Company: WENNU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076650
Chunk: 26

Company: WEN Acquisition Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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ES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

Class A Shares Subject to Possible Redemption

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote
(A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination
or to redeem 100% of the Public Shares if the Company does not complete an initial business combination within the completion window or
(B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity,
or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with
ASC 480-10-S99, the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are
not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust
the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing
of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying
value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.
Accordingly, as of June 30, 2025, Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary
equity, outside of the shareholders’ deficit section of the accompanying unaudited condensed balance sheet. As of June 30, 2025,
the Class A Ordinary Shares subject to possible redemption reflected in the accompanying unaudited condensed balance sheet are reconciled
in the following table:

    Gross proceeds 
    $300,150,000 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (2,641,320)
  
    Class A Ordinary Shares issuance cost 
     (20,003,016)
  
    Plus: 

    Accretion of carrying value to redemption value 
     24,047,939 
  
    Class A Ordinary Shares subject to possible redemption, June 30, 2025 
    $301,553,603 

Net Income Per Ordinary Share

The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” Income