Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 561

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 2
Chunk 561
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curities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares
issuable upon conversion of all Founder Shares will equal, in the aggregate, 23.2% of the total number of Class A ordinary shares
outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders and not
including the Class A ordinary shares underlying the Private Placement Units), including the total number of Class A ordinary
shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued,
by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary
shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued,
to any seller in the initial Business Combination and any Private Placement Units issued to the Sponsor, officers or directors upon conversion
of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Rights

Except in cases where the Company is
not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one ordinary
share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange
of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable
provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business Combination, each
holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary
share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination
within the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights
will not receive any of such funds for their rights and the rights will expire worthless.

NOTE 8 — FAIR VALUE MEASUREMENTS

 At December 31, 2024, assets held in the Trust Account were comprised
of $593 in cash and $231,643,260 in U.S. Treasury securities. During the period from June 14, 2014 (