Integrated Wellness Acquisition Corp enters sponsor handover; Sriram Associates to acquire control for $1

Integrated Wellness Acquisition Corp

Sponsor IWH Sponsor LP to sell 2,012,500 Class B shares and 4,795,000 private placement warrants to Sriram Associates for $1.
Acquirer assumes $160,000/month extension costs through Dec 13, 2023, plus expenses to extend SPAC deadline to Dec 13, 2024.
Acquirer may replace current directors and officers; will use best efforts to find a business combination target.
Closing conditions include board approval, sponsor approval, underwriter waiver, and filing of Q3 2023 Form 10-Q.
Acquirer also assumes D&O insurance premiums, outstanding legal fees, and all existing SPAC liabilities.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Integrated Wellness Acquisition Corp entered into Purchase Agreement with IWH Sponsor LP and Sriram Associates, LLC valued at one dollar (effective 2023-11-08).

Action: entry
Agreement: equity purchase
Counterparty: IWH Sponsor LP and Sriram Associates, LLC
Value: one dollar
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, Integrated Wellness Acquisition Corp (the “ Company ”) entered into a purchase agreement (the “ Purchase Agreement ”) with IWH Sponsor LP, a Delaware limited partnership, the Company’s current sponsor (the “ Sponsor ”) and Sriram Associates, LLC (the “ Acquirer ”), pursuant to which, the Sponsor agreed to transfer to the Acquirer (i) 2,012,500 of the Company’s Class B ordinary shares and (ii) 4,795,000 of the Company’s private placement warrants for a total purchase price of one dollar (the “ Transfer ”).

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Integrated Wellness Acquisition Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-120433

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