Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 44

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 generating
gross proceeds of $8,050,000, which is described in Note 4.

Transaction costs amounted to $13,354,261, consisting
of $4,600,000 of cash underwriting fee, $8,050,000 of deferred underwriting fee and $704,261 of other offering costs.

The Company’s management has broad discretion
with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Units,
although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s
initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of
the net assets held in the Trust Account (as defined below) (excluding any deferred underwriters fees and taxes payable on the income
earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the initial Business Combination.
However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act.

Upon the closing of the Proposed Public Offering,
management has agreed that an amount equal to at least $10.05 per Unit sold in the Proposed Public Offering, including the proceeds of
the Private Placement Units, will be held in a trust account (“Trust Account”) with Continental Stock Transfer &
Trust Company acting as trustee and invested in United States “government securities” within the meaning of Section 2(a)(16) of
the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by
the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account
as described below.

Following the closing of the Initial Public Offering
on December 16, 2024, an amount of $231,150,000 ($10.05 per Unit) from the net proceeds of the sale of the Units, and a portion of the
net proceeds from the sale of the Private Placement Units, was placed in the Trust Account with Continental Stock