Company: WLACW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021938
Chunk: 22

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 be used for a portion of the expenses of the Initial Public Offering
pursuant to a promissory note (the “IPO Promissory Note”). The loan was non-interest-bearing, unsecured and due at the earlier
of December 31, 2024, or the closing of the Initial Public Offering. On November 12, 2024, the Company had borrowed $103,576 under the
IPO Promissory Note. Subsequently, on November 18, 2024, the Company paid the IPO Promissory Note balance of $103,576. As of  December 31, 2024, the IPO Promissory Note had been paid in full and borrowings under the IPO Promissory Note were no longer
available.

Administrative
Services Agreement

The
Company entered into an agreement with an affiliate of the Sponsor, commencing on November 8, 2024, through the earlier of consummation
of the initial Business Combination and the Company’s liquidation to pay an aggregate of $10,000 per month for office space, utilities
and secretarial and administrative support. For the three and nine months ended September 30, 2025, the Company incurred and paid $30,000
and $90,000 in fees for these services, respectively. For the period from July 3, 2024 (inception) through September 30, 2024, the Company
did not incur fees for these services.

Working
Capital Loans

In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of
the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working
Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event
that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay
the Working Capital Loans, but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000
of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant
at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Other than as set forth above, the terms
of such Working Capital Loans, if any, have