Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 558

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 2
Chunk 558
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 terms of such Working Capital Loans, if any, have not been determined and no written
agreements exist with respect to such loans. As of December 31, 2024, the Company had no borrowings under the Working Capital Loans.

Services Agreement

The Company agreed, commencing on the
closing of Initial Public Offering through the earlier of consummation of the initial Business Combination and the liquidation, to pay
the Chairman and Chief Executive Officer and the President and Chief Financial Officer, a total of up to $20,000 per month for their services
as executive officers and directors of the Company. No expenses have been incurred or are due under this arrangement as of December 31,
2024.

F-13

MOUNTAIN
LAKE ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights

 The holders of the Founder Shares, Private Placement Units (and underlying
securities) and any Units (and underlying securities) that may be issued on conversion of Working Capital Loans are entitled to registration
rights pursuant to a registration rights agreement requiring the Company to register such securities for resale. The holders of these
securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities.
In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion
of the initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415
under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit
any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company
will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters have a 45-day option from the
date of the Initial Public Offering to purchase up to an additional 3,150,000 units to cover over-allotments, if any. On December 16,
2024, simultaneously with the closing of the Initial Public Offering, the underwriters elected to partially exercise the over-allotment
option to purchase an additional 2,000,000 Units at a price of $10.00 per Unit and forfeited their right to exercise the remaining over-allotment
option.

The