Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 293

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 293
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 Class B Ordinary Shares, par value $0.0001 per share, and 5,000,000 preference shares, par
value $0.0001 per share. After the initial public offering, there are 23,805,000 and 7,187,500 authorized but unissued Class A Ordinary
Shares and Class B Ordinary Shares, respectively, available for issuance which amount does not take into account shares reserved
for issuance upon conversion of outstanding rights or shares issuable upon conversion of the Class B Ordinary Shares. The Class B
Ordinary Shares are automatically convertible into Class A Ordinary Shares concurrently with or immediately following the consummation
of our initial business combination, or earlier at the option of the holders thereof, initially at a one-for-one ratio but subject
to adjustment as set forth adjacent to the caption “Founder shares conversion and anti-dilution rights”
and may result in a material dilution to the equity interests of the Class A ordinary shareholders and in our amended and restated memorandum
and articles of association. As of the date of this Annual Report, there are no preference shares issued and outstanding.

48

We
may issue a substantial number of additional Class A Ordinary Shares or preference shares to complete our initial business combination
or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares
upon conversion of the Class B Ordinary Shares at a ratio greater than one-to-one at the time of our initial business combination
as a result of the anti-dilution provisions as set forth therein. However, our amended and restated memorandum and articles of association
provides, among other things, that prior to our initial business combination, we may not issue additional shares that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares on any initial business
combination. These provisions of our amended and restated memorandum and articles of association, like all provisions of our amended
and restated memorandum and articles of association, may be amended with a shareholder vote. The issuance of additional ordinary shares
or preference shares:

●may
significantly dilute the equity interest of existing investors, which dilution would increase if the anti-dilution provisions in
the Class B Ordinary Shares resulted in the issuance of Class A Ordinary Shares on a greater than one-to-one basis upon
conversion of the