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Mountain Lake Acquisition Corp. (MLAC+0.04%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Mountain Lake Acquisition Corp. is a blank check company incorporated in the Cayman Islands on June 14, 2024, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The company completed its initial public offering on December 16, 2024, issuing 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000. Each unit consists of one Class A Ordinary Share and one right entitling the holder to receive one-tenth of a Class A Ordinary Share upon the consummation of an initial business combination.
Simultaneously with the closing of the initial public offering, the company completed a private placement of 805,000 units at a price of $10.00 per unit, generating additional gross proceeds of $8,050,000.
The proceeds from the initial public offering and the private placement, totaling $231,150,000, are held in a trust account. These funds are intended to be used to complete the company's initial business combination.
Mountain Lake Acquisition Corp. has not yet identified a target for its initial business combination and has not generated any operating revenues to date.
The company reported a net income of $443,117 for the period from June 14, 2024 (inception) through December 31, 2024, primarily due to interest income earned on the trust account.
The filing outlines the company's strategy to leverage its management team's experience in running public companies, mergers and acquisitions, and capital markets to identify and complete an initial business combination.
Mountain Lake Acquisition Corp. is subject to various risks, including the potential inability to complete a business combination within the specified time frame, competition for business combination opportunities, and reliance on the management team.
The company has established an audit committee, a compensation committee, and a nominating and corporate governance committee to oversee various aspects of its operations and compliance.
The filing also details the company's management team, which is led by Paul Grinberg as Chief Executive Officer and Chairman of the Board, and includes Douglas Horlick as Chief Financial Officer and President.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mountain Lake Acquisition Corp. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.