Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 1075

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 9A
Chunk 1075
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 to forfeit and cancel up to an aggregate of 984,375 Founder Shares, on a pro rata basis, to the extent
that the option to purchase additional Units is not exercised in full by the underwriters. The forfeiture will be adjusted to the extent
that the option to purchase additional Units is not exercised in full by the underwriters so that the Founder Shares will represent approximately
23.2% of all of the Company’s issued and outstanding shares after the Initial Public Offering. On December 16, 2024, the underwriters
partially exercised their over-allotment option as part of the closing of the Initial Public Offering and forfeited their option to exercise
the remaining over-allotment option. As such, 359,375 Founder Shares were forfeited.

There will be no redemption
rights or liquidating distributions form the trust accounts with respect to the founder shares or rights, which will expire worthless
if we do not consummate a business combination within the prescribed time period.

As more fully discussed in
“Part III, Item 10—Directors, Executive Officers and Corporate Governance—Conflicts of Interest,” if any of our
officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which
he or she has then-current fiduciary or contractual obligations, he or she may be required to present such business combination opportunity
to such entity prior to presenting such business combination opportunity to us. Our officers and directors currently have certain relevant
fiduciary duties or contractual obligations that may take priority over their duties to us.

72

We may pay Paul Grinberg,
our Chairman and Chief Executive Officer and Douglas Horlick, our President Chief Financial Officer, an aggregate of up to $20,000 per
month for their services as executive officers and directors of the Company. Upon completion of our initial business combination or our
liquidation, we will cease paying these monthly fees, if any.

Our
sponsor, officers and directors or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection
with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.
Our audit committee reviews on a quarterly basis all payments that were made by us to our sponsor, officers, directors or our or any of
their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the
reimbursement of out-of-pocket expenses incurred