Wen Acquisition Corp Completes $300,150,000 Initial Public Offering

Rhea-AI Summary

Wen Acquisition Corp (WENN) has successfully completed its initial public offering (IPO) of 30,015,000 units at $10.00 per unit, raising gross proceeds of $300,150,000. Each unit comprises one Class A ordinary share and one-half redeemable warrant, with whole warrants exercisable at $11.50 per share.

The company's units began trading on Nasdaq under "WENNU" on May 16, 2025, with Class A shares and warrants to trade separately under "WENN" and "WENNW". The entire IPO proceeds of $300,150,000 have been placed in trust.

As a blank check company, Wen Acquisition Corp aims to pursue business combinations primarily focusing on infrastructure companies in the fintech sector, specifically those enabling digital assets and stablecoins through blockchain integration with traditional financial systems. The company is led by CEO Julian M. Sevillano and CFO Jurgen van de Vyver.

Positive

• Successful completion of $300.15 million IPO with full exercise of over-allotment option
• 100% of IPO proceeds ($300.15 million) placed in trust
• Strategic focus on high-growth fintech and blockchain infrastructure sector
• Experienced management team with fintech and blockchain expertise

Negative

• No specific acquisition target identified yet
• Success depends on finding and completing suitable business combination
• Shareholders face potential dilution from warrant exercises
• Risk of capital return if no acquisition is completed within specified timeframe

Insights

SPAC Investment Analyst

Wen Acquisition Corp completed a $300.15M SPAC IPO targeting blockchain-enabled fintech infrastructure, following standard SPAC structure with units initially trading at $10.

Wen Acquisition Corp has successfully completed its $300,150,000 initial public offering, selling 30,015,000 units at $10.00 per unit. This includes 3,915,000 additional units from the underwriters' fully exercised over-allotment option. The entire $300,150,000 proceeds have been placed in trust, representing $10.00 per unit.

This company is structured as a special purpose acquisition company (SPAC) or blank check company, with a specific focus on infrastructure companies in the financial technology sector that enable digital assets through blockchain integration with traditional financial systems. Each unit consists of one Class A ordinary share and half of one redeemable warrant, with each whole warrant allowing purchase of one additional share at $11.50.

The management team features Julian M. Sevillano as CEO and Chairman, Jurgen van de Vyver as CFO, with Josh Fried and Sheraz Shere as Co-Vice Chairmen, and Drew Glover on the board. Cantor Fitzgerald & Co. served as the sole book-running manager.

The SPAC follows the standard structure where investors can initially purchase units (trading under "WENNU"), which will later separate into common shares ("WENN") and warrants ("WENNW"). This SPAC's focus on blockchain-enabled fintech infrastructure positions it in a developing sector where traditional finance intersects with emerging digital asset technologies. The $300.15M trust provides substantial acquisition capacity for a target that would benefit from public market access while receiving guidance from the SPAC's experienced leadership team.

New York, NY, May 19, 2025 (GLOBE NEWSWIRE) -- Wen Acquisition Corp (the “Company”) announced today the closing of its initial public offering of 30,015,000 units, which includes 3,915,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $300,150,000. The Company’s units began trading on May 16, 2025 on The Nasdaq Global Stock Market LLC (“Nasdaq”) under the ticker symbol “WENNU.” Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share, subject to certain adjustment. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “WENN” and “WENNW,” respectively. Of the proceeds received from the consummation of the initial public offering (including the exercise of the over-allotment option) and a simultaneous private placement of warrants, $300,150,000 (or $10.00 per unit sold in the offering) was placed in trust.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The Company’s primary focus, however, will be on infrastructure companies in the financial technology (“fintech”) sector that are focused on enablement of digital assets, such as stablecoins, through the incorporation and integration of blockchain networks into the traditional financial systems.

The Company’s management team is led by Julian M. Sevillano, its Chief Executive Officer and Chairman of the Board of Directors (the “Board”), and Jurgen van de Vyver, its Chief Financial Officer. The Board also includes Josh Fried, Co-Vice Chairman of the Board, Sheraz Shere, Co-Vice Chairman of the Board, and Drew Glover.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements.” No assurance can be given that the net proceeds of the offering will be used as indicated.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contacts

Wen Acquisition Corp
Jurgen van de Vyver
jurgen@launchpad.vc
510-200-8778

FAQ

What is the IPO price and size of Wen Acquisition Corp (WENN)?

Wen Acquisition Corp completed its IPO of 30,015,000 units priced at $10.00 per unit, raising total gross proceeds of $300,150,000.

What is WENN's business focus and strategy?

WENN is a blank check company primarily focusing on infrastructure companies in the fintech sector that enable digital assets and stablecoins through blockchain integration with traditional financial systems.

What do WENN IPO units consist of?

Each WENN unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable at $11.50 per share.

What are WENN's stock symbols on Nasdaq?

The units trade as 'WENNU', with Class A shares and warrants to trade separately as 'WENN' and 'WENNW' respectively.

Who leads Wen Acquisition Corp (WENN)?

WENN is led by Julian M. Sevillano as CEO and Chairman, and Jurgen van de Vyver as CFO.