Financial Performance - The company had a net income of $443,117 for the period from June 14, 2024, to December 31, 2024, primarily from interest earned on marketable securities of $493,853, offset by operating expenses of $50,736[334]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit, including a partial exercise of the over-allotment option[335]. - A total of $231,150,000 was placed in the Trust Account after the IPO and the sale of Private Placement Units, with $13,354,261 incurred in offering costs[336]. Trust Account and Cash Management - As of December 31, 2024, the company had cash and marketable securities of $231,643,853 in the Trust Account, which will be used to complete a Business Combination[338]. - The company had cash of $1,383,392 held outside the Trust Account, intended for identifying and evaluating target businesses[339]. Financing Needs - The company may need to obtain additional financing to complete a Business Combination or if a significant number of public shares are redeemed[341]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to the initial Business Combination[341]. Liabilities and Obligations - There are no off-balance sheet financing arrangements or long-term liabilities as of December 31, 2024[342]. - The company has a contractual obligation to pay up to $20,000 per month to its executive officers, with no payments incurred as of December 31, 2024[343]. - The underwriters are entitled to a deferred underwriting fee of $8,050,000, payable only if a Business Combination is completed[344].
Mountain Lake Acquisition Corp.(MLACU) - 2024 Q4 - Annual Report