Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 309

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 309
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 to our initial business combination
will be within the discretion of our Board of Directors at such time. In addition, our Board of Directors is not currently contemplating
and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness in connection with
our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith.

Securities Authorized for Issuance Under Equity Compensation Plans

None.

Recent Sales of Unregistered Securities; Use of Proceeds from Registered
Securities

On December 16, 2024, our sponsor surrendered 359,375
founder shares for no consideration, as a result of the underwriters’ partial exercise of their over-allotment option in our initial
public offering, resulting in 7,187,500 founder shares outstanding. The number of founder shares issued was determined based on the expectation
that the founder shares would represent 23.8% of the outstanding common shares upon completion of our initial public offering. Such securities
were issued in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act. Our sponsor is an accredited investor for purposes of Rule 501 of Regulation D.

On December 16, 2024, we consummated our initial
public offering of 23,000,000 Units. Each Unit consists of one Class A ordinary share, $0.0001 par value and one right to receive one-tenth
(1/10) of one Class A ordinary share upon the consummation of an initial business combination. The Units were sold at an offering price
of $10.00 per Unit, generating gross proceeds of $230,000,000. The securities sold in the offering were registered under the Securities
Act on registration statements on Form S-1 (File No. 333-281410 and (File No. 333-283774)).
The registration statements became effective on December 12, 2024.

The
underwriters were granted a 45-day option to purchase up to additional 3,150,000 Units (as defined below) to cover over-allotments,
if any. On December 13, 2024, the underwriters exercised the over-allotment option partially to purchase additional 2,000,000 Units.
On December 16, 2024, the Company consummated its initial public offering of 23,000,000