Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 13

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 condensed financial statements.

Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near
term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

7

MOUNTAIN LAKE ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Cash and Cash Equivalents

The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,160,883 and $1,383,392 in
cash and no cash equivalents as of June 30, 2025 and December 31, 2024, respectively.

Cash and Marketable Securities Held in
Trust Account

As of June 30, 2025 and December 31, 2024, the
assets held in the Trust Account, amounted to $236,375,099 and $231,643,853, respectively. The Company classifies its U.S. Treasury and
equivalent securities as held to maturity in accordance with ASC Topic 320, “Investments - Debt and Equity Securities.” Held-to-maturity
securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities
are recorded at amortized cost on the accompanying condensed balance sheets and adjusted for the amortization or accretion of premiums
or discounts. When the Company’s investments held in the Trust Account are comprised of money market securities, the investments
are classified as trading securities. Gains and losses resulting from the change in fair value of these securities are included in interest
earned on marketable securities held in the Trust Account in the accompanying condensed statements of operations. The estimated fair
values of investments held in the Trust Account are determined using available market information.

Class A Ordinary Shares Subject to Possible
Redemption

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder
vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company
classifies Public Shares subject to redemption outside of permanent equity as the