Integrated Wellness Acquisition Corp closes $115M IPO; auditor flags going concern

Integrated Wellness Acquisition Corp

Sold 11.5M units at $10.00 each; gross proceeds $115M, plus $6.85M from private placement warrants.
$117.3M ($10.20/unit) placed in trust account; $1.78M cash held outside trust for operations.
Auditor report raises substantial doubt about ability to continue as going concern due to insufficient working capital.
Balance sheet as of Dec 13, 2021: $119.1M total assets, $4.1M liabilities, ($2.29M) shareholders' deficit.
Company has 15 months (extendable to 21) to complete a business combination; no operations yet.

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