IWAC Holding Co Inc.
IWAC Holding Company Inc., a wholly owned SPAC subsidiary of Integrated Wellness Acquisition Corp. (IWAC), filed its Q1 2026 10-Q. The company is a shell with no operations or revenue, holding $1 in cash and $300 in total assets against $72,531 in related-party liabilities. Net loss was $5,200 for the quarter. The Business Combination with Btab Ecommerce Group remains unconsummated; shareholders approved a deadline extension to September 16, 2026. The auditor includes a going-concern warning citing substantial doubt about the company's ability to continue.
- Cash on hand: $1 as of March 31, 2026, unchanged from December 31, 2025.
- Working capital deficit widened to $72,431 from $67,231 at year-end 2025.
- Net loss of $5,200 for Q1 2026 vs. $0 in Q1 2025; accumulated deficit reached $72,531.
- Shareholders extended the SPAC business combination deadline from March 16, 2026 to September 16, 2026.
- Auditor explicitly states substantial doubt about the company's ability to continue as a going concern.
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A publicly reporting shell company with $1 cash and a going-concern flag is attempting a merger that, if it fails by September 2026, leaves no viable path forward.
This is a pre-revenue SPAC subsidiary formed solely to effect a business combination. The extension to September 16, 2026 buys time, but the financial position mirrors other distressed SPAC vehicles racing against deadlines with negligible operating assets.
Going concern: cash of $1, working capital deficit of $72,431, no committed liquidity sources, and total dependence on related-party funding from IWAC. The Business Combination with Btab remains unconsummated; if it fails, the company has no path to viability.
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