Company: WENNU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109353
Chunk: 78

Company: WEN Acquisition Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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) the
quotient of (x) the price per Class A Ordinary Share paid in such rights offering and (y) the fair market value. For these
purposes (i) if the rights offering is for securities convertible into or exercisable for Class A Ordinary Shares, in determining
the price payable for Class A Ordinary Shares, there will be taken into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of
Class A Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to
the first date on which the Class A Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without
the right to receive such rights.

Note 8 — Fair Value
Measurements

Fair value is defined as the price that would
be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement
date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

    ●
    Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

17

WEN ACQUISITION CORP

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

    ●
    Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

    ●
    Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that