Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 29

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 Business Combination Agreement,
Pubco, the AT Company and the Company entered into subscription agreements (collectively, the “Company Unit Subscription Agreements”)
with certain investors (the “Company Unit Investors”), pursuant to which the Company Unit Investors agreed to purchase, payable
in cash or USD Coin (“USDC”), unlocked AVAX or locked AVAX, and the AT Company agreed to issue and sell, approximately $274
million worth of Company Class A units (the “Subscribed Units”) at a price of $10.00 per Subscribed Unit, in a private placement
(the “Company Unit Subscription”), upon the terms and subject to the conditions set forth therein. At the Closing, each Subscribed
Unit held by Company Unit Investors will be converted automatically into one share of Pubco Class A Stock. Pursuant to the Company Unit
Subscription Agreement, Pubco agreed to use commercially reasonable efforts to cause the Pubco Class A Stock into which the Subscribed
Units will be converted upon Closing to be registered with the SEC.

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.

For further details on the Proposed Business
Combination, refer to the Current Report on Form 8-K filed by the Company with the SEC on October 7, 2025.

 15

Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations

References in this report (the “Quarterly
Report”) to “we,” “us” or the “Company” refer to Mountain Lake Acquisition Corp. References
to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor”
refer to Mountain Lake