Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 254

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 254
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 prior to addressing the claims of creditors, thereby
exposing itself and us to claims of punitive damages.

If,
before distributing the proceeds in the trust account to our public shareholders, we file a bankruptcy or winding-up petition
or an involuntary bankruptcy or winding up petition is filed against us that is not dismissed, the claims of creditors in such proceeding
may have priority over the claims of our shareholders and the per-share amount that would otherwise be received by our shareholders
in connection with our liquidation may be reduced.

If,
before distributing the proceeds in the trust account to our public shareholders, we file a bankruptcy or winding-up petition or
an involuntary bankruptcy or winding up petition is filed against us that is not dismissed, the proceeds held in the trust account could
be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and subject to the claims of third
parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, the per-share amount
that would otherwise be received by our shareholders in connection with our liquidation may be reduced.

If
we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements
and our activities may be restricted, which may make it difficult for us to complete our initial business combination or force us to
abandon our efforts to complete an initial business combination.

If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:

●restrictions
                                            on the nature of our investments; and

●restrictions
                                            on the issuance of securities, each of which may make it difficult for us to complete our
                                            initial business combination. In addition, we may have imposed upon us burdensome requirements,
                                            including:

●registration
                                            as an investment company;

●adoption
                                            of a specific form of corporate structure; and

●reporting,
                                            record keeping, voting, proxy and disclosure requirements and other rules and regulations.

27

In
order not to be regulated as an investment company under the Investment Company Act, unless it can qualify for an exclusion, a company
must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities
do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our
assets (exclusive of U.S