential risks and
uncertainties include, among others, the Company's limited
operating history, the limited financial resources, domestic or
global economic conditions -- activities of competitors and the
presence of new or additional competition and conditions of equity
markets.
Media Contact
Mr. Binson LauChief Executive OfficerBtab
Ecommerce Group, Inc.Email: info@btabcorp.com
Mr. Suren AjjarapuChief Executive
OfficerIntegrated Wellness Acquisition CorpEmail:
info@integratedwellnessspac.com
Grafico Azioni Integrated Wellness Acqu... (NYSE:WEL)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Integrated Wellness Acqu... (NYSE:WEL)
Storico
Da Mag 2023 a Mag 2024