Btab Ecommerce Group and Integrated Wellness Acquisition today announced that they have entered into a Letter of Intent for a proposed business combination. The transaction would value BTAB at an initial enterprise value of $250 million.
BTAB is an e-commerce company that operates through its network in Australia, Asia, United States and United Kingdom, and its affiliated company is the e-commerce company, Btab Group.
Integrated Wellness Acquisition in November sold its sponsor stake to Sriram Associates, which for $1 acquired 2,012,500 Class B shares and 4,795,000 warrants.
The handover came two months after the SPAC terminated a merger agreement with Refreshing USA. That deal was announced in February 2023 at an implied pro-forma enterprise value of approximately $198 million.
Redemptions on an extension vote last November hit 53%, leaving the SPAC with not-quite $59 million in trust.
Integrated Wellness origianlly raised $100 million in a December 2021 IPO to focus on businesses in the health, nutrition, fitness, wellness and beauty sectors and the products, devices, applications and technology driving growth within these verticals. Read more.
