Company: WLACW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001493152-25-011863
Chunk: 34

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 of cash from
operating activities.

At
June 30, 2025, we had cash and investments held in the Trust Account of $129,902,367 (including $3,022,867 of interest income).
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the
Trust Account, which interest shall be net of taxes payable, if any, and excluding deferred underwriting commissions, to complete our
Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt
is used, in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will
be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth
strategies.

At
June 30, 2025, we had cash of $1,121,801 held outside of the Trust Account. We use the funds held outside the Trust Account primarily
to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices,
plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material
agreements of prospective target businesses, structure, negotiate and complete a Business Combination.

On
July 18, 2024, our Sponsor agreed to loan us an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public
Offering pursuant to 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. As of November 12, 2024, we had borrowed $103,576 under the IPO Promissory Note. Subsequently,
on November 18, 2024, we paid the IPO Promissory Note balance of $103,576. As of June 30, 2025 and December 31, 2024, the IPO Promissory
Note had been paid in full and borrowings under the IPO Promissory Note are no longer available.

In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, our Sponsor or an
affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us Working Capital Loans as may
be required. If we complete