Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 23

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 related actions, could adversely affect the Company’s search
for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

NOTE 7 — SHAREHOLDERS’
DEFICIT

Preference Shares — The
Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share. As of June 30, 2025 and December 31,
2024, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The
Company is authorized to issue 445,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s
Class A ordinary shares are entitled to one vote for each share. At June 30, 2025 and December 31, 2024, there were 805,000 Class A
ordinary shares issued or outstanding, excluding 23,000,000 Class A ordinary shares subject to possible redemption.

Class B Ordinary Shares — The
Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of the Class B
ordinary shares are entitled to one vote for each share. At June 30, 2025 and December 31, 2024, there were 7,187,500 Class B ordinary
shares issued and outstanding.

Only holders of Class B ordinary shares
will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and
holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s
shareholders except as otherwise required by law. Ordinary shareholders of record are entitled to one vote for each share held on all
matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote
together as a single class on all matters submitted to a vote of the shareholders except as required by law.

12

MOUNTAIN LAKE ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

The Class B ordinary shares will automatically
convert into Class A ordinary shares concurrently with or immediately following the consumm