Wen Acquisition Corp Unit(WENNU) - 2025 Q3 - Quarterly Report

IPO and Financial Proceeds - 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[117]. - The company incurred transaction costs of $20,196,742 related to the IPO, which included a cash underwriting fee of $5,220,000 and a Deferred Fee of $14,289,750[124][136]. Financial Position - As of September 30, 2025, the company had cash and marketable securities in the Trust Account totaling approximately $304,812,813, including about $4,662,813 of interest income[126][127]. - As of September 30, 2025, the company had cash held outside the Trust Account of approximately $762,861, used for identifying and evaluating target businesses[129]. - The company has no long-term debt or capital lease obligations, with administrative service fees of $12,500 per month incurred under an Administrative Services Agreement[134]. Income and Revenue - For the three months ended September 30, 2025, the company reported a net income of $3,000,988, primarily from interest earned on marketable securities held in the Trust Account[123]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. - Net income (loss) per Ordinary Share is calculated using the two-class method, allocating net income (loss) pro rata to different classes of shares[143]. Business Combination and Operations - The company has until May 19, 2027, to complete a Business Combination, or it will cease operations and liquidate[120]. - The company may seek to extend the Combination Period with shareholder approval, which could affect its ability to maintain its listing on Nasdaq[121]. - The Sponsor, directors, and officers have waived their rights to liquidating distributions from the Trust Account for Founder Shares if the initial Business Combination is not completed within the Combination Period[138]. Future Expectations and Compliance - The company expects to incur increased expenses as a public company, including legal and compliance costs, as well as due diligence expenses[122]. - The FASB issued ASU 2024-03, requiring additional disclosures about specific expense categories, effective for fiscal years beginning after December 15, 2026[144]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[145]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[146]. Equity Classification - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[142].