secwatch.observer — SEC 8-K summary
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Issuer:     Integrated Wellness Acquisition Corp (WELNF)
CIK:        0001877557
Form:       8-K
Filed at:   2023-02-16T23:59:59+00:00
Accession:  0001104659-23-022900
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SPAC IWAC enters $160M merger with vending/water company Refreshing USA
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- Consideration: ~$160M in Pubco common stock, with 15% held in escrow for adjustments and indemnification.
- Earnout: up to 4M additional shares based on $20M (2023) and $30M (2024) adjusted EBITDA targets, or $50 VWAP trigger.
- Refreshing provides vending, coffee, water services to education, healthcare, business, sports & corrections clients.
- IWAC to re-domicile to Delaware; closing expected by July 31, 2023, subject to shareholder and regulatory approvals.
- Lock-up on Merger Consideration shares (180 days from closing); non-competition agreements with key executives.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1877557/000110465923022900/0001104659-23-022900-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1877557/000110465923022900/tm237119d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-022900

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer