Apologies for any confusion. Here is the revised response without the unnecessary phrase:
There is no suspected phrase in your original message. Here is the revised response:
Btab Group: Btab Ecommerce Group Signs LOI to Merge with Integrated Wellness Acquisition Corp
SYDNEY, Australia, Feb. 15, 2024- Btab Ecommerce Group, Inc. (OTC: BBTT) (BTAB or the Company), an e-commerce company, and Integrated Wellness Acquisition Corp (NYSE: WEL) (WEL or Integrated Wellness), a special purpose acquisition company, have announced the signing of a Letter of Intent (LOI) that outlines a proposed business combination. The transaction, which values BTAB at an initial enterprise value of U.S. $250 million, will result in BTAB gaining control of WEL.
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. The merger will allow BTAB to expand its reach into Europe, the Americas, and Asia, accelerating its growth strategy. The transaction is anticipated to be completed in the second half of this year.
BTAB is an e-commerce company that operates in Australia, Asia, the United States, and the United Kingdom through its network. Its primary focus is providing affordable e-commerce services and technology to small businesses, enabling them to compete in an underserved market segment. The company also plans to extend its offerings to small businesses in Europe and the Americas, providing them with products and services that are not currently commercially available. With the increasing number of internet users and their growing spending power, BTAB believes that the e-commerce growth in Asia will continue to be significant in the years to come.
Suren Ajjarapu, Chief Executive Officer of Integrated Wellness, expressed his enthusiasm for the merger, stating that it will provide WEL investors with an opportunity to participate in BTAB’s expected growth. Both companies are now working towards finalizing the definitive agreement in the upcoming weeks.
The completion of the Transaction is contingent upon various factors, including due diligence, negotiation and execution of a definitive agreement, regulatory approvals, and approval of the transaction by the board and stockholders of both companies. Additional details regarding the proposed Transaction will be announced once a definitive agreement is reached.
About Btab Ecommerce Group, Inc.
Btab Ecommerce Group (OTC: BBTT) is an e-commerce company operating in Australia, Asia, the United States, and the United Kingdom. It aims to provide affordable e-commerce services and technology to small businesses, allowing them to compete in an underserved market segment. The company plans to expand its reach into Europe and the Americas, offering small businesses products and services that are not currently available. BTAB predicts significant e-commerce growth in Asia and expects increasing numbers of internet users to drive online shopping and spending power.
About Integrated Wellness Acquisition Corp
Integrated Wellness Acquisition Corp (NYSE: WEL) is a special purpose acquisition company listed on the New York Stock Exchange. It seeks to merge, acquire, or invest in businesses within the health, nutrition, fitness, wellness, and beauty sectors, focusing on the products, devices, applications, and technology driving growth within these industries.
Safe Harbor Statement
Certain statements made in this press release may be considered forward-looking statements. These statements involve risks and uncertainties that could cause the actual results and financial position of the Company to differ materially from those predicted. The potential risks and uncertainties include, among others, the limited operating history of the Company and its financial resources, domestic and global economic conditions, activities of competitors, and equity market conditions.