Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 88

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 88
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000 of interest to pay dissolution expenses), divided by the number of then outstanding public
shares, which redemption will constitute full and complete payment for the public shares and completely extinguish public shareholders’
rights as shareholders (including the right to receive further liquidating or other distributions, if any)

Our initial shareholders, sponsor, officers and
directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from
the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within the completion
window, although they will be entitled to liquidating distributions from assets outside the trust account. However, if our initial shareholders,
sponsor or management team acquire public shares, they will be entitled to liquidating distributions from the trust account and liquidating
distributions from assets outside the trust account with respect to such public shares if we fail to complete our initial business combination
within the allotted 18-month time period.

13

Our initial shareholders, sponsor, officers and
directors have agreed, pursuant to a letter agreement with us, that they will not propose any amendment to our amended and restated memorandum
and articles of association (A) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do
not complete our initial business combination within the completion window or (B) with respect to any other material provisions relating
to shareholders’ rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity
to redeem their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest earned on the funds held in the trust account (which interest shall be net of
taxes payable), divided by the number of then outstanding public shares.

We expect that all costs and expenses associated
with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the approximately
$1,383,392, although we cannot assure you that there will be sufficient funds for such purpose. However, if those funds are not sufficient
to cover the costs and expenses associated with implementing our plan of dissolution, to the extent that there is any interest accrued
in the trust account not required to pay taxes, we may request the trustee to release to us an additional amount of up to $100,000 of
such accrued interest to pay those costs and