Company: MLAC
Filing Date: 2025-10-07
Form Type: 425
Source: 0001213900-25-096772
Chunk: 8

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 425
Chunk 8
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 Acquisition Corp. late Wednesday — valued at more than $675 million — marking one
of the largest crypto-aligned Special Purpose Acquisition Company (SPAC) transactions to date.

The deal includes approximately $460 million
in projected treasury assets at closing, an exclusive $200 million discounted AVAX purchase allocation with the Avalanche Foundation,
plus equity considerations. The firm also secured an 18-month priority window on Avalanche Foundation sales to U.S. digital asset treasury
companies going forward.

The transaction has attracted backing from a
mix of traditional and crypto-native investors, including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund,
and Kraken. FalconX will provide trading and credit services, while Monarq will manage portions of the treasury portfolio. PJT Partners
and Barclays are advising AVAT, with Skadden and Davis Polk providing legal counsel.

The combined company, expected to trade on Nasdaq
in early 2026 pending regulatory and shareholder approval, has the ambitious target of acquiring more than $1 billion worth of AVAX over
time, aiming to position itself as a leading public vehicle for institutional exposure to the cryptocurrency. Capital will also be deployed
into protocol investments, enterprise partnerships, and validator infrastructure.

AVAT plans to launch at a 0.77x mNAV entry point,
offering investors a 23% discount relative to buying AVAX directly or through exchange-traded fund-style alternatives.

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“Many institutions have difficulty accessing
digital assets or are limited to holding native tokens without yield or ecosystem integration. We created Avalanche Treasury Co. to offer
something we believe will be more valuable than passive exposure,” AVAT CEO Bart Smith said in a statement. “This is a public
company launching as an active, strategic partner within the Avalanche network, offering a level of integration and alignment that investors
have been demanding.”

Ties to Avalanche’s core team

AVAT’s leadership draws from both Wall Street
and crypto, with Susquehanna International Group and AllianceBernstein veteran Smith joined by COO Laine Litman, formerly of HiddenRoad
and Virtu Financial, and CSO Budd White, a product executive from Multisig Labs.

Upon closing, AVAT’s advisory and company boards
will also include a mix of traditional finance veterans and crypto-native leaders. Ava Labs founder Emin Gün Sirer will join as
a strategic advisor, while Chief Business Officer John Nahas will take a seat on the public company board