Mountain Lake Acquisition Corp.(MLACU) - 2025 Q1 - Quarterly Report

Part I. Financial Information Financial Statements Mountain Lake Acquisition Corp. reported a net income of $2.02 million for Q1 2025, primarily from Trust Account interest, with total assets reaching $235.4 million Condensed Balance Sheets Total assets increased to $235.4 million by March 31, 2025, primarily due to growth in Trust Account holdings, with total liabilities at $8.2 million Condensed Balance Sheet Data (Unaudited) | Account | March 31, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Assets | | | | Cash | $1,221,107 | $1,383,392 | | Cash and marketable securities held in Trust Account | $233,983,157 | $231,643,853 | | Total Assets | $235,375,465 | $233,231,190 | | Liabilities & Equity | | | | Total Liabilities | $8,193,088 | $8,067,334 | | Class A ordinary shares subject to possible redemption | $233,983,157 | $231,643,853 | | Total Shareholders' Deficit | ($6,800,780) | ($6,479,997) | Condensed Statement of Operations Net income for the three months ended March 31, 2025, was $2.02 million, driven by $2.34 million in Trust Account interest income Statement of Operations Highlights (For the Three Months Ended March 31, 2025) | Item | Amount (USD) | | :--- | :--- | | Interest earned on marketable securities held in Trust Account | $2,339,304 | | Operating and formation costs | $320,783 | | Net income | $2,018,521 | | Basic and diluted net income per share, Class A | $0.07 | | Basic and diluted net loss per share, Class B | $0.07 | Condensed Statement of Changes in Shareholders' Deficit Shareholders' deficit increased to $6.80 million by March 31, 2025, due to accretion of redeemable shares, partially offset by net income - The shareholders' deficit increased by $320,783 during the quarter, reflecting the net effect of net income and the accretion of redeemable shares[15] Condensed Statement of Cash Flows Net cash used in operating activities was $162,285 for the quarter, resulting in a cash balance of $1.22 million at period-end Cash Flow Summary (For the Three Months Ended March 31, 2025) | Item | Amount (USD) | | :--- | :--- | | Net cash used in operating activities | ($162,285) | | Cash – Beginning of period | $1,383,392 | | Cash – End of period | $1,221,107 | Notes to Condensed Financial Statements Notes detail the company's blank check status, $230 million IPO proceeds, $231.15 million trust account placement, and $8.05 million deferred underwriting fee - The Company is a blank check company incorporated on June 14, 2024, for the purpose of effecting a business combination. All activity to date relates to its formation and the Initial Public Offering[20][21] - On December 16, 2024, the Company consummated its IPO of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000. An amount of $231,150,000 was placed in the Trust Account[22][26] - The company has a commitment for a deferred underwriting fee of $8,050,000, which is payable from the Trust Account only upon the completion of a Business Combination[82] - The company has one reportable operating segment, as the Chief Executive Officer (CODM) reviews operating results for the company as a whole to make decisions[98] Management's Discussion and Analysis of Financial Condition and Results of Operations Management confirms the company's blank check status, reporting $2.02 million net income from Trust Account interest, with $1.22 million cash for operations - The company's activities since inception on June 14, 2024, have been limited to organizational activities, preparing for the IPO, and identifying a target for a Business Combination[104][106] Q1 2025 Financial Results Summary | Metric | Amount (USD) | | :--- | :--- | | Net Income | $2,018,521 | | Interest Income (Trust Account) | $2,339,304 | | Operating Costs | $320,783 | - As of March 31, 2025, the company had $1,221,107 in cash held outside the Trust Account for working capital and $233,983,157 held within the Trust Account[111][112] - Contractual obligations include a deferred underwriting fee of $8,050,000 payable upon a business combination and up to $20,000 per month in service fees to executive officers[116][117] Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk[123] Controls and Procedures Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Based on an evaluation as of March 31, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[125] - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[126] Part II. Other Information Legal Proceedings The company has no legal proceedings to report - None[128] Risk Factors No material changes to previously disclosed risk factors have occurred - As of the date of this report, there have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[128] Unregistered Sales of Equity Securities and Use of Proceeds Details $230 million IPO proceeds and $8.05 million from a private placement of 805,000 units to the Sponsor and BTIG - On December 16, 2024, the company consummated its IPO of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000[129][132] - Simultaneously with the IPO, the Sponsor and BTIG purchased 805,000 private placement units at $10.00 per unit, generating $8,050,000. This issuance was exempt from registration under Section 4(a)(2) of the Securities Act[130] Defaults Upon Senior Securities The company has no defaults upon senior securities to report - None[134] Mine Safety Disclosures The company has no mine safety disclosures to report - None[134] Other Information The company has no other information to report - None[134] Exhibits The report includes various exhibits, such as CEO and CFO certifications and XBRL data files - Exhibits filed include CEO and CFO certifications under SOX Sections 302 and 906, and various XBRL documents[136] Signatures - The report was signed on May 13, 2025, by Paul Grinberg, Chief Executive Officer, and Douglas Horlick, Chief Financial Officer[140]