Company: WENNU
Filing Date: 2025-06-27
Form Type: 10-Q
Source: 0001213900-25-059037
Chunk: 15

Company: WEN Acquisition Corp
Filing Date: 2025-06-27
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 Class A ordinary shares issuable
upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of the initial Business
Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are
at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants
who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement,
and in the event the Company does not so elect, the Company will use its commercially reasonable efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.

If the holders exercise their public warrants
on a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares
equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares issuable upon exercise of
the warrants, multiplied by the excess of the “fair market value” of the Class A ordinary shares over the exercise price
of the warrants by (y) the fair market value. The “fair market value” is the average reported closing price of the Class A
ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise
is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

9

WEN ACQUISITION CORP

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited) 

Redemption of Warrants When the Price per Class A
Ordinary Share Equals or Exceeds $18.00:    The