Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 1242

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 11
Chunk 1242
---
ation of the initial Business Combination if the Company determines
it is desirable to facilitate the completion of the initial Business Combination, (ii) the redemption of the Public Shares if the
Company is unable to complete the initial Business Combination within the Combination Period (as defined below), subject to applicable
law, or (iii) the redemption of the Public Shares properly submitted in connection with a shareholder vote to amend the Amended and
Restated Memorandum and Articles of Association (A) to modify the substance or timing of the obligation to allow redemption in connection
with the initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination
within the Combination Period or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial
business combination activity.

F-7

MOUNTAIN
LAKE ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

All of the Public Shares contain a redemption
feature which allows for the redemption of such Public Shares in connection with the liquidation, if there is a shareholder vote or tender
offer in connection with the initial Business Combination and in connection with certain amendments to the Amended and Restated Memorandum
and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”). The Public Shares were recorded
at redemption value and classified as temporary equity at the completion of the Initial Public Offering, in accordance with Accounting
Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

Additionally, each Public Shareholder may elect
to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder
approval in connection with a Business Combination, the holders of the Founder Shares prior to the Initial Public Offering (the “Initial
Shareholders”) have agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after
the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption
rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition,
the Company has agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of
the Sponsor.

Notwithstanding the foregoing, the Company’s
Amended and Restated Memorandum and Articles of Association provides