Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 289

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 289
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 we refer to as founder shares. Subsequently, on December 12, 2024, the Company, through a
share capitalization, approved the issuance to the sponsor an additional 359,375 Class B Ordinary Shares as bonus shares. On December
16, 2024, our sponsor surrendered 359,375 founder shares for no consideration, as a result of the underwriters’ partial exercise
of their over-allotment option in our initial public offering, resulting in 7,187,500 founder shares outstanding, resulting in a price
per share of approximately $0.003. Prior to the initial investment in the company of $25,000 by the sponsor, the company had no assets,
tangible or intangible. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company
by the number of founder shares issued. The number of founder shares outstanding was determined based on the expectation at the time
that the total size of the initial public offering would be a maximum of 24,150,000 units if the underwriters’ over-allotment option
was exercised in full, and therefore that such founder shares represent 23.2% of the outstanding shares. 359,375 of the founder shares
were forfeited in connection with the underwriters’ partial exercise of the over-allotment option. In addition, our sponsor
and BTIG purchased an aggregate of 805,000 private units at a price of $10.00 per unit in a private placement that closed simultaneously
with the closing of the initial public offering. Of those 805,000 private units, our sponsor to purchased 495,000 private units and BTIG
purchased 310,000 private units. The personal and financial interests of our executive officers and directors may influence their motivation
in identifying and selecting a target business combination, completing an initial business combination and influencing the operation
of the business following the initial business combination. This risk may become more acute as the end of the completion window nears,
which is the deadline for our completion of an initial business combination.

46

Risks
Relating to our Securities

You
will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate
your investment, you may be forced to sell your public shares or rights, potentially at a loss.

Our
public shareholders will be entitled to receive funds from the trust account only upon the earlier to occur of: (