Integrated Wellness Acquisition Corp (IWAC) is a SPAC — a blank check company with no operations, products, or revenues. IWAC raised $115M in its December 2021 IPO, placing proceeds in a trust account to fund an eventual acquisition. The SPAC model works by having a sponsor acquire founder shares at a nominal cost before the IPO; if a business combination closes, those shares convert into real equity — that's the sponsor's payoff. Public shareholders get downside protection via trust account redemptions and upside optionality if the merged company performs. IWAC's sponsor was transferred in November 2023 from the original sponsor to a Suntone Investment affiliate for $1, with the new sponsor contributing roughly $2.9M toward operating costs and trust extensions. As of year-end 2024, only about $14.2M remained in trust, as most public shareholders have redeemed their shares through several deadline extensions. IWAC's pending target is Btab Ecommerce Group, a Georgia-based e-commerce company. Under the deal terms, Btab shareholders would receive 25M shares in the combined entity valued at $250M, and IWAC shareholders would convert their shares one-for-one into the new entity. The combined company would be renamed Btab Ecommerce Holdings and listed on NYSE, with Btab's founder Binson Lau retaining control through a supervoting share class. IWAC must close this deal or a different transaction by December 15, 2025, or it must liquidate and return remaining trust funds to shareholders.