Company: WENNU
Filing Date: 2025-06-27
Form Type: 10-Q
Source: 0001213900-25-059037
Chunk: 12

Company: WEN Acquisition Corp
Filing Date: 2025-06-27
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing
authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company
recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of March 31, 2025, there were
no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under
review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

Net Loss per Ordinary Share

Net loss per ordinary share is computed by dividing net loss by the
weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average
shares were reduced for the effect of an aggregate of 978,750 ordinary shares that would have been subject to forfeiture had the over-allotment
option not been exercised by the underwriters (see Note 5). At March 31, 2025, the Company did not have any dilutive securities and
other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.
As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the period presented.

Warrant Instruments

The Company accounts for the Public Warrants (defined
below) and Private Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with
the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified
the warrant instruments under equity treatment at their assigned values. As of March 31, 2025 there were no Public Warrants or Private
Placement Warrants issued or outstanding.

8

WEN ACQUISITION CORP

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited) 

Recent Accounting Pronouncements 

In November 2023, the FASB issued ASU 2023-