Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 53

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 Shares issued upon conversion thereof until the earlier to occur of (i) six months after
the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange
or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the
right to exchange their Class A Ordinary Shares for cash, securities or other property. Any permitted transferees will be subject to
the same restrictions and other agreements as the Sponsor and the Company’s directors and officers with respect to any Founder
Shares (the “Lock-up”). Notwithstanding the foregoing, if (x) the closing price of the Class A Ordinary Shares equals or
exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing after the initial Business Combination or (y) if the Company consummates
a transaction after the initial Business Combination that results in the Company’s shareholders having the right to exchange their
shares for cash, securities or other property, the Founder Shares will be released from the Lock-up.

IPO
Promissory Note

The
Sponsor agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering
pursuant to a promissory note (the “IPO Promissory Note”). The loan was non-interest-bearing, unsecured and due at the earlier
of December 31, 2024 or the closing of the Initial Public Offering. On November 12, 2024, the Company had borrowed $103,576 under the
IPO Promissory Note. Subsequently, on November 18, 2024, the Company paid the IPO Promissory Note balance of $103,576. As of March 31,
2025 and December 31, 2024, the IPO Promissory Note had been paid in full and borrowings under the IPO Promissory Note are no longer
available.

Administrative
Services Agreement

The
Company entered into an agreement with an affiliate of the Sponsor, commencing on November 8, 2024, through the earlier of consummation
of the initial Business Combination and the Company’s liquidation to pay an aggregate of $10,000 per month for office space, utilities
and secretarial and administrative support. For