Company: MLAC
Filing Date: 2025-10-07
Form Type: 8-K
Source: 0001213900-25-097093
Chunk: 12

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 8-K
Item: Item 3.02
Chunk 12
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Item 3.02.

Unregistered Sale of Equity Securities.

The
disclosure set forth above in Item 1.01 and below in Item 8.01 of this Current Report on Form 8-K is incorporated by reference herein,
to the extent applicable. Neither the Subscribed Units to be issued pursuant to the Company Unit Subscription Agreements, the Seller Units
issued pursuant to the Dragonfly Contribution nor the Foundation Shares (in each case as defined below) will be registered under the Securities
Act of 1933, as amended, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation
D promulgated thereunder.

Item 8.01. Other Events.

Contribution Agreement

Concurrently with the
execution of the Business Combination Agreement and the TSA (as defined below), the Seller, the Company, Pubco, Avalanche BVI and Avalanche Cayman, entered into
an asset sale and contribution agreement (the “ Contribution Agreement”), pursuant to which, on the date of the
Business Combination Agreement: (a) the Foundation agreed to sell a minimum of $200 million of AVAX tokens on a pre-discount basis
to the Company on the terms and subject to the conditions set forth in a Token Sale Agreement (the “TSA”) by and
between the Company and the Foundation (the “ Foundation Transaction”), and (b) the Seller agreed to contribute,
directly and indirectly through certain related funds, 1,960,040 AVAX tokens to the Company in exchange for 5,805,638 Company units
(the “ Seller Units”) (the “ Dragonfly Contribution”).

The Contribution
Agreement included certain covenants including (i) an 18-months exclusivity in favor of the Company on sale of AVAX by the
Foundation in Competing Transactions (as defined in the Contribution Agreement), (ii) a right of first refusal in favor of the
Company for AVAX sale other than in Competing Transactions during the Covered Period, (iii) a 5-year right of first refusal in favor
of the Foundation for sales of AVAX sold by the Company in one or more transactions, each exceeding certain thresholds. The Foundation is
also granted the right to designate a board member in Pubco for a period of 5 years from the Closing date (extendable in case of
further sales on terms similar to the terms in the TSA before the expiration of the 5 years).

The Contribution Agreement
may