Company: WLACW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001493152-25-011863
Chunk: 33

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
---
22,637, offset by operating expenses of
$305,907.

15

Liquidity
and Capital Resources

On
November 12, 2024, we completed the Initial Public Offering of 12,650,000 Units, which includes the full exercise of the Over-Allotment
Option in the amount of 1,650,000 Option Units, at $10.00 per Unit, generating gross proceeds to us of $126,500,000. Simultaneously with
the closing of the Initial Public Offering, pursuant to the Private Placement Warrants Purchase Agreements, we completed the sale of
5,145,722 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in the Private Placement to the Sponsor, BTIG
and Craig-Hallum, generating gross proceeds of $5,145,722.

Following
the Initial Public Offering, the full exercise of the Over-Allotment Option and the Private Placement, a total of $126,879,500 was placed
in the Trust Account. We incurred $7,538,114 in Initial Public Offering related costs, including $2,530,000 of cash underwriting fees,
$4,427,500 of deferred underwriting fees, and $580,614 of other offering costs. The proceeds held in the Trust Account are invested in
money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government
treasury obligations. The holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the
intended Business Combination. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment
Company Act, which risk increases the longer that we hold investments in the Trust Account, we may, at any time (based on our Management
Team’s ongoing assessment of all factors related to our potential status under the Investment Company Act), instruct the trustee
to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest-bearing
demand deposit account at a bank.

For
the six months ended June 30, 2025, net cash used in operating activities was $246,807. Net income of $2,455,676, which includes interest
earned on marketable securities held in Trust of $2,738,946 and changes in operating assets and liabilities, used $36,463