Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 589

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 3
Chunk 589
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 pursuant to which they have agreed to waive their redemption rights
with respect to their founder shares and any public shares they hold in connection with the completion of our initial business combination
or an earlier redemption in connection with the commencement of procedures to consummate the initial business combination if we determine
it is desirable to facilitate the completion of the initial business combination. The other members of our management team have entered
into agreements similar to the one entered into by our initial shareholders with respect to any public shares acquired by them in or
after this offering. Additionally, our initial shareholders have agreed to waive their rights to liquidating distributions from the trust
account with respect to their founder shares if we fail to complete our initial business combination within the prescribed time frame
or any extended period of time that we may have to consummate an initial business combination as a result of an amendment to our amended
and restated memorandum and articles of association, although they will be entitled to liquidating distributions from assets outside
the trust account. If we do not complete our initial business combination within such applicable time period, the proceeds of the sale
of the private units held in the trust account will be used to fund the redemption of our public shares, and the private units will be
worthless.

●Additionally, our initial shareholders have agreed not to
transfer, assign or sell any of their founder shares and any Class A Ordinary Shares issuable upon conversion thereof until the
earlier to occur of: (i) one year after the completion of our initial business combination or (ii) the date on which we complete
a liquidation, merger, share exchange or other similar transaction after our initial business combination that results in all of our
shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property; except to certain
permitted transferees and under certain circumstances. Any permitted transferees will be subject to the same restrictions and other agreements
of our initial shareholders with respect to any founder shares. We refer to such transfer restrictions as the lock-up. Notwithstanding
the foregoing, if (1) the closing price of our Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for
share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after our initial business combination or (2) if we consummate