Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 258

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 258
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 company to claims, by paying public shareholders from the trust account prior to addressing
the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. We and our directors and
officers who knowingly and willfully authorized or permitted any distribution to be paid out of our share premium account while we were
unable to pay our debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable to a fine
of approximately $18,293 and to imprisonment for five years in the Cayman Islands.

We
may not hold an annual general meeting until after the consummation of our initial business combination, which could delay the opportunity
for our shareholders to appoint directors.

In accordance with the Nasdaq’s corporate
governance requirements, we are not required to hold an annual general meeting until no later than one year after our first fiscal year
end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings
to appoint directors. Until we hold an annual general meeting, public shareholders
may not be afforded the opportunity to appoint directors and to discuss company affairs with management. Our board of directors is divided
into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior
to our first annual general meeting) serving a three-year term. In addition, as holders of our Class A Ordinary Shares, our
public shareholders will not have the right to vote on the election of directors until after the consummation of our initial business
combination.

29

Because
we are neither limited to evaluating a target business in a particular industry sector nor have we selected any specific target businesses
with which to pursue our initial business combination, you will be unable to ascertain the merits or risks of any particular target business’s
operations.

Our
efforts to identify a prospective initial business combination target will not be limited to a particular industry, sector or geographic
region. Our amended and restated memorandum and articles of association prohibit us from effectuating a business combination solely with
another blank check company or similar company with nominal operations. Because we have not yet selected any specific target business
with respect to a business combination, there is no basis to evaluate the possible merits or risks of any particular target business’s
operations, results of operations, cash flows, liquidity, financial condition or prospects.

To
the extent we complete our initial business combination, we may be