How is the SPAC merger related to the MLAC insider share movements?

The SPAC merger triggered both the Class B-to-Class A conversion and the exchange of Class A shares. Footnotes explain these actions occurred in connection with consummating the Business Combination Agreement among MLAC, Avalanche Treasury Corporation (Pubco), and other parties.

MLAC CFO converts and exchanges 478,010 shares

Mountain Lake Acquisition Corp. director and CFO/President Douglas Horlick reported share movements tied to the company’s business combination.

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Rhea-AI Filing Summary

Mountain Lake Acquisition Corp. director and CFO/President Douglas Horlick reported share movements tied to the company’s business combination. He exercised 478,010 Class B ordinary shares into 478,010 Class A ordinary shares, then disposed of 478,010 Class A ordinary shares in connection with a SPAC merger and exchange into Pubco shares. Following these steps, he holds zero Class A and zero Class B ordinary shares of Mountain Lake Acquisition Corp., while receiving 478,010 Class A common shares of Pubco.

Insider Trade Summary

478,010 shares exercised/converted

Exercise 2 txns

Insider Horlick Douglas

Role CFO and President

Type	Security	Shares	Price	Value
Exercise	Class B ordinary shares, par value $0.0001 per share	478,010	$0.00	$0.00
Disposition	Class A ordinary shares, par value $0.0001 per share	478,010	$0.00	$0.00

Holdings After Transaction: Class B ordinary shares, par value $0.0001 per share — 0 contracts (Direct); Class A ordinary shares, par value $0.0001 per share — 0 shares (Direct)

Footnotes (3)

F1. 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 Class B ordinary shares will automatically convert into 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.
F2. In connection with the SPAC Merger (as defined in the Business Combination Agreement), an aggregate of 478,010 Class A ordinary shares held by the Reporting Person were exchanged into an equal number of shares of Class A common stock, par value $0.01 per share, of Pubco. Following such transaction, the Reporting Person owns zero Class A ordinary shares.
F3. On June 11, 2026, in connection with the consummation of the transactions contemplated by the Business Combination Agreement dated October 1, 2025 (as amended on January 13, 2026 and March 17, 2026, the "Business Combination Agreement" and the transactions contemplated thereto, the "Business Combination"), by and among the Issuer, Avalanche Treasury Corporation, a Delaware corporation ("Pubco") and the other parties thereto, 478,010 Class B ordinary shares were converted into an aggregate of 478,010 Class A ordinary shares (the "Class B Conversion"). Following the Class B Conversion, the Reporting Person owns zero Class B ordinary shares.

Key Figures

Class B converted: 478,010 shares Class A disposed: 478,010 shares Pubco shares received: 478,010 shares +1 more

4 metrics

Class B converted 478,010 shares Class B ordinary shares converted into Class A on June 11, 2026

Class A disposed 478,010 shares Class A ordinary shares disposed to issuer on June 11, 2026

Pubco shares received 478,010 shares Class A ordinary shares exchanged into Pubco Class A common stock

MLAC shares held after 0 shares Total Class A and Class B ordinary shares of MLAC after transactions

Key Terms

SPAC Merger, Business Combination Agreement, Class B ordinary shares, Class A ordinary shares, +1 more

5 terms

SPAC Merger financial

"In connection with the SPAC Merger (as defined in the Business Combination Agreement), an aggregate of 478,010 Class A ordinary shares..."

A SPAC merger is when a private company combines with a SPAC, a publicly traded shell company created to find and buy a business, so the private company becomes publicly listed without a traditional initial public offering. Investors should care because this shortcut can speed up market access but often brings greater uncertainty about valuation, potential share dilution, and reliance on investor votes and future performance, which can increase stock volatility.

Business Combination Agreement financial

"transactions contemplated by the Business Combination Agreement dated October 1, 2025 (as amended on January 13, 2026 and March 17, 2026..."

A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.

Class B ordinary shares financial

"478,010 Class B ordinary shares were converted into an aggregate of 478,010 Class A ordinary shares (the "Class B Conversion")."

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.

Class A ordinary shares financial

"an aggregate of 478,010 Class A ordinary shares held by the Reporting Person were exchanged into an equal number of shares of Class A common stock..."

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

Class A common stock financial

"exchanged into an equal number of shares of Class A common stock, par value $0.01 per share, of Pubco."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did MLAC’s Douglas Horlick report on this Form 4?

Douglas Horlick reported a conversion and disposition of shares. He converted 478,010 Class B ordinary shares into 478,010 Class A ordinary shares, then disposed of 478,010 Class A ordinary shares as part of a SPAC merger and exchange into Pubco shares.

Did Douglas Horlick buy or sell MLAC shares on the open market?

No, the Form 4 shows no open-market buys or sells. The transactions are a conversion of 478,010 Class B shares to Class A and a disposition of 478,010 Class A shares in connection with a SPAC merger-related share exchange.

How many MLAC shares does Douglas Horlick own after these transactions?

After these transactions, Douglas Horlick owns zero MLAC Class A and zero Class B ordinary shares. The filing states that, following the Class B conversion and subsequent exchange, his remaining holdings in the issuer’s ordinary shares are reduced to none.

What did Douglas Horlick receive in exchange for the disposed MLAC Class A shares?

In connection with the SPAC merger, 478,010 MLAC Class A ordinary shares held by Horlick were exchanged into 478,010 shares of Class A common stock of Avalanche Treasury Corporation, the Pubco, according to the footnotes describing the business combination terms.

What do the Class B ordinary shares of MLAC convert into under its charter?

The Class B ordinary shares automatically convert into Class A ordinary shares at MLAC’s initial business combination or earlier at the holder’s option, on a one-for-one basis, subject to certain adjustments, as described in the company’s registration statement under the founder shares description.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 06/15/2026 - 04:15 PM EDT

SEC Form 4

FORM 4

UNITED 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^*

Horlick Douglas

(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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CFO and President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/11/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A ordinary shares, par value $0.0001 per share	06/11/2026		D⁽²⁾		478,010	D	⁽²⁾	0	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B ordinary shares, par value $0.0001 per share	⁽¹⁾⁽³⁾	06/11/2026		M⁽¹⁾⁽³⁾			478,010	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Class A ordinary shares	478,010	⁽¹⁾⁽³⁾	0	D

Explanation of Responses:

1. 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 Class B ordinary shares will automatically convert into 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.

2. In connection with the SPAC Merger (as defined in the Business Combination Agreement), an aggregate of 478,010 Class A ordinary shares held by the Reporting Person were exchanged into an equal number of shares of Class A common stock, par value $0.01 per share, of Pubco. Following such transaction, the Reporting Person owns zero Class A ordinary shares.

3. On June 11, 2026, in connection with the consummation of the transactions contemplated by the Business Combination Agreement dated October 1, 2025 (as amended on January 13, 2026 and March 17, 2026, the "Business Combination Agreement" and the transactions contemplated thereto, the "Business Combination"), by and among the Issuer, Avalanche Treasury Corporation, a Delaware corporation ("Pubco") and the other parties thereto, 478,010 Class B ordinary shares were converted into an aggregate of 478,010 Class A ordinary shares (the "Class B Conversion"). Following the Class B Conversion, the Reporting Person owns zero Class B ordinary shares.

	/s/ Douglas Horlick	06/15/2026
	** Signature of Reporting Person	Date
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