Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 35

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 In addition, Management has determined that if the Company
is unable to complete an initial Business Combination within the Combination Period, then the Company will cease all operations except
for the purpose of liquidating. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
Management plans to consummate an initial Business Combination prior to the mandatory liquidation date. No adjustments have been made
to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 16, 2026.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities,
which would be considered off-balance sheet arrangements as of September 30, 2025. We do not participate in transactions that create
relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have
been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing
arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial
assets.

Contractual Obligations

We do not have any long-term debt, capital lease
obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the Chairman and Chief Executive Officer
and the President and Chief Financial Officer, a total of up to $20,000 per month for their services as executive officers and directors
of the Company. For the three and nine months ended September 30, 2025, the Company incurred and paid an expense of $60,000 and $180,000
of fees for these services, respectively. For the three months ended September 30, 2024 and for the period from June 14, 2024 (inception)
through September 30, 2024, no fees were incurred for these services.

The underwriters are entitled to a deferred underwriting
fee of $0.35 per Unit, or $8,050,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held
in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting
agreement.

 18

Critical Accounting Estimates

The preparation of condensed financial statements
and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of