Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 32

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 Stock. Pursuant to the Company Unit
Subscription Agreement, Pubco agreed to use commercially reasonable efforts to cause Pubco Class A Stock into which the Subscribed Units
will be converted upon Closing to be registered with the SEC.

 16

Token Sale Agreement

Concurrently with the execution of the Business
Combination Agreement and the TSA (as defined below), the Seller, the AT Company, Pubco, Avalanche BVI and Avalanche Cayman (together
with Avalanche BVI, the “Foundation”), entered into an asset sale and contribution agreement (the “Contribution Agreement”),
pursuant to which, on the date of the Business Combination Agreement: (a) the Foundation agreed to sell a minimum of $200 million of
AVAX tokens on a pre-discount basis to the AT Company on the terms and subject to the conditions set forth in a Token Sale Agreement
(the “TSA”) by and between the Company and the Foundation, and (b) the Seller agreed to contribute, directly and indirectly
through certain related funds, 1,960,040 AVAX tokens to the AT Company in exchange for 5,805,638 Company units.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities from June 14, 2024 (inception) through September 30, 2025 were organizational activities,
those necessary to prepare for our initial public offering, described below, and identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating
income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public
company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2025,
we had a net income of $2,133,281, which consists of interest income on marketable securities held in the Trust Account of $2,527,476,
partially offset by general and administrative expenses of $394,195.

For the nine months ended September 30, 2025,
we had a net income of $6,348,172, which consists of interest income on marketable securities held in the Trust Account of $7,258,722,
partially offset by general and administrative expenses of $910,550.

For the three months ended September 30,