WEL - Btab Ecommerce Group Signs LOI to Merge with Integrated Wellness Acquisition Corp | Benzinga
SYDNEY, Australia, Feb. 15, 2024 (GLOBE NEWSWIRE) -- 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 ...