Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 117

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 117
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 and subject to the claims of third
parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, the per-share amount
that would otherwise be received by our shareholders in connection with our liquidation may be reduced.

If
we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements
and our activities may be restricted, which may make it difficult for us to complete our initial business combination or force us to
abandon our efforts to complete an initial business combination.

If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:

●restrictions
                                            on the nature of our investments; and

●restrictions
                                            on the issuance of securities, each of which may make it difficult for us to complete our
                                            initial business combination. In addition, we may have imposed upon us burdensome requirements,
                                            including:

●registration
                                            as an investment company;

●adoption
                                            of a specific form of corporate structure; and

●reporting,
                                            record keeping, voting, proxy and disclosure requirements and other rules and regulations.

27

In
order not to be regulated as an investment company under the Investment Company Act, unless it can qualify for an exclusion, a company
must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities
do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our
assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

The
SEC recently provided guidance that the determination of whether a special purpose acquisition company, like us, is an “investment
company” under the Investment Company Act is a facts and circumstances determination requiring individualized analysis and depends
on a variety of factors, including a SPAC’s duration, asset composition, business purpose and activities, and “is a question
of facts and circumstances” requiring individualized analysis. When applying these factors to us we do not believe that our principal
activities will subject us to the Investment Company Act. To this end, the Company was formed for the purpose of completing an initial
business combination with one or more businesses. Our business will be focused on identifying and completing an initial business combination,
and thereafter, operating the post-transaction business or assets for the long term.