Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 81

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 81
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 such Business Combination.

Contractual Obligations

We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than as set forth
below.

Administrative
Services Agreement

Pursuant
to the Administrative Services Agreement, commencing on November 8, 2024, through the earlier of consummation of the initial Business
Combination and our liquidation we pay an affiliate of the Sponsor an aggregate of $10,000 per month for office space, utilities, and
secretarial and administrative support. For the three months ended March 31, 2025, we incurred and paid $30,000 in fees for these services
pursuant to the Administrative Services Agreement.

16

Underwriting
Agreement

Pursuant
to the Underwriting Agreement, the underwriters of the Initial Public Offering 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 and purchased the
additional 1,650,000 Option Units at a price of $10.00 per 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 sale of the Option Units). This amount was paid at the closing of the Initial Public Offering.
Additionally, the underwriters are entitled to an additional fee of $4,427,500 (3.50% of the gross proceeds of the Initial Public Offering
held in the Trust Account, including proceeds from the sale of the Option Units) upon the completion of the initial Business Combination
(the “Deferred Fee”), subject to the terms of the Underwriting Agreement, but such Deferred Fee shall be based partly on
amounts remaining in the Trust Account following all properly submitted shareholder redemptions in connection with the consummation of
the initial Business Combination.

Critical
Accounting Estimates and Policies

We
prepare our audited financial statements in accordance with GAAP, which requires Management to make estimates that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates, as well as the reported
amounts of revenues and