Mountain Lake (MLAC) CEO shifts 478K shares into Pubco in SPAC merger

Rhea-AI Filing Summary

Mountain Lake Acquisition Corp. director and CEO Paul Grinberg reported a restructuring of his stake tied to the company’s business combination. On June 11, 2026, he converted 478,010 Class B ordinary shares into 478,010 Class A ordinary shares and then exchanged 478,010 Class A ordinary shares into an equal number of Class A common shares of Avalanche Treasury Corporation (Pubco) in connection with the SPAC Merger under the Business Combination Agreement. Following these transactions, he holds zero Class A and zero Class B ordinary shares of Mountain Lake Acquisition Corp., with his economic interest shifted to Pubco shares.

Insights

SPAC and insider-transactions analyst

CEO’s Mountain Lake stake is fully converted and moved into Pubco as part of the SPAC merger.

The filing shows an internal restructuring of Paul Grinberg’s position as Mountain Lake Acquisition Corp. completes its business combination. He exercised 478,010 Class B ordinary shares into Class A ordinary shares and then exchanged those 478,010 Class A shares into Pubco Class A common stock.

This is a classic SPAC de‑SPAC pattern, where sponsor/founder equity migrates from the blank‑check company into the new public entity. It is not an open‑market sale and does not generate disclosed cash proceeds. The filing indicates his Mountain Lake holdings drop to zero while his exposure continues through Pubco shares.

Because the total reported position in Mountain Lake is fully converted, the transaction is notable in scale but mechanical in nature. It reflects completion of the Business Combination Agreement steps, rather than a discretionary buy or sell decision, so it is best viewed as structurally neutral for investors evaluating insider sentiment.

Insider Trade Summary

478,010 shares exercised/converted

Mixed 2 txns

Insider Grinberg Paul

Role Chief Executive Officer

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

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

Footnotes (1)

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. 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. 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 shares converted: 478,010 shares Class A shares exchanged: 478,010 shares MLAC Class A holdings after: 0 shares +2 more

5 metrics

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

Class A shares exchanged 478,010 shares Exchanged into Pubco Class A common stock in SPAC Merger

MLAC Class A holdings after 0 shares Class A ordinary shares owned after transactions

MLAC Class B holdings after 0 shares Class B ordinary shares owned after Class B Conversion

Exercise/Conversion price $0.0000 per share Reported for 478,010 Class B to Class A conversion

Key Terms

SPAC Merger, Business Combination Agreement, Class B Conversion, 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

"On June 11, 2026, 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.

Class B Conversion financial

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

Class A ordinary shares financial

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

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

"Class A ordinary shares held by the Reporting Person were exchanged into an equal number of shares of Class A common stock... 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^*

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)
06/11/2026

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		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)
				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)(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/ Paul Grinberg	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 transaction did MLAC CEO Paul Grinberg report on June 11, 2026?

Paul Grinberg reported converting 478,010 Class B ordinary shares into 478,010 Class A ordinary shares, then exchanging 478,010 Class A ordinary shares into 478,010 Pubco Class A common shares in connection with the SPAC Merger, effectively migrating his stake from Mountain Lake Acquisition Corp. to Pubco.

Did Paul Grinberg sell Mountain Lake Acquisition Corp. shares on the open market?

The filing does not show an open-market sale. It records a conversion of 478,010 Class B shares into Class A shares and an exchange of 478,010 Class A ordinary shares into Pubco Class A common stock as part of the SPAC Merger and Business Combination Agreement steps.

How many Mountain Lake Acquisition Corp. shares does Paul Grinberg own after these transactions?

After the transactions, Paul Grinberg owns zero Class A ordinary shares and zero Class B ordinary shares of Mountain Lake Acquisition Corp. His reported 478,010 Mountain Lake Class A ordinary shares were exchanged into 478,010 Pubco Class A common shares in the SPAC Merger structure.

What is the role of the Business Combination Agreement in Paul Grinberg’s Form 4 for MLAC?

The Business Combination Agreement governs the SPAC Merger in which Mountain Lake combines with Avalanche Treasury Corporation (Pubco). On June 11, 2026, 478,010 Class B shares converted into Class A shares, then 478,010 Class A ordinary shares were exchanged into Pubco Class A common stock under this agreement.

What does the Form 4 reveal about remaining derivative positions held by Paul Grinberg in MLAC?

The Form 4 shows 478,010 Class B ordinary shares converted into 478,010 Class A ordinary shares as part of a Class B Conversion. The derivativeSummary is empty afterward, indicating no remaining reported derivative position in Mountain Lake Acquisition Corp. following the completion of these merger-related steps.