Wen Acquisition Corp Unit(WENNU) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements Unaudited condensed financial statements for Wen Acquisition Corp, covering Balance Sheet, Operations, Equity, and Cash Flows, with key notes for the period ended June 30, 2025 Unaudited Condensed Balance Sheet | Assets: | | | :--- | :--- | | Current asset | | | Cash | $ 921,309 | | Prepaid expenses | 108,756 | | Prepaid insurance | 76,310 | | Total current asset | 1,106,375 | | Prepaid insurance – long-term | 70,936 | | Cash and marketable securities held in Trust Account | 301,553,603 | | Total Assets | $302,730,914 | | Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit: | | | Accrued expenses | $ 18,673 | | Accrued offering expenses | 88,092 | | Due to Sponsor | 5,455 | | Total Current Liabilities | 112,220 | | Deferred underwriting fee payable | 14,289,750 | | Total Liabilities | 14,401,970 | | Class A Ordinary Shares subject to possible redemption, 30,015,000 shares at a redemption value of $10.05 per share | 301,553,603 | | Shareholders' Deficit | | | Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding | — | | Class A Ordinary Shares, $0.0001 par value; 500,000,000 shares authorized; none issued or outstanding, excluding 30,015,000 shares subject to possible redemption | — | | Class B Ordinary Shares, $0.0001 par value; 50,000,000 shares authorized; 7,503,750 shares issued and outstanding | 750 | | Additional paid-in capital | — | | Accumulated deficit | (13,225,409) | | Total Shareholders' Deficit | (13,224,659) | | Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit | $302,730,914 | Unaudited Condensed Statements of Operations | | | For the Three Months Ended June 30, 2025 | | For the Period from January 13, 2025 (Inception) Through June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | General and administrative costs | $ | 228,973 | $ | 272,917 | | Loss from operations | | (228,973) | | (272,917) | | Other income (expense): | | | | | | Interest earned on cash and marketable securities held in Trust Account | | 1,403,603 | | 1,403,603 | | Other income, net | | 1,403,603 | | 1,403,603 | | Net income | $ | 1,174,630 | $ | 1,130,686 | | Basic weighted average shares outstanding of Class A Ordinary Shares | | 14,007,000 | | 7,503,750 | | Basic net income per ordinary share, Class A Ordinary Shares | $ | 0.06 | $ | 0.08 | | Diluted weighted average shares outstanding of Class A Ordinary Shares | | 14,007,000 | | 7,503,750 | | Diluted net income per ordinary share, Class A Ordinary Shares | $ | 0.05 | $ | 0.08 | | Basic weighted average shares outstanding of Class B Ordinary Shares | | 6,981,750 | | 6,769,688 | | Basic net income per ordinary share, Class B Ordinary Shares | $ | 0.06 | $ | 0.08 | | Diluted weighted average shares outstanding of Class B Ordinary Shares | | 7,503,750 | | 7,497,924 | | Diluted net income per ordinary share, Class B Ordinary Shares | $ | 0.05 | $ | 0.08 | Unaudited Condensed Statements of Changes in Shareholders' Deficit | | Class A Ordinary Shares | | Class B Ordinary Shares | | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders' Deficit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance — January 13, 2025 (inception) | — $ | — | — $ | — $ | — $ | — $ | — | | Class B Ordinary Shares to Sponsor | — | — | 7,503,750 | 750 | 24,250 | — | 25,000 | | Net loss | — | — | — | — | — | (43,944) | (43,944) | | Balance – March 31, 2025 | — | — | 7,503,750 | 750 | 24,250 | (43,944) | (18,944) | | Sale of 7,220,000 Private Placement Warrants | — | — | — | — | 7,220,000 | — | 7,220,000 | | Fair value of Public Warrants at issuance | — | — | — | — | 2,641,320 | — | 2,641,320 | | Allocated value of transaction costs to Class A Ordinary Shares | — | — | — | — | (193,726) | — | (193,726) | | Accretion for Class A Ordinary Shares to redemption amount | — | — | — | — | (9,691,844) | (14,356,095) | (24,047,939) | | Net income | — | — | — | — | — | 1,174,630 | 1,174,630 | | Balance – June 30, 2025 | — $ | — | 7,503,750 $ | 750 $ | — $ | (13,225,409) $ | (13,224,659) | Unaudited Condensed Statements of Cash Flows | Cash Flows from Operating Activities: | | | :--- | :--- | | Net income | $ 1,130,686 | | Adjustments to reconcile net income to net cash used in operating activities: | | | Payment of general and administrative costs through promissory note | 53,670 | | Payment of general and administrative costs through due to sponsor | 5,455 | | Interest earned on cash and marketable securities held in Trust Account | (1,403,603) | | Changes in operating assets and liabilities: | | | Prepaid expenses | (63,286) | | Prepaid insurance | (147,246) | | Accrued expenses | 18,673 | | Net cash used in operating activities | (405,651) | | Cash Flows from Investing Activities: | | | Investment of cash into Trust Account | (300,150,000) | | Net cash used in investing activities | (300,150,000) | | Cash Flows from Financing Activities: | | | Proceeds from sale of Units, net of underwriting discounts paid | 294,929,999 | | Proceeds from sale of Private Placements Warrants | 7,220,000 | | Repayment of IPO Promissory Note - related party | (300,000) | | Payment of offering costs | (373,039) | | Net cash provided by financing activities | 301,476,960 | | Net Change in Cash | 921,309 | | Cash – Beginning of period | — | | Cash – End of period | $ 921,309 | | Non-Cash