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Willow Lane Acquisition Corp. (WLAC0.00%) has filed its Form 10-K annual report filing for the fiscal year ended December 31, 2024.
The report details the company's financial position, highlighting the completion of its Initial Public Offering on November 12, 2024, which raised $126,500,000 through the sale of 12,650,000 units, including the exercise of the over-allotment option.
Each unit sold in the IPO consisted of one Class A Ordinary Share and one-half of one redeemable warrant. The proceeds from the IPO and a concurrent private placement of warrants were placed in a trust account.
The company is a blank check company formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The report outlines the company's strategy to complete a business combination with a target business that has a fair market value equal to at least 80% of the net balance in the trust account.
Willow Lane Acquisition Corp. has until November 12, 2026, to complete its initial business combination, subject to potential extensions by shareholder vote.
As of December 31, 2024, the company had cash and marketable securities in the trust account of $127,163,421, and cash held outside the trust account of $1,368,608.
The company reported net income of $116,890 for the period from July 3, 2024, to December 31, 2024, primarily from interest income on the trust account.
The filing also discusses the company's management team and board of directors, which includes experienced professionals with a history of successful SPAC transactions.
The report includes a section on risk factors, highlighting potential challenges such as competition for business combination targets, market volatility, and regulatory changes.
Willow Lane Acquisition Corp. emphasizes its intention to leverage the experience and networks of its management team to identify and complete a successful business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Willow Lane Acquisition Corp. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.