Company: WLACW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001493152-25-011863
Chunk: 7

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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, LLC, representative of the several underwriters in the Initial Public
Offering (“BTIG”) and (iii) Craig-Hallum Capital Group LLC, the co-manager of the Initial Public Offering (“Craig-Hallum”),
generating gross proceeds of $5,145,722, which is described in Note 4 (the “Private Placement”). Each whole Warrant entitles
the holder to purchase one Class A Ordinary Share at a price of $11.50 per share.

The
Company’s management (“Management”) has broad discretion with respect to the specific application of the net proceeds
of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be generally
applied toward consummating a Business Combination (less deferred underwriting commissions and taxes payable, if any).

Transaction
costs amounted to $7,538,114, consisting of $2,530,000 of cash underwriting fees, $4,427,500 of deferred underwriting fees, and $580,614
of other offering costs.

The
Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net
balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and income taxes payable
on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the
Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no
assurance that the Company will be able to successfully effect a Business Combination.

Following
the closing of the Initial Public Offering on November 12, 2024, the amount of $126,879,500 ($10.03 per Unit) from both the net proceeds
of the Initial Public Offering and a portion of the net proceeds from the Private Placement was placed in the trust account (“Trust
Account”) located in the United States, with Continental Stock Transfer & Trust Company (“Continental”) acting
as trustee. The funds are held in cash, including in demand deposit accounts at a bank, or invested in U.S. government treasury obligations
with a