Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 59

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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Services Agreement

The Company agreed, commencing on the closing
of Initial Public Offering through the earlier of consummation of the initial Business Combination and the liquidation, 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 six months ended June 30, 2025, the Company incurred an expense of $60,000 and
$120,000 of fees for these services, respectively. For the period from June 14, 2024 (inception) through June 30, 2024, no fees were
incurred for these services.

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights

The holders of the Founder Shares, Private Placement
Units (and underlying securities) and any Units (and underlying securities) that may be issued on conversion of Working Capital Loans
are entitled to registration rights pursuant to a registration rights agreement requiring the Company to register such securities for
resale. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that
the Company register such securities. In addition, the holders have certain piggyback registration rights with respect to registration
statements filed subsequent to the completion of the initial Business Combination and rights to require the Company to register for resale
such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company
will not be required to effect or permit any registration or cause any registration statement to become effective until termination of
the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

11

MOUNTAIN LAKE ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Underwriting Agreement

The underwriters had a 45-day option from the
date of the Initial Public Offering to purchase up to an additional 3,150,000 units to cover over-allotments, if any. On December 16,
2024, simultaneously with the closing of the Initial Public Offering, the underwriters elected to partially exercise the over-allotment
option to purchase an additional 2,000,000 Units at a price of $10.00 per Unit and forfeited their right to exercise the remaining over