Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 5

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 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 maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company
Act, which 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 the Company might be deemed to
be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments
in the Trust Account, the Company may, at any time (based on Management’s ongoing assessment of all factors related to the potential
status of the Company 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.

Except
with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any,
the proceeds from the Initial Public Offering and the Private Placement will not be released from the Trust Account until the earliest
of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of Public Shares if the Company is unable
to complete the initial Business Combination by November 12, 2026 (as may be extended by shareholder approval to amend the Company’s
amended and restated memorandum