Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 6

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 and articles of association (the “Amended and Restated Charter”) to extend the date by which
the Company must consummate an initial Business Combination) or by such earlier liquidation date as the Company’s board of directors
may approve (the “Combination Period”)), subject to applicable law, or (iii) the redemption of the Public Shares properly
submitted in connection with a shareholder vote to amend the Amended and Restated Charter to (x) modify the substance or timing of the
Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares
if the Company has not consummated an initial Business Combination within the Combination Period or (y) with respect to any other material
provisions relating to shareholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account
could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the holders
of the Public Shares (the “Public Shareholders”).

    5

WILLOW
LANE ACQUISITION CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

MARCH
31, 2025

(Unaudited)

The
Company will provide the Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion
of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination
or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval
of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public
Shareholders will be entitled to redeem their Public Shares at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including
interest earned on the funds held in the Trust Account (less income taxes payable), divided by the number of then outstanding Public
Shares, subject to the limitations.

The
Ordinary Shares (as defined below) subject to redemption were recorded at a redemption value and classified as temporary equity at the
completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting
Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“