Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 29

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 which consists of interest income on marketable securities held in the Trust Account of $4,731,246, partially
offset by operating costs of $516,355.

For the period from June 14, 2024 (inception)
through June 30, 2024, we had a net loss of $18,953 which primarily consist of operating and formation costs.

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 six months ended June 30, 2025, net cash
used in operating activities was $222,509. Net income of $4,214,891 was affected by interest earned on marketable securities held in
Trust of $4,731,246. Changes in operating assets and liabilities provided $293,846 of cash from operating activities.

15

For the period from June 14, 2024 (inception)
through June 30, 2024, net cash used in operating activities was $0. Net loss of $18,953 was affected by formation costs paid by Sponsor
in exchange for issuance of Class B ordinary shares of $8,533 and payment of operation costs through promissory note of $10,420. Changes
in operating assets and liabilities provided $0 of cash from operating activities.

At June 30, 2025, we had cash and marketable
securities held in the Trust Account of $236,375,099 (including