Company: WLACW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001493152-25-011863
Chunk: 23

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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, the Sponsor is deemed to have purchased the Class B Ordinary
Shares for $0.005 per share. As of June 30, 2025 and December 31, 2024, there were 4,628,674 Class B Ordinary Shares issued and outstanding.

The
Founder Shares will automatically convert into Class A Ordinary Shares concurrently with or immediately following the consummation of
the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the
case that additional Class A Ordinary Shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts
sold in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at
which Class B Ordinary Shares convert into Class A Ordinary Shares will be adjusted (unless the holders of a majority of the outstanding
Class B Ordinary Shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class
A Ordinary Shares issuable upon conversion of all Class B Ordinary Shares will equal, in the aggregate, 26.79% of the sum of (i) the
total number of all Class A Ordinary Shares outstanding upon the completion of the Initial Public Offering (including any Class A Ordinary
Shares issued pursuant to the exercises of the Over-Allotment Option and excluding the Class A Ordinary Shares issuable upon exercise
of the Private Placement Warrants), plus (ii) all Class A Ordinary Shares and equity-linked securities issued or deemed issued, in connection
with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any
seller in the initial Business Combination and any warrants issued to our Sponsor or any of its affiliates or to our officers or directors
upon conversion of Working Capital Loans) minus (iii) any redemptions of Class A Ordinary Shares by Public Shareholders in connection
with an initial Business Combination; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Holders
of record of the Class A Ordinary Shares and Class B Ordinary Shares are entitled to one vote for each Ordinary Share held on all matters
to be voted on by shareholders. Unless specified in the Amended and Restated Charter or as required by the Companies Act or stock exchange
rules, an ordinary