Company: MLAC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042737
Chunk: 88

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 88
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 2024, there were no unrecognized
tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income
by the government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes are not levied
on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management
does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Net Income per Ordinary Share

The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of ordinary shares, which are referred
to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of ordinary shares.
This presentation assumes a business combination as the most likely outcome. Net income per ordinary share is calculated by dividing the
net income by the weighted average ordinary shares outstanding for the respective period.

The calculation of diluted net income per ordinary
share does not consider the effect of the rights issued in connection with the Initial Public Offering and the Private Placement to purchase
an aggregate of 7,666,667 Class A ordinary shares in the calculation of diluted income per ordinary share, because their exercise is contingent
upon future events. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the three
months ended March 31, 2025. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per ordinary share
as the redemption value approximates fair value.

The Company has considered the effect of Class
B ordinary 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 per ordinary share for each class of ordinary shares:

    For the Three Months Ended March 31, 2025 

    Class A  
    Class B 
  
    Basic and diluted net income per share: 

    Numerator: