Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 19

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 capitalization, issued an
additional 359,375 Founder Shares to the Sponsor, resulting in an aggregate of 7,546,875 Founder Shares issued and outstanding. The holders
of the Founder Shares agreed to forfeit and cancel up to an aggregate of 984,375 Founder Shares, on a pro rata basis, to the extent
that the option to purchase additional Units is not exercised in full by the underwriters. The forfeiture will be adjusted to the
extent that the option to purchase additional Units is not exercised in full by the underwriters so that the Founder Shares will
represent approximately 23.2% of all of the Company’s issued and outstanding shares after the Initial Public Offering. On December
16, 2024, the underwriters partially exercised their over-allotment option as part of the closing of the Initial Public Offering and
forfeited their option to exercise the remaining over-allotment option. As such, 359,375 Founder Shares were forfeited.

10

MOUNTAIN LAKE ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

With certain limited exceptions, the Founder
Shares are not transferable, assignable or salable (except to the Company’s officers and directors and other persons or entities
affiliated with the Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier to occur of (i) one
year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger,
share exchange or other similar transaction after the initial Business Combination that results in all of the shareholders having the
right to exchange their Class A ordinary shares for cash, securities or other property; except to certain permitted transferees
and under certain circumstances as described herein. Any permitted transferees will be subject to the same restrictions and other agreements
of the Initial Shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if (1) the closing price of the Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial
Business Combination or (2) if the Company consummates a transaction