Company: WENNU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076650
Chunk: 79

Company: WEN Acquisition Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 will be released from the Lock-up.

IPO Promissory Note — Related
Party

The Sponsor agreed to loan the Company an aggregate
of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering pursuant to an unsecured promissory note (the
“IPO Promissory Note”). The loan was non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the
closing of the Initial Public Offering. At May 19, 2025, the Company had borrowed $300,000 under the IPO Promissory Note. The Company
repaid $273,824 at the closing of the Initial Public Offering and the outstanding balance of $26,176 was repaid on May 20, 2025. Borrowings
under the IPO Promissory Note are no longer available.

Administrative Services Agreement

Commencing on May 15, 2025, the Company entered
into an agreement with an affiliate of the Sponsor to pay an aggregate of $12,500 per month for office space, utilities, and secretarial
and administrative support. These monthly fees will cease upon the completion of the initial Business Combination or the liquidation of
the Company. For the three months ended and for the periods from January 13, 2025 (inception) through June 30, 2025, the Company incurred
and paid $18,750 in fees for these services.

Working Capital Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible
into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would
be identical to the Private Placement Warrants. As of June 30, 2025, no such Working Capital Loans were outstanding.

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WEN ACQUIS