Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 22

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 22
---
 entity at a price of $10.00 per Unit. The units would be identical to the
Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written
agreements exist with respect to such loans. As of September 30, 2025 and December 31, 2024, the Company had no borrowings under the Working
Capital Loans.

Services Agreement

The Company agreed, commencing on the closing
of Initial Public Offering through the earlier of consummation of the initial Business Combination and the liquidation, to pay the Chairman
and Chief Executive Officer and the President and Chief Financial Officer, a total of up to $20,000 per month for their services as executive
officers and directors of the Company. For the three and nine months ended September 30, 2025, the Company incurred and paid an expense
of $60,000 and $180,000 of fees for these services, respectively. For the three months ended September 30, 2024 and for the period from
June 14, 2024 (inception) through September 30, 2024, no fees were incurred for these services.

 11

MOUNTAIN LAKE ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited)

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights

The holders of the Founder Shares, Private Placement
Units (and underlying securities) and any Units (and underlying securities) that may be issued on conversion of Working Capital Loans
are entitled to registration rights pursuant to a registration rights agreement requiring the Company to register such securities for
resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that
the Company register such securities. In addition, the holders have certain piggyback registration rights with respect to registration
statements filed subsequent to the completion of the initial Business Combination and rights to require the Company to register for resale
such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company
will not be required to effect or permit any registration or cause any registration statement to become effective until termination of
the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement