Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 120

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 120
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 expenses and a diversion of management time and attention,
In addition, these changes could have a material adverse effect on our business, investments and results of operations.

Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. For example, on January 24, 2024, the SEC issued final rules and guidance relating to initial
public offerings and business combination transactions of special purpose acquisition companies, like us, which, among other things,
created new rules and guidance. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. A failure to comply with applicable laws or regulations
and any subsequent changes, as interpreted and applied, could have a material adverse effect on our business, including our ability to
negotiate and complete our initial business combination, and results of operations.

Our
shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption
of their shares.

If
we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment
if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall
due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders.
Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad
faith, thereby exposing themselves and our company to claims, by paying public shareholders from the trust account prior to addressing
the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. We and our directors and
officers who knowingly and willfully authorized or permitted any distribution to be paid out of our share premium account while we were
unable to pay our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable to a fine
of approximately $18,293 and to imprisonment for five years in the Cayman Islands.

We
may not hold an annual general meeting until after the consummation of our initial business combination, which could delay the opportunity
for our shareholders to appoint directors.

In accordance with the Nasdaq’s corporate
governance requirements, we are not required to hold an annual general meeting until no later