Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 8

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 were recorded
at redemption value and classified as temporary equity at the completion of the Initial Public Offering, in accordance with Accounting
Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

Additionally, each Public Shareholder may elect
to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder
approval in connection with a Business Combination, the holders of the Founder Shares prior to the Initial Public Offering (the “Initial
Shareholders”) have agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after
the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption
rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. In addition,
the Company has agreed not to enter into a definitive agreement regarding an initial Business Combination without the prior consent of
the Sponsor.

Notwithstanding the foregoing, the Company’s
Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming
its shares with respect to more than an aggregate of 15% or more of the Class A ordinary shares sold in the Initial Public Offering,
without the prior consent of the Company.

The Sponsor, executive officers, and directors
have agreed, pursuant to a letter agreement, that they will not propose any amendment to the Amended and Restated Memorandum and Articles
of Association (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the
Company does not complete the initial Business Combination within the Combination Period or (B) with respect to any other material
provisions relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public
Shareholders with the opportunity to redeem their Class A ordinary shares upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding