Integrated Wellness Acquisition Corp Faces Delisting from NYSE, CEO Resigns

Integrated Wellness Acquisition Corp (NYSE: WEL) recently received a notification from the New York Stock Exchange (NYSE) regarding the initiation of delisting proceedings. The NYSE determined to pursue delisting due to the company’s failure to finalize a business combination within the stipulated period, set either by organizational documents or contracts, or within three years following the closure of its initial public offering.

The company’s securities ceased trading on the NYSE after market close on December 13, 2024. Subsequently, Integrated Wellness Acquisition Corp’s units, Class A ordinary shares, and warrants will be tradable on OTC Markets under the tickers “WELUF,” “WELNF,” and “WELWF,” respectively. The NYSE will seek approval from the Securities and Exchange Commission to delist the company’s securities following the completion of all pertinent procedures, including potential appeals by the company regarding the NYSE Regulation staff’s decision.

The company maintains the option to seek a review of NYSE’s delisting decision by a Committee of the Board of Directors of the NYSE. The delisting process is unrelated to the company’s core business activities, and it will remain compliant with the disclosure requirements under the Securities Exchange Act of 1934.

In a recent development, the Chief Executive Officer of Integrated Wellness Acquisition Corp, Suren Ajjarapu, tendered his resignation with immediate effect on December 16, 2024. Ajjarapu will continue serving as a director on the company’s board. Consequently, Matthew Malriat, the current Chief Financial Officer, has been appointed as the new Chief Executive Officer.

A recent extraordinary general meeting on December 11, 2024, saw shareholders approving proposals including an extension of the business combination deadline and ratification of the independent registered public accounting firm, among others. Shareholders who hold 3,069,636 Class A ordinary shares exercised their redemption rights, resulting in approximately $36.7 million being withdrawn from the Trust Account to settle these redemptions.

The company has filed relevant amendments with the Cayman Islands Registrar of Companies and issued a press release on December 16, 2024, disclosing the delisting notice from the NYSE. Integrated Wellness Acquisition Corp intends to explore listing options on the Nasdaq Stock Market following the completion of its initial business combination.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Integrated Wellness Acquisition’s 8K filing here.

About Integrated Wellness Acquisition

Integrated Wellness Acquisition Corp does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities in the health, nutrition, fitness, wellness, and beauty sectors.