MLAC CEO reports 478,010 founder shares shift

Mountain Lake Acquisition Corp. director and CEO Paul Grinberg reported an internal ownership restructuring.

Accepted by SEC EDGAR 06/04/2026 - 09:42 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Mountain Lake Acquisition Corp. director and CEO Paul Grinberg reported an internal ownership restructuring. He received 478,010 Class B ordinary shares through a pro rata asset distribution from Mountain Lake Acquisition Sponsor LLC, with no cash changing hands, and now holds 478,010 shares. These Class B shares automatically convert into Class A ordinary shares on a one-for-one basis at the company’s initial business combination or earlier at the holder’s option, subject to adjustments.

Insider Trade Summary

Other: 478,010 shares

Other 1 txn

Insider Grinberg Paul

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Other	Class B 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 — 478,010 contracts (Direct)

Holdings Before and After: Class B ordinary shares, par value $0.0001 per share, 0 to 478,010 contracts (Direct)

Footnotes (2)

1. F1. Represents Class B ordinary shares of the Issuer received in a pro rata distribution of assets by Mountain Lake Acquisition Sponsor LLC (the "Sponsor") to its constituent members (the "Sponsor Distribution"). No consideration was paid in connection with the transaction reported herein.
2. F2. 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.

Key Figures

Restructuring shares: 478,010 shares Post-transaction holdings: 478,010 shares Conversion ratio: 1:1 +1 more

4 metrics

Restructuring shares 478,010 shares Class B ordinary shares received in sponsor pro rata distribution

Post-transaction holdings 478,010 shares Class B ordinary shares held directly after transaction

Conversion ratio 1:1 Class B ordinary shares to Class A ordinary shares

Transaction price $0.0000 per share No consideration paid for sponsor distribution

Key Terms

pro rata distribution, Class B ordinary shares, Founder Shares, initial business combination

4 terms

pro rata distribution financial

"received in a pro rata distribution of assets by Mountain Lake Acquisition Sponsor LLC"

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.

Class B ordinary shares financial

"Represents Class B ordinary shares of the Issuer received in a pro rata distribution"

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

"under the heading "Description of Securities--Founder Shares," the Class B ordinary shares will automatically convert"

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

"will automatically convert into 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.

FAQ

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

What insider transaction did MLAC CEO Paul Grinberg report on this Form 4?

Paul Grinberg reported an internal restructuring transaction involving Class B ordinary shares. He received 478,010 shares through a pro rata asset distribution from Mountain Lake Acquisition Sponsor LLC, rather than through an open-market purchase or sale, and no cash consideration was paid.

How many Mountain Lake Acquisition Corp. shares did Paul Grinberg receive?

Paul Grinberg received 478,010 Class B ordinary shares. After this transaction, his direct holdings total 478,010 shares, reflecting the entire amount distributed in the sponsor’s pro rata asset distribution to its constituent members, as disclosed in the Form 4 footnotes.

Was cash paid in connection with Paul Grinberg’s MLAC share restructuring?

No cash was paid in connection with this restructuring. The Form 4 states the 478,010 Class B ordinary shares were received in a pro rata distribution of assets by Mountain Lake Acquisition Sponsor LLC to its members, with no consideration paid for the transaction.

What are MLAC Class B ordinary shares and how do they convert to Class A?

MLAC’s Class B ordinary shares are founder shares that convert into Class A ordinary shares. According to the disclosure, they automatically convert at the initial business combination, or earlier at the holder’s option, on a one-for-one basis, subject to certain adjustment provisions described in the registration statement.

Is Paul Grinberg’s Form 4 for MLAC a market purchase or sale of shares?

The Form 4 does not show a market purchase or sale. It reports an “other” transaction where 478,010 Class B shares were received via a pro rata distribution from the sponsor LLC. The transaction code J indicates an internal restructuring-type event rather than open-market trading.

How does this MLAC Form 4 affect Paul Grinberg’s post-transaction holdings?

Following the transaction, Paul Grinberg directly holds 478,010 Class B ordinary shares. This total matches the number of shares received in the sponsor’s pro rata distribution, and the filing does not show additional derivative positions remaining after this restructuring event.

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

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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^*

Grinberg Paul

(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)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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)
			Code	V	Amount	(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B ordinary shares, par value $0.0001 per share	(1)(2)	06/01/2026		J(1)		478,010		(2)	(2)	Class A ordinary shares	478,010	(2)	478,010	D

Explanation of Responses:

1. Represents Class B ordinary shares of the Issuer received in a pro rata distribution of assets by Mountain Lake Acquisition Sponsor LLC (the "Sponsor") to its constituent members (the "Sponsor Distribution"). No consideration was paid in connection with the transaction reported herein.

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 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.

	/s/ Paul Grinberg	06/04/2026
	** 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.
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* Form 4: SEC 1474 (03-26)