Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 118

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 118
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 Further, we do not plan to buy businesses or
assets with a view to resale or profit from their resale and we do not plan to buy unrelated businesses or assets or to be a passive
investor. In addition, the proceeds held in the trust account will only be held as cash (including in interest bearing demand deposits)
or invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the investment management
trust agreement, the trustee will not be permitted to invest in other securities or assets. By restricting the investment of the proceeds
in this manner, and by focusing our directors’ and officers’ time toward, and operating our business for the purpose of,
acquiring and growing businesses for the long term (rather than buying and selling businesses in the manner of a merchant bank or private
equity fund or investing in assets for the purpose of achieving investment returns on such assets), we intend to avoid being deemed an
“investment company” within the meaning of the Investment Company Act. Further, investing in our securities is not intended
for persons who are seeking a return on investments in government securities or investment securities. Instead, the trust account will
be intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination;
(ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated
memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection
with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business
combination activity; or (iii) absent an initial business combination within the completion window, our return of the funds held
in the trust account to our public shareholders as part of our redemption of the public shares. If we do not invest the proceeds as described
above, we may be deemed to be subject to the Investment Company Act. Notwithstanding that we have limited our activities as described
above, we could