WSTN 10-K & 10-Q changes, risk factors and insider trading

We have neither engaged in any operations nor generated any revenues to date. Our only activities from June 3, 2025 (inception) through DecemberMarch 31, 2025,2026, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial business combination.

For the sixthree months ended DecemberMarch 31, 2025,2026, we had a net income of $124,521, $380,859, which consisted of operating costs of $267,118,$87,595, and income earned on marketable securities held in Trust Account of $391,639.$468,454.

As of DecemberMarch 31, 2025,2026, the Company had cash and cash equivalents outside the Trust Account of $432,172$361,629 and a working capital deficit of $62,156.$149,751. Prior to the completion of the initial public offering (“IPO”), the Company’s liquidity requirements were satisfied through a $25,000 payment from the Sponsor for Founder Shares and unsecured promissory note loans provided by the Sponsor. As of DecemberMarch 31, 2025,2026, $449,377 was outstanding under the promissory promissory note.

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of DecemberMarch 31, 2025.2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

On June 3, 2025, the Sponsor agreed to loan the Company up to $500,000 to be used, in part, for transaction costs incurred in connection with the initial public offering (the “Promissory Note”). As of DecemberMarch 31, 2025,2026, the Company had an outstanding loan balance of $449,377 under the Promissory Note. The Promissory Note was unsecured, non-interest bearing.

The Company entered into an Administrative Services Agreement with the Sponsor on November 3, 2025, commencing on the effective date of the registration statement for the initial public offering and continuing through the earlier of the consummation of a business combination or the Company’s liquidation, pursuant to which the Company will pay the Sponsor a total of $10,000 per month for office space and administrative and support services. For the sixthree months ended DecemberMarch 31, 2025,2026, administrative support services expense of $20,000$30,000 was recognized.

As of DecemberMarch 31, 2025,2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or contractual obligations.