Company: MLAC
Filing Date: 2025-10-07
Form Type: 425
Source: 0001213900-25-097100
Chunk: 2

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 425
Chunk 2
---
 one share of non-voting Class A common stock, par value $0.01 per
share, of Pubco (“Pubco Class A Stock”) for each Class A ordinary share, par value $0.0001 per share, of SPAC (the
“SPAC Class A Ordinary Shares”) held by such shareholder, and with each holder of SPAC Rights receiving one share of
Pubco Class A Stock in exchange for every ten (10) SPAC Rights held by such holder and (c) Company Merger Sub will merge with and into
the Company, with the Company continuing as the surviving company (the “Company Merger” and, together with the SPAC
Merger, the “Mergers” and, together with the other transactions contemplated by the Business Combination Agreement,
including the Foundation Transaction, the Dragonfly Contribution and the Company Unit Subscription, the “Transactions”),
and with (i) each Company member other than the Seller receiving one share of Pubco Class A Stock for each Company unit held immediately
prior to the effective time of the Company Merger and (ii) the Seller receiving one share of Pubco Class A Stock and one share of Pubco
Class B common stock, par value $0.01 per share (“Pubco Class B Stock” and, together with the Pubco Class A Stock,
the “Pubco Stock”), for each Company unit it holds. As a result of the Mergers and the other transactions contemplated
by the Business Combination Agreement, Pubco will become a publicly traded company, all upon the terms and subject to the conditions set
forth in the Business Combination Agreement and in accordance with applicable law.

As additional consideration
for the Company Merger (the “Additional Merger Consideration”), at the Company Merger Effective Time, Pubco will also
issue to the Seller 4,000,000 shares of Pubco Class A Stock and 4,000,000 shares of Pubco Class B Stock. At the Closing, 2,000,000 shares
of Pubco Class A Stock and 2,000,000 shares of Pubco Class B Stock that will be issued to Seller as part of the Additional Merger Consideration
(the “Seller Earnout Shares”) will be deposited into an escrow account with Continental Stock Transfer and Trust Company
(or another escrow agent reasonably acceptable to the Seller and Pubco), and will be released in tranches, all as provided in the Business
Combination Agreement and the escrow agreement that