Marquez shifts MLAC (NASDAQ: MLAC) founder and Class A shares into Pubco stock

Rhea-AI Filing Summary

Mountain Lake Acquisition Corp. director Michael J. Marquez reported merger-related share restructurings and cancellations tied to the company’s business combination. On June 11, 2026, he surrendered 15,888 Class B ordinary shares to the company for no consideration in connection with the Business Combination Agreement and related sponsor support arrangements.

Immediately after that surrender, 9,112 remaining Class B ordinary shares automatically converted one-for-one into 9,112 Class A ordinary shares. In the SPAC Merger step of the transaction, those 9,112 Class A ordinary shares were exchanged into 9,112 shares of Class A common stock of Avalanche Treasury Corporation (Pubco). Following these steps, Marquez held zero Class A and zero Class B ordinary shares of Mountain Lake Acquisition Corp., with his equity exposure moved to Pubco instead.

Insights

SPAC capital structure analyst

Transactions show routine SPAC de‑SPAC mechanics as holdings move into Pubco.

These Form 4 entries track how sponsor and founder equity is reshaped when a SPAC closes its business combination. Marquez first surrendered 15,888 Class B founder shares to the issuer for no consideration, reducing founder supply in line with the Business Combination Agreement and sponsor support terms.

He then converted 9,112 remaining Class B shares into 9,112 Class A shares, and those were exchanged one-for-one into Class A common stock of Pubco in the SPAC Merger. The filing shows no open-market buying or selling, only contractual conversions and cancellations. After these steps, he no longer holds Mountain Lake shares, with exposure reflected instead in Pubco stock.

Insider Trade Summary

9,112 shares exercised/converted

Mixed 4 txns

Insider Marquez Michael J.

Role null

Type	Security	Shares	Price	Value
Disposition	Class B ordinary shares, par value $0.0001 per share	15,888	$0.00	--
Exercise	Class B ordinary shares, par value $0.0001 per share	9,112	$0.00	--
Exercise	Class A ordinary shares, par value $0.0001 per share	9,112	$0.00	--
Disposition	Class A ordinary shares, par value $0.0001 per share	9,112	$0.00	--

Holdings After Transaction: Class B ordinary shares, par value $0.0001 per share — 9,112 shares (Direct, null); Class A ordinary shares, par value $0.0001 per share — 9,112 shares (Direct, null)

Footnotes (1)

1. 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, and certain Sponsor Support Agreement dated as of October 1, 2025, by and among the Issuer, Pubco and Mountain Lake Acquisition Sponsor LLC (the "Sponsor"), an aggregate of 15,888 Class B ordinary shares held by the Reporting Person were surrendered for cancellation by the Reporting Person to the Issuer for no consideration. 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. In connection with the consummation of the Business Combination, and immediately following the surrender, 9,112 Class B ordinary shares were converted into an aggregate of 9,112 Class A ordinary shares (the "Class B Conversion"). Following the Class B Conversion, the Reporting Person owns zero Class B ordinary shares. In connection with the SPAC Merger (as defined in the Business Combination Agreement), an aggregate of 9,112 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.

Key Figures

Class B shares surrendered: 15,888 shares Class B to Class A conversion: 9,112 shares Class A exchanged into Pubco: 9,112 shares +3 more

6 metrics

Class B shares surrendered 15,888 shares Surrendered for cancellation to issuer for no consideration on June 11, 2026

Class B to Class A conversion 9,112 shares Converted from Class B ordinary into Class A ordinary shares one-for-one

Class A exchanged into Pubco 9,112 shares MLAC Class A exchanged into Pubco Class A common stock in SPAC Merger

MLAC Class A holdings after 0 shares Total Class A ordinary shares owned following the exchange into Pubco stock

MLAC Class B holdings after 0 shares Total Class B ordinary shares owned after surrender and conversion steps

Exercise/conversion price $0.0000 per share Reported price for Class B derivative conversion into Class A ordinary shares

Key Terms

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

5 terms

Business Combination Agreement financial

"in connection with the consummation of the transactions contemplated by the Business Combination Agreement dated October 1, 2025"

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.

