Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,133,281, primarily from interest income on marketable securities held in the Trust Account of $2,527,476, offset by general and administrative expenses of $394,195[120]. - For the nine months ended September 30, 2025, the company achieved a net income of $6,348,172, with interest income of $7,258,722 and general and administrative expenses totaling $910,550[120]. Initial Public Offering - The company completed its Initial Public Offering on December 16, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[122]. - A total of $231,150,000 was placed in the Trust Account following the Initial Public Offering and the sale of Private Placement Units, after incurring $13,354,261 in offering costs[123]. Trust Account and Cash Position - As of September 30, 2025, the company had cash and marketable securities in the Trust Account amounting to $238,902,575, including approximately $7,752,575 of interest income[127]. - The company plans to use substantially all funds in the Trust Account to complete the Business Combination and may withdraw interest to pay taxes[127]. Business Combination - The company entered into a Business Combination Agreement with Avalanche Treasury Corporation on October 1, 2025, to pursue a Proposed Business Combination[114]. Operational Concerns - The company has no revenues to date and does not expect to generate operating revenues until after completing a Business Combination[119]. - The company lacks the financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[130]. Executive Services Fees - The company incurred $60,000 and $180,000 in fees for executive services for the three and nine months ended September 30, 2025, respectively[132].
Mountain Lake Acquisition Corp.(MLACU) - 2025 Q3 - Quarterly Report