Company: MLAC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042737
Chunk: 96

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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curities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares
issuable upon conversion of all Founder Shares will equal, in the aggregate, 23.2% of the total number of Class A ordinary shares
outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders and not
including the Class A ordinary shares underlying the Private Placement Units), including the total number of Class A ordinary
shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued,
by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary
shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued,
to any seller in the initial Business Combination and any Private Placement Units issued to the Sponsor, officers or directors upon conversion
of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

 Rights

Except in cases where the Company is not the surviving
company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one ordinary share upon consummation
of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional
shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman
law. In the event the Company is not the surviving company upon completion of the initial Business Combination, each holder of a right
will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary share underlying
each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination within
the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights will
not receive any of such funds for their rights and the rights will expire worthless.

NOTE 8 — FAIR VALUE MEASUREMENTS

At March 31, 2025, assets held in the Trust Account
were comprised of $593 in cash and $233,982,564 in U.S. Treasury securities. During the three months ended March 31, 2025,