Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 30

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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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 three months ended March 31, 2025, net cash used in operating activities was $133,237. Net income of $1,232,751, which includes
interest earned on marketable securities held in Trust of $1,363,977 and changes in operating assets and liabilities, which used
$2,011 of cash from operating activities.

At
March 31, 2025, we had cash and marketable securities held in the Trust Account of $128,527,398 (including $1,647,898 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