Mountain Lake Acquisition Corp. is a special purpose acquisition company (SPAC) with no operating business. Mountain Lake raised $230M in its IPO in December 2024, selling units at $10.00 each, with proceeds held in a trust account managed by Continental Stock Transfer & Trust. The company has 18 months from its IPO close to complete an acquisition; if no deal closes, it must return the trust funds to shareholders at approximately $10.05 per share. Mountain Lake has already identified a target — in October 2025, it entered into a Business Combination Agreement with AVAT (Avalanche Treasury Company), amended in January 2026, which would result in AVAT becoming the publicly traded parent. Mountain Lake generates no operating revenue. The sponsor and management received founder shares and private placement units at nominal cost, giving them a strong financial incentive to close a deal, but these shares are worthless if no transaction is completed. Public shareholders get downside protection through the trust account redemption right, but bear dilution from the sponsor's effectively free shares. The management team is led by CEO Paul Grinberg, formerly CFO of Encore Capital, and CFO Douglas Horlick, formerly of Goldman Sachs and Bank of America. The same team previously ran Social Leverage Acquisition Corp I, a $345M SPAC that failed to complete a transaction and was liquidated in February 2024. Concurrently, the team launched Mountain Lake Acquisition Corp. II in January 2026, raising $360M in a separate SPAC IPO.