Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 238

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 238
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We may choose not to hold a shareholder vote to
approve our initial business combination if the business combination would not require shareholder approval under applicable law or stock
exchange listing requirement. Except for as required by applicable law or stock exchange requirement, the decision as to whether we will
seek shareholder approval of a proposed business combination or will allow shareholders to sell their shares to us in a tender offer will
be made by us, solely in our discretion, and will be based on a variety of factors, such as the timing of the transaction and whether
the terms of the transaction would otherwise require us to seek shareholder approval. Even if we seek shareholder approval, the holders
of our founder shares will participate in the vote on such approval. Accordingly, we may complete our initial business combination even
if a majority of our public shareholders do not approve of the business combination we complete. Please see the section entitled “Proposed
Business — Shareholders May Not Have the Ability to Approve Our Initial Business Combination” for additional
information.

19

If we seek shareholder approval of our initial business combination,
our initial shareholders and management team have agreed to vote in favor of such initial business combination, regardless of how our
public shareholders vote.

Our initial shareholders own 23.2% of our outstanding
ordinary shares as of March 18, 2025. Our initial shareholders and management team also may from time-to-time purchase Class A
Ordinary Shares prior to our initial business combination. Our amended and restated memorandum and articles of association provides that,
if we seek shareholder approval of an initial business combination, such initial business combination will be approved if we receive the
affirmative vote of at least a majority of the shares voted at such meeting of the company. As a result, assuming that only the holders
of one-third of our issued and outstanding ordinary shares, representing a quorum under our amended and restated memorandum and articles
of association, vote their ordinary shares at a general meeting of the company, we will not need any public shares in addition to our
founder shares to be voted in favor of an initial business combination in order to approve an initial business combination. However, if
our initial business combination is structured as a statutory merger or consolidation with another company under Cayman Islands law, the
approval of our initial business combination will require a special resolution passed by the affirmative vote of at least two-thirds of
our ordinary shares which are represented in person or by proxy and are voted at a general meeting of the