Integrated Wellness Acquisition Corp, a non-store retailer based in New York, has expanded its financial capabilities with the issuance of a new promissory note. On Monday, the company replaced an existing agreement with a fresh note totaling up to $4 million to Suntone Investment Pty Ltd, an Australian private company.
The new note amends and fully supersedes a previous note originally issued to Sriram Associates, LLC, which was later assigned to Suntone on June 18, 2024. The note carries no interest and is due for repayment on the earlier of two events: the completion of the company’s initial business combination or the company’s liquidation.
Suntone Investment has the option to convert up to $1.5 million of the note’s principal, allocated for working capital expenses, into ordinary shares at a conversion price of $1.00 per share. This conversion is set to occur upon the successful completion of Integrated Wellness Acquisition Corp’s initial business combination.
The issuance of this note was executed under the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The details of the agreement are outlined in an exhibit attached to the company’s SEC filing.
This report is based on information contained in a recent SEC filing by Integrated Wellness Acquisition Corp.
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