Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 46

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 46
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 is not exercised in full by the underwriters. The forfeiture will be adjusted to the extent
that the option to purchase additional Units is not exercised in full by the underwriters so that the Founder Shares will represent
approximately 23.2% of all of the Company’s issued and outstanding shares after the Initial Public Offering. On December 16, 2024,
the underwriters partially exercised their over-allotment option as part of the closing of the Initial Public Offering and forfeited their
option to exercise the remaining over-allotment option. As such, 359,375 Founder Shares were forfeited.

With certain limited exceptions, the
Founder Shares are not transferable, assignable or salable (except to the Company’s officers and directors and other persons or
entities affiliated with the Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier to occur of (i) one
year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger,
share exchange or other similar transaction after the initial Business Combination that results in all of the shareholders having the
right to exchange their Class A ordinary shares for cash, securities or other property; except to certain permitted transferees and
under certain circumstances as described herein. Any permitted transferees will be subject to the same restrictions and other agreements
of the Initial Shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if (1) the closing price of the Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business
Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the shareholders
having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up.

Due to Sponsor

As of December 31, 2024, the Company owed the Sponsor $3,183 in connection
with the overfunding of the private placement.

Related Party Loans

On June 27, 2024, the Sponsor agreed to loan
the Company up to $200,000 (as amended to $300,000 on September 23, 2024) pursuant to