Btab Ecommerce signs LOI to merge with Integrated Wellness Acquisition

Btab Ecommerce Group, Inc., an e-commerce company, and Integrated Wellness Acquisition Corp, a special purpose acquisition company, announced that they have entered into a Letter of Intent providing for a proposed business combination that will result in BTAB acquiring control of WEL. The Transaction values BTAB at an initial enterprise value of $250M. 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. Binson Lau, BTAB’s CEO, 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.” 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.