SPAC director Lager shifts MLAC (MLAC) founder shares into 9,112 Pubco Class A
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Mountain Lake Acquisition Corp. director Jeffrey Todd Lager reported several share restructurings tied to the closing of a Business Combination on June 11, 2026. He surrendered 15,888 Class B ordinary shares to the company for no consideration and converted 9,112 Class B shares into 9,112 Class A shares.
Immediately afterward, 9,112 Class A ordinary shares were exchanged into 9,112 shares of Class A common stock of Avalanche Treasury Corporation (Pubco) in the SPAC Merger. Following these steps, Lager holds zero Class A and Class B ordinary shares of Mountain Lake Acquisition Corp. and instead holds Class A common stock of Pubco.
Positive
- None.
Negative
- None.
Insights
Transactions are SPAC-related restructurings moving holdings from MLAC into Pubco shares.
The filing shows Jeffrey Todd Lager completing technical steps linked to a Business Combination. He surrendered 15,888 Class B founder-type shares to Mountain Lake Acquisition Corp., then converted 9,112 remaining Class B shares into 9,112 Class A ordinary shares.
Those 9,112 Class A shares were then exchanged one-for-one into Pubco Class A common stock in the SPAC Merger. No cash prices are disclosed, and the transactions reallocate his position from the SPAC entity to the new combined company. This pattern is typical for SPAC closings and does not itself signal discretionary buying or selling.
Insider Trade Summary
9,112 shares exercised/converted
Mixed
4 txns
Insider
Lager Jeffrey Todd
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)
- 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 converted to Class A: 9,112 shares
Class A exchanged into Pubco: 9,112 shares
+3 more
6 metrics
Class B shares surrendered
15,888 shares
Class B ordinary shares returned to issuer for no consideration in Business Combination
Class B converted to Class A
9,112 shares
Class B ordinary shares automatically converted into Class A ordinary shares at Business Combination
Class A exchanged into Pubco
9,112 shares
MLAC Class A ordinary shares exchanged into Pubco Class A common stock in SPAC Merger
MLAC Class A held after
0 shares
Class A ordinary shares of Mountain Lake Acquisition Corp. owned after exchange
MLAC Class B held after
0 shares
Class B ordinary shares of Mountain Lake Acquisition Corp. owned after surrender and conversion
Pubco Class A received
9,112 shares
Class A common stock of Avalanche Treasury Corporation received in SPAC Merger
Key Terms
Business Combination Agreement, SPAC Merger, Founder Shares, Class B ordinary shares, +2 more
6 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), an aggregate of 9,112 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.
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.
Sponsor Support Agreement financial
"and certain Sponsor Support Agreement dated as of October 1, 2025, by and among the Issuer, Pubco and Mountain Lake Acquisition Sponsor LLC"
FAQ
What did Jeffrey Todd Lager report in this MLAC Form 4?
Jeffrey Todd Lager reported SPAC-related share restructurings, not open-market trades. He surrendered 15,888 MLAC Class B ordinary shares, converted 9,112 Class B into 9,112 Class A shares, then exchanged those into 9,112 Pubco Class A common shares in the Business Combination.