Company: WENNU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109353
Chunk: 15

Company: WEN Acquisition Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 assigned values. Accordingly, the Company evaluated and classified the warrant instruments under equity
treatment at their assigned values. Such guidance provides that the Warrants described above were not precluded from equity classification.
Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized
as long as the contracts continue to be classified in equity in accordance with ASC 480 and ASC 815.

Class A Ordinary Shares Subject to Possible
Redemption

The Public Shares contain a redemption feature
that allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote
to modify (1) 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
(2) 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 initial Business Combination. In accordance with FASB ASC Topic 480-10-S99,
“Distinguishing Liabilities from Equity”, the Company classifies Public Shares subject to possible 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 Class A Ordinary Shares resulted in charges against additional paid-in capital (to
the extent available) and accumulated deficit. Accordingly, as of September 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 September 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)