Company: WENNU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076650
Chunk: 36

Company: WEN Acquisition Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 or, where proxies are allowed, by proxy at the applicable
general meeting, and pursuant to the Company’s Amended and Restated Articles, such actions include amending the Amended and Restated
Articles and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the appointment
of directors, meaning, following the Company’s initial Business Combination, the holders of more than 50% of the Ordinary Shares
voted for the appointment of directors can elect all of the directors. Prior to the consummation of the initial Business Combination,
only holders of the Class B Ordinary Shares will (i) have the right to vote on the appointment and removal of directors and
(ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution
required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer
by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Class A Ordinary Shares will not be entitled
to vote on these matters during such time. These provisions of the Amended and Restated Articles may only be amended if approved by a
special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation
of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or,
where proxies are allowed, by proxy at the applicable general meeting of the Company.

14

WEN ACQUISITION CORP

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

Warrants

As of June 30, 2025, there were 15,007,500 Public
Warrants and 7,220,000 Private Placement Warrants outstanding. Each whole warrant entitles the holder to purchase one Class A Ordinary
Share at a price of $11.50 per share, subject to adjustment as discussed herein. The Warrants cannot be exercised until 30 days after
the completion of the initial Business Combination, and will expire at 5:00 p.m., New York City time, five years after
the completion of the initial Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any
Class A Ordinary Shares pursuant to the exercise of a W