| | | | By Order of the Board of Directors of IWAC | |
| | | | /s/ Antonio Varano Della Vergiliana | |
| | | | Chairman of the Board | |
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EXPERTS | | | | | 231 | | |
| | | | F-1 | | |
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Page
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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | | |
| | | | F-1 | | |
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No Redemption
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25% Redemption
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50% Redemption
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75% Redemption
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100% Redemption
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Shares
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Percentage
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Shares
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Percentage
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Shares
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Percentage
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Shares
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Percentage
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Shares
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Percentage
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IPO / Public Investors
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| | | | 11,500,000 | | | | | | 37.7% | | | | | | 8,625,000 | | | | | | 31.2% | | | | | | 5,750,000 | | | | | | 23.2% | | | | | | 2,875,000 | | | | | | 13.1% | | | | | | — | | | | | | 0.0% | | |
Sponsor
|
| | | | 2,875,000 | | | | | | 9.4% | | | | | | 2,875,000 | | | | | | 10.4% | | | | | | 2,875,000 | | | | | | 11.6% | | | | | | 2,875,000 | | | | | | 13.1% | | | | | | 2,875,000 | | | | | | 14.8% | | |
Former Refreshing
Shareholders |
| | | | 16,000,000 | | | | | | 52.5% | | | | | | 16,000,000 | | | | | | 57.9% | | | | | | 16,000,000 | | | | | | 64.7% | | | | | | 16,000,000 | | | | | | 72.9% | | | | | | 16,000,000 | | | | | | 82.2% | | |
Stock Issued in
Connection with Purchase |
| | | | 120,000 | | | | | | 0.4% | | | | | | 120,000 | | | | | | 0.4% | | | | | | 120,000 | | | | | | 0.5% | | | | | | 207,969 | | | | | | 0.9% | | | | | | 591,875 | | | | | | 3.0% | | |
Total | | | | | 30,495,000 | | | | | | 100% | | | | | | 27,620,000 | | | | | | 100% | | | | | | 24,745,000 | | | | | | 100% | | | | | | 21,957,969 | | | | | | 100% | | | | | | 19,466,875 | | | | | | 100% | | |
IPO / Public Warrants
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| | | | 5,750,000 | | | | | | 18.9% | | | | | | 5,750,000 | | | | | | 20.8% | | | | | | 5,750,000 | | | | | | 23.2% | | | | | | 5,750,000 | | | | | | 26.2% | | | | | | 5,750,000 | | | | | | 29.5% | | |
Sponsor Private Warrants
|
| | | | 6,850,000 | | | | | | 22.5% | | | | | | 6,850,000 | | | | | | 24.8% | | | | | | 6,850,000 | | | | | | 27.7% | | | | | | 6,850,000 | | | | | | 31.2% | | | | | | 6,850,000 | | | | | | 35.2% | | |
% of redemption
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No
Redemption |
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25%
Redemption |
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50%
Redemption |
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75%
Redemption |
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Maximum
Redemption |
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Shares redeemed
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| | | | 0 | | | | | | 2,875,000 | | | | | | 5,750,000 | | | | | | 8,625,000 | | | | | | 11,500,000 | | |
Amounts remaining in Trust(1)
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| | | $ | 118,992 | | | | | $ | 89,244 | | | | | $ | 59,496 | | | | | $ | 29,748 | | | | | $ | — | | |
BTIG Deferred Underwriting Fee – cash
|
| | | $ | 3,019 | | | | | $ | 3,019 | | | | | $ | 3,019 | | | | | $ | 2,264 | | | | | $ | — | | |
BTIG Capital Markets Advisory Fee – cash
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| | | $ | 500 | | | | | $ | 500 | | | | | $ | 500 | | | | | $ | 375 | | | | | $ | — | | |
AGP Fee – cash
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| | | $ | 3,600 | | | | | $ | 3,600 | | | | | $ | 3,600 | | | | | $ | 3,600 | | | | | $ | — | | |
Total Fees Cash
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| | | $ | 7,119 | | | | | $ | 7,119 | | | | | $ | 7,119 | | | | | $ | 6,239 | | | | | $ | — | | |
Effective Aggregate Fee (%)
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| | | | 6.0% | | | | | | 8.0% | | | | | | 12.0% | | | | | | 21.0% | | | | | | n/a | | |
AGP Fee – Deferred note payable
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,400 | | |
BTIG Underwriting Fee – Share (# of shares)
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| | | | | | | | | | | | | | | | | | | | | | 75,469 | | | | | | 301,875 | | |
BTIG Capital Markets Advisory Fee – (# of shares)
|
| | | | | | | | | | | | | | | | | | | | | | 12,500 | | | | | | 50,000 | | |
AGP Underwriting Fee – Share (# of shares)
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| | | | 120,000 | | | | | | 120,000 | | | | | | 120,000 | | | | | | 120,000 | | | | | | 240,000 | | |
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Pro Forma Combined
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Assuming
No Redemptions |
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Assuming
Maximum Redemptions |
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Summary Unaudited Pro Forma Combined Statement of Operations
Data For the Year Ended December 31, 2022 |
| | | | | | | | | | | | |
Net loss
|
| | | $ | (16,741) | | | | | $ | (16,741) | | |
Net income per share – basic and diluted
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| | | $ | (0.55) | | | | | $ | (0.86) | | |
Weighted average shares outstanding of common stock – basic and diluted
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30,495,000
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19,466,875
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Summary Unaudited Pro Forma Combined Balance Sheet Data As of December 31, 2022
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Total assets
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| | | $ | 157,409 | | | | | $ | 48,067 | | |
Total liabilities
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| | | $ | 21,141 | | | | | $ | 27,222 | | |
Total stockholders’ equity
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| | | $ | 136,268 | | | | | $ | 20,845 | | |
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For the Year ended
December 31, 2022 |
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Assuming
No Redemptions |
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Assuming
Maximum Redemptions |
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Pro forma net income (loss)
|
| | | $ | (16,741) | | | | | $ | (16,741) | | |
Weighted average shares outstanding of common stock – basic and diluted(1)
|
| | | | 30,495,000 | | | | | | 19,466,875 | | |
Weighted average shares outstanding of Net loss per share – basic and diluted
|
| | | | (0.55) | | | | | | (0.86) | | |
Excluded securities;(2)
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Public Warrants
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| | | | 5,750,000 | | | | | | 5,750,000 | | |
Private Warrants
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| | | | 6,850,000 | | | | | | 6,850,000 | | |
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(1)
Weighted average shares outstanding of Common stock – basic and diluted:
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IPO/Public Investors
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| | | | 11,500,000 | | | | | | — | | |
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Sponsor conversion of Class B shares to Class A shares
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| | | | 2,875,000 | | | | | | 2,875,000 | | |
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Former Refreshing shareholders
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| | | | 16,000,000 | | | | | | 16,000,000 | | |
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Stock issue in connection with purchase:
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AGP
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| | | | 120,000 | | | | | | 240,000 | | |
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BTIG
|
| | | | — | | | | | | 351,875 | | |
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Total Common Stock
|
| | | | 30,495,000 | | | | | | 19,466,875 | | |