SPAC Merger financial

"In connection with the SPAC Merger (as defined in the Business Combination Agreement)"

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.

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.

Class B ordinary shares financial

"an aggregate of 15,888 Class B ordinary shares held by the Reporting Person were surrendered for cancellation"

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 common stock financial

"were 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.

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Form 4 Insider Transactions: What Each Field Means →

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

X

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^*

Marquez Michael J.

(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
	Officer (give title below)		Other (specify below)

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)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares, par value $0.0001 per share	06/11/2026		M(2)		9,112	A	(2)	9,112	D
Class A ordinary shares, par value $0.0001 per share	06/11/2026		D		9,112	D	(3)	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)
				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)	06/11/2026		D(1)			15,888	(2)	(2)	Class A ordinary shares	15,888	(1)	9,112	D
Class B ordinary shares, par value $0.0001 per share	(2)	06/11/2026		M(2)			9,112	(2)	(2)	Class A ordinary shares	9,112	(2)	0	D

Explanation of Responses:

1. 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, and certain Sponsor Support Agreement dated as of October 1, 2025, by and among the Issuer, Pubco and Mountain Lake Acquisition Sponsor LLC (the "Sponsor"), an aggregate of 15,888 Class B ordinary shares held by the Reporting Person were surrendered for cancellation by the Reporting Person to the Issuer for no consideration.

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. In connection with the consummation of the Business Combination, and immediately following the surrender, 9,112 Class B ordinary shares were converted into an aggregate of 9,112 Class A ordinary shares (the "Class B Conversion"). Following the Class B Conversion, the Reporting Person owns zero Class B ordinary shares.

3. In connection with the SPAC Merger (as defined in the Business Combination Agreement), an aggregate of 9,112 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.

	/s/ Michael J. Marquez	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)

FAQ

What insider transactions did MLAC director Michael J. Marquez report on June 11, 2026?

He reported surrendering 15,888 Class B ordinary shares to Mountain Lake Acquisition Corp. for no consideration, converting 9,112 Class B shares into 9,112 Class A shares, then exchanging those into 9,112 shares of Pubco Class A common stock in the SPAC Merger.

How many Mountain Lake Acquisition Corp. shares did Michael J. Marquez surrender or cancel?

He surrendered 15,888 Class B ordinary shares to the issuer for no consideration under the Business Combination Agreement and Sponsor Support Agreement. This cancellation reduced his founder share position in Mountain Lake Acquisition Corp. as the SPAC moved toward its business combination closing.

What happened to Michael J. Marquez’s Class B founder shares of MLAC in the business combination?

First, 15,888 Class B ordinary shares were surrendered for cancellation. Immediately afterward, 9,112 remaining Class B shares automatically converted one-for-one into 9,112 Class A ordinary shares, consistent with the SPAC’s description of founder share conversion terms in its registration statement.

How were Michael J. Marquez’s MLAC Class A shares treated in the SPAC Merger with Pubco?

In connection with the SPAC Merger, 9,112 Class A ordinary shares of Mountain Lake Acquisition Corp. held by Marquez were exchanged into an equal number of shares of Class A common stock of Avalanche Treasury Corporation (Pubco), shifting his ownership from the SPAC entity into the combined public company.

Does Michael J. Marquez still own Mountain Lake Acquisition Corp. shares after these transactions?

No. Following the cancellation of 15,888 Class B shares, the conversion of 9,112 Class B into 9,112 Class A shares, and the exchange of those Class A shares into Pubco stock, the Form 4 states he owns zero Class A and zero Class B ordinary shares of Mountain Lake Acquisition Corp.

Were these MLAC insider transactions open-market buys or sells of stock?

They were not open-market trades. The Form 4 characterizes them as derivative exercises/conversions and dispositions to the issuer, all tied to the Business Combination Agreement and SPAC Merger mechanics, rather than discretionary buying or selling on the public market.