Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $1,232,751, primarily from interest earned on marketable securities held in the Trust Account [110]. - As of March 31, 2025, the company had cash and marketable securities in the Trust Account totaling $128,527,398, which includes $1,647,898 of interest income [116]. - The company has no operating revenues to date and does not expect to generate any until after completing a Business Combination [109]. Initial Public Offering - The company completed its Initial Public Offering on November 12, 2024, raising gross proceeds of $126.5 million from the sale of 12,650,000 Units, including the full exercise of the Over-Allotment Option [113]. - The company incurred $7,538,114 in costs related to the Initial Public Offering, including $2,530,000 in cash underwriting fees and $4,427,500 in deferred underwriting fees [114]. Business Combination - The company may seek to extend the Combination Period by amending its Amended and Restated Charter, which would require approval from Public Shareholders [108]. - The company may need to obtain additional financing to complete its Business Combination or if a significant number of Public Shares are redeemed [120]. Debt and Financing - The company has no long-term debt or capital lease obligations as of March 31, 2025 [122]. - The company has the option to convert up to $1,500,000 of Working Capital Loans into warrants at a price of $1.00 per warrant at the lender's discretion [119]. Administrative Costs - The company has incurred $30,000 in fees for administrative services under an agreement with an affiliate of the Sponsor for the three months ended March 31, 2025 [123]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not obligated to provide the detailed disclosures typically required for market risk [133].
Willow Lane Acquisition Corp.(WLAC) - 2025 Q1 - Quarterly Report