Company: MLAC
Filing Date: 2025-10-07
Form Type: 425
Source: 0001213900-25-097100
Chunk: 4

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 425
Chunk 4
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 Shares not released by the end of the Earnout Period will be transferred to Pubco for
no consideration, in each case as set forth in the Business Combination Agreement. If there is a change in control of Pubco during the
earnout period, all remaining Seller Earnout Shares then in escrow will be released to the Seller.

In connection with the Closing,
Pubco will issue two classes of Pubco common stock with different voting and economic rights. The Pubco Class A Stock will be entitled
to economic rights, including the right to receive distributions in proportion to the number of shares held, and will be listed for trading
on Nasdaq or another national securities exchange. The Pubco Class A Stock shall have no voting rights except (i) as required by the General
Corporation Law of the State of Delaware or (ii) on any matter that adversely affects them relative to holders of any other class of stock
of Pubco. These shares will be freely transferable subject to the terms of the Lock-Up Agreements (defined below) and any applicable legal
restrictions. The Pubco Class B Stock will be entitled to one vote per share but will not have any economic rights and will not be listed
for trading or transferable except in connection with the transfer of a share of Pubco Class A Stock to an affiliate of the Seller. The
shares of Pubco Class B Stock will be cancelled pro rata upon any transfer of shares of Pubco Class A Stock to any third party by the
Seller (other than to the Seller’s affiliates).

Immediately following the
Closing, the Pubco Class A Stock will be held by the former SPAC shareholders, the former Company Members, and the Seller, while the Pubco
Class B Stock will be held only by the Seller.

Representations and Warranties

The Business Combination Agreement
contains customary representations and warranties of the parties, which shall not survive the Closing. Certain representations and warranties
are qualified by materiality or Material Adverse Effect. “Material Adverse Effect” as used in the Business Combination
Agreement means with respect to any specified person, any fact, event, occurrence, change or effect that has had, or would reasonably
be expected to have, individually or in the aggregate, a material adverse effect on (i) the business, assets, liabilities, results of
operations or condition (financial or otherwise) of such person and its subsidiaries, taken as a whole, or (ii) the ability of such person
or any of