Tenor group discloses 8.4% in Mountain Lake Acquisition (MLAC)

Rhea-AI Filing Summary

Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah have filed Amendment No. 1 to a Schedule 13G for Mountain Lake Acquisition Corp. They report beneficial ownership of 2,000,000 Class A ordinary shares, representing 8.4% of the class.

The shares are held by Tenor Opportunity Master Fund, Ltd., with Tenor Capital as investment manager and Robin Shah as managing member of Tenor Management GP, LLC, the general partner of Tenor Capital. Because of these roles, each reporting person may be deemed to share voting and dispositive power over the shares, though each disclaims beneficial ownership except to the extent of any pecuniary interest.

The 8.4% figure is based on 23,805,000 shares stated as issued and outstanding in the issuer’s 10-Q filed on November 10, 2025. The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Mountain Lake Acquisition Corp.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G6301B101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G6301B101

1

Names of Reporting Persons

Tenor Capital Management Company, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.4 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

CUSIP No. G6301B101

1

Names of Reporting Persons

Tenor Opportunity Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

CUSIP No. G6301B101

1

Names of Reporting Persons

Robin Shah

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.4 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Mountain Lake Acquisition Corp.
(b)	Address of issuer's principal executive offices: 930 Tahoe Blvd STE 802 PMB 45 Incline Village, Nevada 89451
Item 2.
(a)	Name of person filing: Tenor Capital Management Company, L.P. Tenor Opportunity Master Fund, Ltd. Robin Shah
(b)	Address or principal business office or, if none, residence: 810 Seventh Avenue, Suite 1905, New York, NY 10019
(c)	Citizenship: Tenor Capital Management Company, L.P. - Delaware Tenor Opportunity Master Fund, Ltd. - Cayman Islands Robin Shah - USA
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G6301B101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Tenor Capital Management Company, L.P. - 8.4% Tenor Opportunity Master Fund, Ltd. - 8.4% Robin Shah - 8.4% The Class A ordinary shares (the "Shares") reported herein are held by Tenor Opportunity Master Fund, Ltd. (the "Master Fund"). Tenor Capital Management Company, L.P. ("Tenor Capital") serves as the investment manager to the Master Fund. Robin Shah serves as the managing member of Tenor Management GP, LLC, the general partner of Tenor Capital. By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Master Fund. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Person's pecuniary interest therein. The percentages herein are calculated based upon a statement in the Issuer's 10-Q, filed on November 10, 2025 indicating that there are 23,805,000 Shares issued and outstanding.
(b)	Percent of class: Tenor Capital Management Company, L.P. - 8.4% Tenor Opportunity Master Fund, Ltd. - 8.4% Robin Shah - 8.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Tenor Capital Management Company, L.P. - 2,000,000 Tenor Opportunity Master Fund, Ltd. - 2,000,000 Robin Shah - 2,000,000
	(ii) Shared power to vote or to direct the vote: Tenor Capital Management Company, L.P. - 0 Tenor Opportunity Master Fund, Ltd. - 0 Robin Shah - 0
	(iii) Sole power to dispose or to direct the disposition of: Tenor Capital Management Company, L.P. - 2,000,000 Tenor Opportunity Master Fund, Ltd. - 2,000,000 Robin Shah - 2,000,000
	(iv) Shared power to dispose or to direct the disposition of: Tenor Capital Management Company, L.P. - 0 Tenor Opportunity Master Fund, Ltd. - 0 Robin Shah - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Tenor Capital Management Company, L.P.

Signature:	/s/ Robin Shah
Name/Title:	Robin Shah, Managing Member of its general partner, Tenor Management GP, LLC
Date:	02/13/2026

Tenor Opportunity Master Fund, Ltd.

Signature:	/s/ Robin Shah
Name/Title:	Robin Shah, Authorized Signatory
Date:	02/13/2026

Robin Shah

Signature:	/s/ Robin Shah
Name/Title:	Robin Shah
Date:	02/13/2026

Exhibit Information

EXHIBIT I - JOINT FILING STATEMENT

FAQ

What ownership stake in MLAC does Tenor report in this Schedule 13G/A?

Tenor-related entities report beneficial ownership of 2,000,000 Class A ordinary shares of Mountain Lake Acquisition Corp., representing 8.4% of the class. This percentage is calculated from 23,805,000 shares issued and outstanding as referenced in the issuer’s 10-Q.

Who are the reporting persons in the MLAC Schedule 13G/A filing?

The filing lists three reporting persons: Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah. Tenor Capital is the investment manager to the fund, and Shah is managing member of the fund manager’s general partner.

How is voting and dispositive power over MLAC shares structured in this filing?

The filing states each reporting person has sole voting and dispositive power over 2,000,000 shares and no shared power. The shares are held by the Master Fund, with Tenor Capital and Robin Shah able to be deemed to share such powers through their roles.

Does the Tenor group claim full beneficial ownership of the MLAC shares?

No. The filing explains each reporting person disclaims beneficial ownership of the reported shares, except to the extent of that person’s pecuniary interest. It also notes the relationships under which they may be deemed to share voting and dispositive power.

How did the Tenor group calculate its 8.4% ownership of MLAC?

The reported 8.4% stake is calculated using a statement that 23,805,000 Class A shares were issued and outstanding, as disclosed in Mountain Lake Acquisition Corp.’s 10-Q filed November 10, 2025. This serves as the denominator for the ownership calculation.

What does the certification in the MLAC Schedule 13G/A say about control intentions?

The certification states the securities were not acquired and are not held for changing or influencing control of the issuer. It also confirms they are not held in connection with any transaction having that purpose, other than activities related to a nomination under Rule 240.14a-11.