Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 17

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 17
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 next step for us is obviously to, you know,
our registration and this business combination with MLAC that we are, you know, we’re working through. And the hope is that that
would be effective or close in the first quarter of 2026. We obviously need the government to open for that to happen. And so I don’t
expect at this point in time to have to adjust that timeline, but we are subject to things that are out of our control. And so once that
business combination hopefully gets approved and closes, and then the strategy will go from there. And at that point, we have, like I
said, this permanent capital vehicle where our investment timeframe is just way longer. And so we’re looking at the opportunities
that are in there that could supplement just owning AVAX and staking it, which again is going to be a large portion of what we’re
doing. I don’t want anyone to think that this is going to be like a venture fund. The idea is to have that at its core is trying
to return more AVAX per share for our shareholders. And then if we could have sleeves that are diversifying or accretive or provide different
exposures, I think that is going to be the differentiator. So I look at it kind of in a two-step process. Like we need to meet the obligations
of our regulator and hopefully have this close. That requires the government to reopen. And then beyond that, I think then we’re
taking this kind of longer view. Okay, how do we represent the opportunity set that this ecosystem provides in this vehicle?

Tony Edward: Something that came to mind as you were talking
about you’re making those statements. We’ve seen a massive race kicking off for the tokenization market where a lot of firms
are looking to put stocks and different assets, money market funds and so forth on the blockchain. Would you look to explore investing
in assets that are tokenized on the Avalanche blockchain potentially?

Bart Smith: Yeah, again, that’s something that’s
been a big point of discussion over recent weeks and months, particularly in the digital asset treasury world. I think that there is a
lot of discussions about what is a security and what is not a security. And so if you do it on an L2, is it actually security? Because
it’s not really decentralized versus if you do it in a broader ecosystem, you can demonstrate sufficient decentralization and that
would meet different rules