Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 255

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 255
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. government securities and cash items) on an unconsolidated basis.

The
SEC recently provided guidance that the determination of whether a special purpose acquisition company, like us, is an “investment
company” under the Investment Company Act is a facts and circumstances determination requiring individualized analysis and depends
on a variety of factors, including a SPAC’s duration, asset composition, business purpose and activities, and “is a question
of facts and circumstances” requiring individualized analysis. When applying these factors to us we do not believe that our principal
activities will subject us to the Investment Company Act. To this end, the Company was formed for the purpose of completing an initial
business combination with one or more businesses. Our business will be focused on identifying and completing an initial business combination,
and thereafter, operating the post-transaction business or assets for the long term. Further, we do not plan to buy businesses or
assets with a view to resale or profit from their resale and we do not plan to buy unrelated businesses or assets or to be a passive
investor. In addition, the proceeds held in the trust account will only be held as cash (including in interest bearing demand deposits)
or 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. Pursuant to the investment management
trust agreement, the trustee will not be permitted to invest in other securities or assets. By restricting the investment of the proceeds
in this manner, and by focusing our directors’ and officers’ time toward, and operating our business for the purpose of,
acquiring and growing businesses for the long term (rather than buying and selling businesses in the manner of a merchant bank or private
equity fund or investing in assets for the purpose of achieving investment returns on such assets), we intend to avoid being deemed an
“investment company” within the meaning of the Investment Company Act. Further, investing in our securities is not intended
for persons who are seeking a return on investments in government securities or investment securities. Instead, the trust account will
be intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination;
(ii) the redemption of any public shares properly