Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 301

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 301
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on the status of an acquired company pursuant to a business combination and whether we qualify for the PFIC start-up exception.
Depending on the particular circumstances the application of the start-up exception may be subject to uncertainty, and there cannot
be any assurance that we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status
as a PFIC for our current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, however, will not
be determinable until after the end of such taxable year. In addition, our U.S. counsel expresses no opinion with respect to our
PFIC status for any taxable year.

Moreover,
if we determine we are a PFIC for any taxable year, upon written request, we will endeavor to provide to a U.S. Holder such information
as the Internal Revenue Service (“IRS”) may require, including a PFIC annual information statement, in order to enable the
U.S. Holder to make and maintain a “qualified electing fund” election, but there can be no assurance that we will timely
provide such required information, and such election would likely be unavailable with respect to our rights. We urge U.S. investors
to consult their own tax advisors regarding the possible application of the PFIC rules.

For
purposes of this Risk Factor, a “U.S. Holder” is a beneficial holder of securities who or that, for U.S. federal income tax
purposes is (i) an individual who is a United States citizen or resident of the United States; (ii) a corporation or other entity treated
as a corporation for United States federal income tax purposes created in, or organized under the law of, the United States or any state
or political subdivision thereof; (iii) an estate the income of which is includible in gross income for United States federal income
tax purposes regardless of its source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a United
States court and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial
decisions of the trust or (B) that has in effect a valid election under applicable Treasury regulations to be treated as a United States
person.

52

We
may reincorporate in or transfer by way of continuation to another jurisdiction which may result in taxes imposed on shareholders or
right holders.