Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 55

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 Working Capital
Loans (and in each case holders of their underlying securities, as applicable) have registration rights to require the Company to register
for resale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the
consummation of the initial Business Combination pursuant to a registration rights agreement, dated November 7, 2024. The holders of
these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to our completion of our initial Business Combination. Notwithstanding anything to the contrary, BTIG and Craig-Hallum may only make
a demand on one occasion and only during the five-year period beginning on the effective date of the IPO Registration Statement. In addition,
BTIG and Craig-Hallum may participate in a “piggy-back” registration only during the seven-year period beginning on the effective
date of the IPO Registration Statement. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.

    10

WILLOW
LANE ACQUISITION CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

MARCH
31, 2025

(Unaudited)

Underwriting
Agreement

The
underwriters had a 45-day option from the date of the Initial Public Offering to purchase up to an additional 1,650,000 Option Units
to cover over-allotments, if any. On November 12, 2024, simultaneously with the closing of the Initial Public Offering, the underwriters
elected to fully exercise the Over-Allotment Option to purchase the additional 1,650,000 Option Units at a price of $10.00 per Option
Unit.

The
underwriters were entitled to a cash underwriting discount of $2,530,000 (2.0% of the gross proceeds of the Units offered in the Initial
Public Offering, including the proceeds from the Option Units). This amount was paid at the closing of the Initial Public Offering. Additionally,
the underwriters are entitled to a deferred underwriting discount of $4,427,500 (3.50% of the gross proceeds of the Initial Public Offering
held in the Trust Account, including the proceeds from the Option Units) upon the completion of the Company’s initial Business
Combination, subject to