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Mountain Lake Acquisition (NASDAQ: MLAC) sponsor redistributes 2.78M founder shares internally

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Mountain Lake Acquisition Sponsor LLC, a major shareholder of Mountain Lake Acquisition Corp., reported an internal restructuring of its founder shares. The Sponsor made a pro rata distribution of 2,781,776 Class B ordinary shares to its members, with no consideration paid.

Following this distribution, the Sponsor remains the record holder of 4,355,724 Class B ordinary shares, described as Founder Shares. These Class B shares will automatically convert into Class A ordinary shares at the time of the company’s initial business combination, or earlier at the holder’s option, on a one-for-one basis, subject to adjustments.

Positive

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Insider Mountain Lake Acquisition Sponsor LLC
Role null
Type Security Shares Price Value
Other Class B ordinary shares, par value $0.0001 per share 2,781,776 $0.00 --
Holdings After Transaction: Class B ordinary shares, par value $0.0001 per share — 4,355,724 shares (Direct, null)
Footnotes (1)
  1. Following the transactions reported herein, Mountain Lake Acquisition Sponsor LLC (the "Sponsor") is the record holder of 4,355,724 Class B Ordinary Shares of the Issuer (the "Founder Shares"). Each of Paul Grinberg, Douglas Horlick and Jaime W. Vieser are members of the Sponsor. Messrs. Grinberg and Horlick are managing members of the Sponsor and hold voting and investment discretion with respect to the Founder Shares. As such, Mr. Grinberg, Mr. Horlick and Mr. Vieser may be deemed to have beneficial ownership of the Founder Shares held of record by the Sponsor. Mr. Grinberg, Mr. Horlick and Mr. Vieser disclaim any beneficial ownership except to the extent of their pecuniary interest therein. As described in the registration statement on Form S-1 (File No. 333-281410) of the Issuer under the heading "Description of Securities--Founder Shares," the shares of Class B Ordinary Shares will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments. Represents pro rata distribution of an aggregate of 2,781,776 Class B Ordinary Shares by the Sponsor to its constituent members (the "Sponsor Distribution"). No consideration was paid in connection with the transaction reported herein..
Restructured founder shares 2,781,776 shares Pro rata distribution of Class B ordinary shares by Sponsor
Sponsor founder holdings after transaction 4,355,724 shares Class B ordinary shares held of record by Sponsor following transaction
Par value per Class B share $0.0001 per share Class B ordinary shares, par value
Conversion ratio 1:1 Class B ordinary shares convert into Class A ordinary shares
Class B ordinary shares financial
"Mountain Lake Acquisition Sponsor LLC is the record holder of 4,355,724 Class B Ordinary Shares of the Issuer"
Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.
Founder Shares financial
"4,355,724 Class B Ordinary Shares of the Issuer (the "Founder Shares")"
Founder shares are the ownership stakes given to the people who start a company, often with extra voting power or protections compared with ordinary shares. For investors, they matter because founders’ control and incentives influence decisions about strategy, hiring, and whether the company sells or stays independent — like a family that keeps majority voting rights in a household decision. High founder ownership can mean stable leadership but also a risk that outside shareholders have less influence.
initial business combination financial
"shares of Class B Ordinary Shares will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination"
An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.
pro rata distribution financial
"Represents pro rata distribution of an aggregate of 2,781,776 Class B Ordinary Shares by the Sponsor to its constituent members"
A pro rata distribution is when a company or organization shares out money, assets, or benefits evenly among all eligible people based on their size or share. For example, if a company makes a profit and distributes it to shareholders, each person gets a portion proportional to how many shares they own. It ensures everyone gets their fair part based on their ownership or stake.
beneficial ownership financial
"may be deemed to have beneficial ownership of the Founder Shares held of record by the Sponsor"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Mountain Lake Acquisition Sponsor LLC
(Last)(First)(Middle)
C/O MOUNTAIN LAKE ACQUISITION CORP.
930 TAHOE BLVD STE 802 PMB 45
(Street)
INCLINE VILLAGE NEVADA 89451
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Mountain Lake Acquisition Corp. [ MLAC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B ordinary shares, par value $0.0001 per share(1)(2)06/01/2026J(3)2,781,776 (2) (2)Class A ordinary shares2,781,776(2)4,355,724D
Explanation of Responses:
1. Following the transactions reported herein, Mountain Lake Acquisition Sponsor LLC (the "Sponsor") is the record holder of 4,355,724 Class B Ordinary Shares of the Issuer (the "Founder Shares"). Each of Paul Grinberg, Douglas Horlick and Jaime W. Vieser are members of the Sponsor. Messrs. Grinberg and Horlick are managing members of the Sponsor and hold voting and investment discretion with respect to the Founder Shares. As such, Mr. Grinberg, Mr. Horlick and Mr. Vieser may be deemed to have beneficial ownership of the Founder Shares held of record by the Sponsor. Mr. Grinberg, Mr. Horlick and Mr. Vieser disclaim any beneficial ownership except to the extent of their pecuniary interest therein.
2. As described in the registration statement on Form S-1 (File No. 333-281410) of the Issuer under the heading "Description of Securities--Founder Shares," the shares of Class B Ordinary Shares will automatically convert into shares of Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments.
3. Represents pro rata distribution of an aggregate of 2,781,776 Class B Ordinary Shares by the Sponsor to its constituent members (the "Sponsor Distribution"). No consideration was paid in connection with the transaction reported herein..
Signed by Managing Member of Mountain Lake Acquisition Sponsor LLC /s/ Douglas Horlick06/10/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Mountain Lake Acquisition Sponsor LLC report for MLAC?

Mountain Lake Acquisition Sponsor LLC reported a restructuring-type transaction involving a pro rata distribution of 2,781,776 Class B ordinary shares to its members. No cash consideration was paid, and the event reflects an internal reallocation of existing founder shares rather than a market buy or sell.

How many MLAC founder shares does the Sponsor hold after this Form 4 transaction?

After the reported transaction, Mountain Lake Acquisition Sponsor LLC remains the record holder of 4,355,724 Class B ordinary shares. These are identified as Founder Shares and represent the Sponsor’s continuing equity position in Mountain Lake Acquisition Corp. following the pro rata distribution to its members.

Do MLAC’s Class B founder shares convert into Class A shares?

Yes. The Class B ordinary shares, referred to as Founder Shares, will automatically convert into Class A ordinary shares at the time of MLAC’s initial business combination, or earlier at the holder’s option, on a one-for-one basis, subject to certain specified adjustments in the governing documents.

Did the MLAC Sponsor receive or pay cash in this reported transaction?

No cash changed hands in this transaction. The footnotes state the 2,781,776 Class B ordinary shares were distributed pro rata by the Sponsor to its constituent members and that no consideration was paid, indicating this was an internal equity distribution rather than a market-based purchase or sale.

Who may be deemed to beneficially own the MLAC founder shares held by the Sponsor?

The footnotes explain that Paul Grinberg, Douglas Horlick, and Jaime W. Vieser are members of the Sponsor, with Messrs. Grinberg and Horlick holding voting and investment discretion. They may be deemed to have beneficial ownership of the Founder Shares but disclaim beneficial ownership except to the extent of any pecuniary interest.

What is the nature of the transaction code "J" in this MLAC Form 4?

The Form 4 uses transaction code "J," described as "Other acquisition or disposition." Here it corresponds to an internal restructuring event: a pro rata distribution of 2,781,776 Class B ordinary shares by the Sponsor to its members, treated as a restructuring-type transaction with no purchase or sale involved.