- **Mountain Lake Acquisition Corp. (SPAC)** entered into a **Business Combination Agreement** dated **October 1, 2025**, with **Avalanche Treasury Corporation (Pubco)** and other entities, which will result in Pubco becoming a publicly traded company.  **[2029492_0001213900-25-097093_ea026048601ex2-1_mount.htm:0]** **[2029492_0001213900-25-097093_ea026048601ex10-4_mount.htm:1]** **[2029492_0001213900-25-097093_ea026048601ex2-1_mount.htm:3]** 
- In the transaction, **SPAC shareholders will receive one share of Pubco Class A Common Stock for each SPAC Class A Ordinary Share** held, and **one share of Pubco Class A Common Stock for every ten (10) SPAC Rights**.  **[2029492_0001213900-25-097093_ea026048601ex10-4_mount.htm:1]** **[2029492_0001213900-25-097093_ea026048601ex2-1_mount.htm:3]** 
- **Company Unit Investors** have agreed to invest up to **$500,000,000** by purchasing Company Units, payable in cash, USD Coin, or Avax.  **[2029492_0001213900-25-097093_ea026048601ex2-1_mount.htm:3]** 
- The Company intends to use these investment funds to **purchase AVAX** at the prevailing spot market price, which will be held in a custody account.  **[2029492_0001213900-25-097093_ea026048601ex2-1_mount.htm:3]** **[2029492_0001213900-25-097093_ea026048601ex10-5_mount.htm:5]** 
- Pubco will have **Class A Stock** (with economic rights and listed for trading) and **Class B Stock** (with voting rights but no economic rights, held by the Seller), and the **Class A Stock price is expected to be highly correlated to the volatile price of AVAX**.  **[2029492_0001213900-25-097093_ea0260486-8k425_mount.htm:3]** **[2029492_0001213900-25-097093_ea0260486-8k425_mount.htm:14]**

Mountain Lake Acquisition Corp. Announces Business Combination Agreement

- **Mountain Lake Acquisition Corp. (MLAC)** has entered into a definitive business combination agreement with **Avalanche Treasury Co. (AVAT)**, valued at **over $675 million**.  **[2029492_0001213900-25-094940_ea025986801ex99-1_mount.htm:0]** 
- The transaction includes approximately **$460 million in treasury assets** and is designed to create a leading public vehicle for AVAX exposure.  **[2029492_0001213900-25-094940_ea025986801ex99-1_mount.htm:0]** 
- AVAT has an **exclusive relationship with the Avalanche Foundation**, beginning with a **$200 million discounted token sale** and an **18-month priority on Avalanche Foundation sales** to U.S. digital asset treasury companies.  **[2029492_0001213900-25-094940_ea025986801ex99-1_mount.htm:0]** **[2029492_0001213900-25-094940_ea025986801ex99-2_mount.htm:8]** 
- Investors are offered an entry point of **0.77x multiple of net asset value (mNAV)**, delivering a **23% discount** compared to buying AVAX directly.  **[2029492_0001213900-25-094940_ea025986801ex99-1_mount.htm:0]** **[2029492_0001213900-25-094940_ea025986801ex99-2_mount.htm:8]** 
- The combined company expects to list on Nasdaq in **Q1 2026**, subject to regulatory and shareholder approval.  **[2029492_0001213900-25-094940_ea025986801ex99-1_mount.htm:0]** **[2029492_0001213900-25-094940_ea025986801ex99-2_mount.htm:8]**

Mountain Lake Acquisition (MLAC)