Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 992

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 992
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 or to be issued,
to any seller in the initial Business Combination and any Private Placement Units issued to the Sponsor, officers or directors upon conversion
of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

Rights

Except in cases where the Company is
not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one ordinary
share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange
of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable
provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business Combination, each
holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary
share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination
within the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights
will not receive any of such funds for their rights and the rights will expire worthless.

NOTE 8 — FAIR VALUE MEASUREMENTS

 At December 31, 2024, assets held in the Trust Account were comprised
of $593 in cash and $231,643,260 in U.S. Treasury securities. During the period from June 14, 2014 (inception) through December 31, 2024,
the Company did not withdraw any interest income from the Trust Account.

            Gross             Amortized   Holding          Held To Maturity  Cost   Loss   Fair Value   December 31, 2024  U.S. Treasury Securities (Mature on June 12, 2025)  $231,643,260   $(128,995)  $231,514,265  

The following table presents information about
the Company’s assets that are measured at fair value as of December 31, 2024, and indicates the fair value hierarchy of the valuation
inputs the Company utilized to determine such fair value:

    Level 
    December 31, 2024