Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 810

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 6
Chunk 810
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,000. A portion of the proceeds from the
sale of the Private Placement Units was added to the net proceeds from the Initial Public Offering held in the Trust Account. If the
Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement
Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable
law). The Private Placement Units are identical to the units sold in the Initial Public Offering.

F-12

MOUNTAIN
LAKE ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On June 27, 2024, the Sponsor made a capital
contribution of $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 7,187,500 Class B ordinary
(the “Founder Shares”). Subsequently, on December 12, 2024, the Company, through a share capitalization, issued an additional
359,375 Founder Shares to the Sponsor, resulting in an aggregate of 7,546,875 Founder Shares issued and outstanding. The holders of the
Founder Shares agreed to forfeit and cancel up to an aggregate of 984,375 Founder Shares, on a pro rata basis, to the extent that
the option to purchase additional Units 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 liquid