Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 101

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 101
---
 general and administrative expenses of $394,195.

For the nine months ended September 30, 2025,
we had a net income of $6,348,172, which consists of interest income on marketable securities held in the Trust Account of $7,258,722,
partially offset by general and administrative expenses of $910,550.

For the three months ended September 30, 2024,
we had a net loss of $25,805 which primarily consist of general and administrative expenses.

For the period from June 14, 2024 (inception)
through September 30, 2024, we had a net loss of $44,758 which primarily consist of general and administrative expenses.

Liquidity and Capital Resources

On December 16, 2024, we consummated the Initial
Public Offering of 23,000,000 Units, which includes the partial exercise by the underwriters of their over-allotment option in the amount
of 2,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public
Offering, we consummated the sale of 805,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement
to the Sponsor, generating gross proceeds of $8,050,000.

Following the Initial Public Offering, the partial
exercise of the over-allotment option, and the sale of the Private Units, a total of $231,150,000 was placed in the Trust Account. We
incurred $13,354,261, consisting of $4,600,000 of cash underwriting fees, $8,050,000 of deferred underwriting fees and $704,261 of other
offering costs.

For the nine months ended September 30, 2025,
net cash used in operating activities was $537,562. Net income of $6,348,172 was affected by interest earned on marketable securities
held in Trust of $7,258,722. Changes in operating assets and liabilities provided $372,988 of cash from operating activities.

 17

For the period from June 14, 2024 (inception)
through September 30, 2024, net cash used in operating activities was $0. Net loss of $44,758 was affected by formation costs paid by
Sponsor in exchange for issuance of Class B