WENNLOW SIGNALFINANCIAL10-Q

WENN, a newly-formed SPAC incorporated in January 2025, updated its quarterly filing to reflect September 30, 2025 financials with modest changes in working capital and earnings.

As a blank check company that has not yet identified a business combination target or commenced operations, these quarterly variations represent normal fluctuations in a pre-revenue SPAC structure. The company continues to generate income primarily from interest on IPO proceeds while incurring routine operating expenses related to the search for acquisition targets.

Comparing 2025-11-12 vs 2025-08-14View on EDGAR →
FINANCIAL ANALYSIS

The company's financial position remained relatively stable with current assets declining modestly to $533K while current liabilities increased to $190K, reflecting typical administrative expenses for an active SPAC. Net income decreased slightly to $2.5M while operating losses improved marginally, consistent with a company generating interest income on cash reserves while managing search and operational costs. Overall, the financial picture reflects normal quarterly fluctuations for a recently-launched SPAC in its target identification phase.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+44.5%
$131K$190K

Current liabilities surged 44.5% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
-21.8%
$681K$533K

Current assets declined 21.8% — monitor working capital adequacy and short-term liquidity.

Net Income
P&L
-17%
$3.0M$2.5M

Net income declined 17% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
+12.3%
-$258K-$227K

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2025-11-12
PRIOR — 2025-08-14
ADDED
Securities and Exchange Commission; Securities Act are to the Securities Act of 1933, as amended; SPAC are to a special purpose acquisition company; Sponsor are to Wen Sponsor LLC, a Delaware limited liability company; Treasury are to the U.S.
4 WEN ACQUISITION CORP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 Note 1 Description of Organization and Business Operations Wen Acquisition Corp (the Company ) is a blank check company incorporated as a Cayman Islands exempted corporation on January 13, 2025.
As of September 30, 2025, the Company had not entered into a definitive agreement with any specific Business Combination target.
The Company is an early-stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early-stage and emerging growth companies.
As of September 30, 2025, the Company had not commenced any operations.
The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering.
333-28682) was declared effective on May 15, 2025 (as amended, the IPO Registration Statement ).
On May 19, 2025, the Company consummated the initial public offering of 30,015,000 units at $ 10.00 per unit (the Units ), which is discussed in Note 3, which included the full exercise of the Over-Allotment Option (as defined in Note 6) of 3,915,000 Units (the Option Units ), generating gross proceeds of $ 300,150,000 (the Initial Public Offering ).
Each Unit consists of one Class A ordinary share, par value $ 0.0001 per share, of the Company (the Class A Ordinary Shares and with respect to the Class A Ordinary Shares included in the Units, the Public Shares ) and one-third of one redeemable warrant (each, a Public Warrant ).
Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 7,220,000 Private Placement Warrants (the Private Placement Warrants and together with the Public Warrants, the Warrants ) at a price of $ 1.00 per Private Placement Warrant, in a private placement to the Sponsor and Cantor Fitzgerald Co.
REMOVED
Financial Statements 1 Unaudited Condensed Balance Sheet as of June 30, 2025 1 Unaudited Condensed Statements of Operations for the three months ended June 30, 2025 and for the period from January 13, 2025 (inception) through June 30, 2025 2 Unaudited Condensed Statements of Changes in Shareholders Deficit for the three months ended and for the period from January 13, 2025 (inception) through June 30, 2025 3 Unaudited Condensed Statements of Cash Flows for the period from January 13, 2025 (inception) through June 30, 2025 4 Notes to Unaudited Condensed Financial Statements 5 Item 2.
Management s Discussion and Analysis of Financial Condition and Results of Operations .
Quantitative and Qualitative Disclosures Regarding Market Risk .
Unregistered Sales of Equity Securities and Use of Proceeds .
4 WEN ACQUISITION CORP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS JUNE 30, 2025 NOTE 1.
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Wen Acquisition Corp (the Company ) is a blank check company incorporated as a Cayman Islands exempted corporation on January 13, 2025.
The Company has not selected any specific Business Combination target, and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.
As of June 30, 2025, the Company has not commenced any operations.
The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering (as defined below).
333-28682) was declared effective on May 15, 2025 (the IPO Registration Statement ).
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