Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 312

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 312
---
736.

Liquidity and Capital Resources

On December 16, 2024, we consummated the Initial
Public Offering of 23,000,000 Units, which includes the partial exercise by the underwriters of their over-allotment option in the amount
of 2,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public
Offering, we consummated the sale of 805,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement
to the Sponsor, generating gross proceeds of $8,050,000.

Following the Initial Public Offering,
the partial exercise of the over-allotment option, and the sale of the Private Units, a total of $231,150,000 was placed in the Trust
Account. We incurred $13,354,261, consisting of $4,600,000 of cash underwriting fees, $8,050,000 of deferred underwriting fees and $704,261
of other offering costs.

For the period from June 14, 2024 (inception)
through December 31, 2024, net cash used in operating activities was $159,847. Net income of $443,117 was offset by interest earned
on marketable securities of $493,853, formation cost paid by Sponsor in exchange for issuance of Class B Ordinary Shares of $8,533 and
payment of formation costs through promissory note of $70,488. Changes in operating assets and liabilities, which used $188,132 of cash
from operating activities.

At December 31, 2024, we had cash and
marketable securities held in the Trust Account of $231,643,853 (including approximately $493,853 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