Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 198

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 198
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6)Based
solely upon the Schedule 13G filed by AQR Capital Management, LLC, AQR Capital Management Holdings, LLC and AQR Arbitrage, LLC on February
14, 2025.

Item 13. Certain Relationships and Related
Transactions, and Director Independence.

On June 27, 2024, the Sponsor
made a capital contribution of $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 7,187,500 Class
B ordinary (the “Founder Shares”). Subsequently, on December 12, 2024, the Company, through a share capitalization, issued
an additional 359,375 Founder Shares to the Sponsor, resulting in an aggregate of 7,546,875 Founder Shares issued and outstanding. The
holders of the Founder Shares agreed to forfeit and cancel up to an aggregate of 984,375 Founder Shares, on a pro rata basis, to the extent
that the option to purchase additional Units is not exercised in full by the underwriters. The forfeiture will be adjusted to the extent
that the option to purchase additional Units is not exercised in full by the underwriters so that the Founder Shares will represent approximately
23.2% of all of the Company’s issued and outstanding shares after the Initial Public Offering. On December 16, 2024, the underwriters
partially exercised their over-allotment option as part of the closing of the Initial Public Offering and forfeited their option to exercise
the remaining over-allotment option. As such, 359,375 Founder Shares were forfeited.

There will be no redemption
rights or liquidating distributions form the trust accounts with respect to the founder shares or rights, which will expire worthless
if we do not consummate a business combination within the prescribed time period.

As more fully discussed in
“Part III, Item 10—Directors, Executive Officers and Corporate Governance—Conflicts of Interest,” if any of our
officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which
he or she has then-current fiduciary or contractual obligations, he or she may be required to present such business combination opportunity
to such entity prior to presenting such business combination opportunity to us. Our officers and directors currently have certain relevant
fiduciary duties or contractual obligations that may take priority over their duties to us.

72

We may pay Paul Grinberg,
our Chairman and Chief Executive Officer