Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 13

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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    Less: 

    Proceeds allocated to Public Warrants 
     (822,250)
  
    Class A Ordinary Shares issuance costs 
     (7,466,569)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     8,952,240 
  
    Class A Ordinary Shares subject to possible redemption, December 31, 2024 
    $127,163,421 
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     1,363,977 
  
    Class A Ordinary Shares subject to possible redemption, March 31, 2025 
    $128,527,398 

Net
Income Per Ordinary Share

The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has
two classes of Ordinary Shares: Class A Ordinary Shares and Class B Ordinary Shares. Income and losses are shared pro rata between the
two classes of Ordinary Shares. This presentation assumes a Business Combination as the most likely outcome. Net income per Ordinary
Share is calculated by dividing the net income by the weighted average Ordinary Shares outstanding for the respective period.

    8

WILLOW
LANE ACQUISITION CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

MARCH
31, 2025

(Unaudited)

The
calculation of diluted net income per Ordinary Share does not consider the effect of the Warrants issued in connection with the Initial
Public Offering and the Private Placement to purchase an aggregate of 9,362,389 Class A Ordinary Shares in the calculation of diluted
income per Ordinary Share, because their exercise is contingent upon future events. As a result, diluted net income per Ordinary Share
is the same as basic net income per Ordinary Share for the three months ended March 31, 2025. Accretion associated with the redeemable
Class A Ordinary Shares is excluded from earnings per Ordinary Share as the redemption value approximates fair value.

The
Company has considered the effect of Class B Ordinary Shares that were excluded from weighted average number as they were contingent
on the exercise of the Over-Allotment Option. Since the contingency was satisfied, the Company included these Class B Ordinary Shares
in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these Class B Ordinary Shares.

The
following tables present a reconciliation of the