Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 152

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 152
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. The number of founder shares outstanding was determined based on the expectation at the time
that the total size of the initial public offering would be a maximum of 24,150,000 units if the underwriters’ over-allotment option
was exercised in full, and therefore that such founder shares represent 23.2% of the outstanding shares. 359,375 of the founder shares
were forfeited in connection with the underwriters’ partial exercise of the over-allotment option. In addition, our sponsor
and BTIG purchased an aggregate of 805,000 private units at a price of $10.00 per unit in a private placement that closed simultaneously
with the closing of the initial public offering. Of those 805,000 private units, our sponsor to purchased 495,000 private units and BTIG
purchased 310,000 private units. The personal and financial interests of our executive officers and directors may influence their motivation
in identifying and selecting a target business combination, completing an initial business combination and influencing the operation
of the business following the initial business combination. This risk may become more acute as the end of the completion window nears,
which is the deadline for our completion of an initial business combination.

46

Risks
Relating to our Securities

You
will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate
your investment, you may be forced to sell your public shares or rights, potentially at a loss.

Our
public shareholders will be entitled to receive funds from the trust account only upon the earlier to occur of: (i) our completion
of an initial business combination, and then only in connection with those Class A Ordinary Shares that such shareholder properly
elected to redeem, subject to the limitations described herein, (ii) the redemption of any public shares properly submitted in connection
with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or
timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within the completion
window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business
combination activity, and the redemption of our public shares if we are unable to complete an initial business combination within the
completion window, subject to applicable law and as further described herein. In addition, if our plan to redeem our