Company: WLACW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001493152-25-011863
Chunk: 9

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
LANE ACQUISITION CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

(Unaudited)

The
Company will provide the Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion
of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination
or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval
of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public
Shareholders will be entitled to redeem their Public Shares at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including
interest earned on the funds held in the Trust Account (less income taxes payable), divided by the number of then outstanding Public
Shares, subject to the limitations.

The
Ordinary Shares (as defined below) subject to redemption were recorded at a redemption value and classified as temporary equity at the
completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting
Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”).

The
Company will have only the duration of the Combination Period to complete the initial Business Combination. However, if the Company is
unable to complete its initial Business Combination within the Combination Period, the Company will as promptly as reasonably possible,
but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less income taxes payable,
if any, and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption
will constitute full and complete payment for the Public Shares and completely extinguish Public Shareholders’ rights as shareholders
(including the right to receive further liquidation or other distributions, if any), subject to the Company’s obligations under
Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.

The
Sponsor, officers and directors have entered into a letter agreement with the