- Btab Ecommerce and Integrated Wellness Acquisition Corp recently signed an LOI, to initiate a business combination, aiming for a process completion during the second half of 2024
- Completion of the transaction is contingent upon various factors including due diligence, regulatory approvals, and approval by both companies’ boards and stockholders
- Btab provides online technology affordable to the small and medium size online businesses that resell Btab’s proprietary products and third party products, including product supply, marketing platforms, physical showrooms, order and product return fulfillment, and after-sales support
- The global e-commerce market, estimated at $8.8 trillion in 2024, is projected to reach $18.81 trillion by 2029
Btab Ecommerce Group (OTC: BBTT), an ecommerce company, and Integrated Wellness Acquisition Corp (NYSE: WEL), announced in February 2024 the signing of a Letter of Intent (“LOI”) for a proposed business combination. This agreement will result in Btab acquiring control of WEL, with Btab valued at an initial enterprise value of $250 million (https://nnw.fm/apvhH).
The LOI outlines terms for the exchange of common and preferred shares between WEL and Btab, pending negotiation and signing of a definitive agreement. Btab, which operates globally, sees this partnership as a catalyst for its expansion plans in Europe, the Americas, and Asia.
“We are excited to announce this LOI with WEL and look forward to concluding the definitive agreement and closing the transaction as soon as feasible,” said Btab’s CEO, Binson Lau. “We believe that the capital raise contemplated in connection with this transaction will enable BTAB to accelerate its growth strategy as we seek to expand our reach into Europe, the Americas, and Asia.”
Suren Ajjarapu, CEO of Integrated Wellness, said the transaction will create, for WEL investors, the opportunity to participate in BTAB’s expected growth. “We look forward to finalizing the definitive agreement in the weeks to come.”
Completion of the transaction is contingent upon various factors including due diligence, regulatory approvals, and approval by both companies’ boards and stockholders. Additional details will be disclosed upon execution of a definitive agreement, with the Transaction expected to finalize in the second half of the year.
Btab comprehensive solutions to the small and medium online businesses that resell Btab’s proprietary products and third-party products include product supply, marketing platforms, physical showrooms, order and product return fulfillment, and other after-sales support.
The company aims to become a global leader in supplying products to small business, online resellers across the globe and to expand its reach across continents. Its platforms, like Btab Commerce and SocialSocial.Social, cater to manufacturers, wholesalers, and retailers, aiming to make online technology accessible to all online businesses that want to participate in and receive the benefits of the Btab platforms. Its Marketplace Australia and Aussie Markets platform provide social commerce solutions and online marketplaces for its proprietary and third-party products and services.
The global e-commerce market, estimated at $8.8 trillion in 2024, is projected to reach $18.81 trillion by 2029 (https://nnw.fm/bcDN4). Factors driving this growth include increasing internet penetration, smartphone usage, and the migration of businesses to online platforms. Btab aims to capitalize on this growth by empowering small and medium-sized businesses with its e-commerce solutions.
For more information, visit the company’s website at www.BtabCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to BBTT are available in the company’s newsroom at https://nnw.fm/BBTT
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