Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 175

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 175
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000 was placed in the Trust
Account. We incurred $13,354,261, consisting of $4,600,000 of cash underwriting fees, $8,050,000 of deferred underwriting fees and $704,261
of other offering costs.

For the period from June 14, 2024 (inception)
through December 31, 2024, net cash used in operating activities was $159,847. Net income of $443,117 was offset by interest earned
on marketable securities of $493,853, formation cost paid by Sponsor in exchange for issuance of Class B Ordinary Shares of $8,533 and
payment of formation costs through promissory note of $70,488. Changes in operating assets and liabilities, which used $188,132 of cash
from operating activities.

At December 31, 2024, we had cash and
marketable securities held in the Trust Account of $231,643,853 (including approximately $493,853 of interest income and net of unrealized
losses). We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned
on the Trust Account, which interest shall be net of taxes payable and excluding deferred underwriting commissions, to complete our Business
Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt is used,
in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

At December 31, 2024, we had cash of
$1,383,392 held outside of the Trust Account. We intend to use the funds held outside the Trust Account primarily to identify and evaluate
target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective
target businesses, structure, negotiate and complete a Business Combination.

59

In order to fund working capital deficiencies
or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we may repay such
loaned amounts out of