Financial Performance - The company reported a net loss of $43,944 for the period from January 13, 2025, through March 31, 2025, primarily due to general and administrative costs [104]. - The company has not generated any revenues to date and does not expect to do so until after the completion of the Business Combination [103]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on May 19, 2025, raising gross proceeds of $300,150,000 from the sale of 30,015,000 units at $10.00 per unit [108]. - Transaction costs associated with the Initial Public Offering amounted to $20,196,742, which included a cash underwriting fee of $5,220,000 and a deferred underwriting fee of $14,289,750 [109]. - A total of $300,150,000 was placed in the Trust Account following the Initial Public Offering, which will be used to complete the Business Combination [109]. - The company intends to use substantially all funds in the Trust Account for the Business Combination and any remaining proceeds for working capital to finance operations of the target business [110]. Financial Obligations and Risks - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [114]. - The company may need to raise additional funds if the costs of identifying a target business exceed estimates, which could impact operations prior to the Business Combination [113]. - The company incurred monthly fees of $12,500 for office space and administrative support, which will cease upon completion of the Business Combination [115]. Regulatory Environment - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination [101].
Wen Acquisition Corp Unit(WENNU) - 2025 Q1 - Quarterly Report