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]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) 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 IPO 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 IPO, 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, with remaining proceeds allocated for working capital and growth strategies [110]. Business Combination - The company may seek to extend the Completion Window for the Business Combination, which would require public shareholder approval [102]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination [101]. - The company has incurred significant costs in pursuing acquisition plans and cannot assure the success of completing a Business Combination [100]. - The company does not expect to generate operating revenues until after the completion of its Business Combination [103]. Financial Position - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [114].
Wen Acquisition Corp-A(WENN) - 2025 Q1 - Quarterly Report