Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 17

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 shares that were excluded from weighted average number as they were contingent on the exercise of over-allotment option by
the underwriters. Since the contingency was satisfied, the Company included these shares in the weighted average number as of the beginning
of the interim period to determine the dilutive impact of these shares.

The following table presents a reconciliation of the numerator and
denominator used to compute basic and diluted net income (loss) per ordinary share for each class of ordinary shares:

    For the Three Months Ended June 30, 2025  
    For the Six Months Ended June 30, 2025  
    For the period from June 14, 2024 (inception) through  June 30, 2024 

    Class A  
    Class B  
    Class A  
    Class B  
    Class A  
    Class B 
  
    Basic and diluted net income (loss) per share: 

    Numerator: 

    Allocation of net income (loss) 
    $1,687,008  
    $509,362  
    $3,237,412  
    $977,479  
    $—  
    $(18,953)
  
    Denominator: 

    Weighted-average shares outstanding 
     23,805,000  
     7,187,500  
     23,805,000  
     7,187,500  
     —  
     6,562,500 
  
    Basic and diluted net income (loss) per common stock 
    $0.07  
    $0.07  
    $0.14  
    $0.14  
    $—  
    $(0.00)

9

MOUNTAIN LAKE ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Concentration of Credit Risk

Financial instruments that potentially subject
the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant
adverse impact on the Company’s financial condition, results of operations, and cash flows.

Share Rights

The Company accounts for the Public