Company: WLACW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010349
Chunk: 52

Company: Willow Lane Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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erees, the Private Placement Warrants (i) may not (including the
Class A Ordinary Shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred,
assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (ii) will be entitled to registration
rights and (iii) with respect to Private Placement Warrants held by the BTIG and Criag-Hallum and/or their designees, will not be exercisable
more than five years from the commencement of sales in the Initial Public Offering in accordance with Financial Industry Regulatory Authority
Rule 5110(g)(8).

Note
5 — Related Party Transactions

Founder
Shares

On
July 17, 2024, the Sponsor purchased, and the Company issued to the Sponsor, 4,364,250 Class B Ordinary Shares for $25,000, or approximately
$0.006 per share. Subsequently, on September 27, 2024, the Company through a share capitalization issued to the Sponsor an additional
264,424 fully paid Class B Ordinary Shares; consequently, the Sponsor has purchased and holds an aggregate of 4,628,674 Class B Ordinary
Shares. Following and because of that capitalization and issuance of additional Class B Ordinary Shares, the Sponsor is deemed to have
purchased the Class B Ordinary Shares for $0.005 per share.

    9

WILLOW
LANE ACQUISITION CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

MARCH
31, 2025

(Unaudited)

The
number of Founder Shares outstanding was determined based on the expectation that the total size of the Initial Public Offering would
be a maximum of 12,650,000 Units if the Over-Allotment Option was exercised in full, and therefore that such Founder Shares would represent
approximately 26.79% of the issued and outstanding Ordinary Shares after the Initial Public Offering. Up to 603,740 Founder Shares were
to be surrendered for no consideration depending on the extent to which the Over-Allotment Option was exercised. On November 12, 2024,
the Over-Allotment Option was exercised in full and such Founder Shares are no longer subject to forfeiture.

Pursuant
to the Letter Agreement, the Sponsor and the Company’s directors and officers have agreed not to transfer, assign or sell any of
their Founder Shares and any Class A Ordinary