Company: WENNU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076650
Chunk: 74

Company: WEN Acquisition Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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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 and losses are shared pro rata to the shares. Net income
per Ordinary Share is computed by dividing net income by the weighted average number of Ordinary Shares outstanding for the period. Accretion
associated with the redeemable Ordinary Shares is excluded from income per Ordinary Share as the redemption value approximates fair value.

The calculation of diluted income per Ordinary
Share does not consider the effect of the Warrants issued in connection with the (i) Initial Public Offering, (ii) the exercise of the
over-allotment option and (iii) Private Placement, since the average price of the Ordinary Shares for the three months ended and for the
period from January 13, 2025 (inception) through June 30, 2025 was less than the exercise price and therefore, the inclusion of