Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 156

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 156
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 conversion and anti-dilution rights”
and may result in a material dilution to the equity interests of the Class A ordinary shareholders and in our amended and restated memorandum
and articles of association. As of the date of this Annual Report, there are no preference shares issued and outstanding.

48

We
may issue a substantial number of additional Class A Ordinary Shares or preference shares to complete our initial business combination
or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares
upon conversion of the Class B Ordinary Shares at a ratio greater than one-to-one at the time of our initial business combination
as a result of the anti-dilution provisions as set forth therein. However, our amended and restated memorandum and articles of association
provides, among other things, that prior to our initial business combination, we may not issue additional shares that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares on any initial business
combination. These provisions of our amended and restated memorandum and articles of association, like all provisions of our amended
and restated memorandum and articles of association, may be amended with a shareholder vote. The issuance of additional ordinary shares
or preference shares:

●may
significantly dilute the equity interest of existing investors, which dilution would increase if the anti-dilution provisions in
the Class B Ordinary Shares resulted in the issuance of Class A Ordinary Shares on a greater than one-to-one basis upon
conversion of the Class B Ordinary Shares;

may
subordinate the rights of holders of Class A Ordinary Shares if preference shares are issued with rights senior to those afforded
our Class A Ordinary Shares;

●may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking
to obtain control of us;

●could
cause a change in control if a substantial number of Class A Ordinary Shares are issued, which may affect, among other things, our
ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors;

●may
adversely affect prevailing market prices for our units, Class A Ordinary Shares and/or rights; and

●may
not result in adjustment to the exercise price of our rights.

Since