Company: MLAC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042737
Chunk: 101

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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000 of cash underwriting fees, $8,050,000 of deferred underwriting fees
and $704,261 of other offering costs.

For the three months ended March 31, 2025, net cash used in operating
activities was $162,285. Net income of $2,018,521 was affected by interest earned on marketable securities held in Trust of $2,339,304.
Changes in operating assets and liabilities provided $158,498 of cash from operating activities.

15 

At March 31, 2025, we had
cash and marketable securities held in the Trust Account of $233,983,157 (including approximately $2,833,157 of interest income and net
of unrealized losses). We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest
earned on the Trust Account, which interest shall be net of taxes payable and excluding deferred underwriting commissions, to complete
our Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or
debt is used, in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account
will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our
growth strategies.

At March 31, 2025, we had
cash of $1,221,107 held outside of the Trust Account. We intend to use the funds held outside the Trust Account primarily to identify
and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants
or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements
of prospective target businesses, structure, negotiate and complete a Business Combination.

In order to fund working
capital deficiencies or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination,
we may repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that a Business Combination does
not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from
our Trust Account would be used for such repayment. Up to $1.5