Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 102

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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 ordinary shares of $8,533 and payment of operation costs through promissory note of $36,408.
Changes in operating assets and liabilities used $183 of cash from operating activities.

At September 30, 2025, we had cash and marketable
securities held in the Trust Account of $238,902,575 (including approximately $7,752,575 of interest income and net of unrealized losses).
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the
Trust Account, which interest shall be net of taxes payable and excluding deferred underwriting commissions, to complete our Business
Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt is used,
in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

At September 30, 2025, we had cash of $845,830
held outside of the Trust Account. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target
businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations
of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective
target businesses, structure, negotiate and complete a Business Combination.

In order to fund working capital deficiencies
or finance transaction costs in connection with a Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we may
repay such loaned amounts out of the proceeds of the Trust Account released to us. In the event that a Business Combination does not
close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from
our Trust Account would be used for such repayment. Up to $1.5 million of such Working Capital Loans may be converted into units
of the post Business Combination entity at a price of $10.00 per Unit. The units would be identical to the Private Placement Units.

In connection with the Company’s assessment of going concern
considerations in accordance with FASB ASC Topic 205-40,