Company: WENNU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109353
Chunk: 36

Company: WEN Acquisition Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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2025, we had cash and marketable
securities held in the Trust Account of approximately $304,812,813 (including approximately $4,662,813 of interest income) was held in
money market funds, which are invested primarily in Treasury securities. We may withdraw interest from the Trust Account to pay taxes,
if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned
on the Trust Account (which intertest shall be net of taxes payable, if any, and exclude the Deferred Fee) to complete our Business Combination.
To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the
remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.

To mitigate the risk that we might be deemed to
be an investment company for purposes of the Investment Company Act, which risk increases the longer that we hold investments in the Trust
Account, we may, at any time, (based on our Management’s ongoing assessment of all factors related to our potential status under
the Investment Company Act) instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds
in the Trust Account in cash or in an interest-bearing demand deposit account at a bank.

As of September 30, 2025, we had cash held outside
of the Trust Account of approximately $762,861. We use the funds held outside the Trust Account primarily to identify and evaluate target
businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations
of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective
target businesses, and structure, negotiate and complete a Business Combination.

Our liquidity needs through September 30, 2025
have been satisfied through (i) a contribution of $25,000 from the Sponsor in exchange for the issuance of our Founder Shares, (ii) a
loan pursuant to the IPO Promissory Note and (iii) the net proceeds from the consummation of the Initial Public Offering and the Private
Placement held outside the Trust Account.

22

IPO Promissory Note

Prior to the closing of our Initial Public Offering,
our Sponsor agreed to loan us an aggregate of up to $300,000 under the IPO Promissory Note. Such loans