MNTN, Inc. reports beneficial ownership stakes held by Mark Douglas and Hot Springs Capital I LLC. Mark Douglas beneficially owns 9,586,506 shares of Class A Common Stock (representing 17.8%), and Hot Springs Capital I LLC beneficially owns 9,006,581 shares (representing 16.9%). The filing cites 44,231,894 shares outstanding as of October 31, 2025 and states the ownership figures assume one-to-one conversion of Class B shares and exercise of disclosed options. Mr. Douglas is trustee of a trust holding 448,000 shares and controls voting and investment decisions for Hot Springs Capital I LLC.
Positive
None.
Negative
None.
Insights
Major insider and affiliated entity hold large, disclosed stakes in MNTN.
Mark Douglas and an affiliated entity are disclosed as holding 9,586,506 and 9,006,581 Class A shares respectively, with combined influence tied to trustee control. The filing ties these figures to October 31, 2025 outstanding share data and assumes conversion of Class B shares and option exercises.
Key dependencies include the one-to-one Class B conversion and option exercises explicitly assumed in the filing; any change to those assumptions or to the outstanding share count in later filings would alter the reported percentages. Subsequent filings will show actual voting power if conversions or option exercises occur.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
MNTN, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
55318A108
(CUSIP Number)
06/30/2025
(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.
55318A108
1
Names of Reporting Persons
Mark Douglas
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
9,586,506.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,586,506.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,586,506.00
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)
17.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
55318A108
1
Names of Reporting Persons
Hot Springs Capital I LLC
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
9,006,581.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,006,581.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,006,581.00
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)
16.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Limited Liability Company
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
MNTN, Inc.
(b)
Address of issuer's principal executive offices:
823 CONGRESS AVENUE, #1827, AUSTIN, Texas, 78768
Item 2.
(a)
Name of person filing:
Mark Douglas
Hot Springs Capital I LLC
(b)
Address or principal business office or, if none, residence:
The principal business address for Mr. Douglas is c/o MNTN, Inc., 823 Congress Avenue, #1827, Austin, TX 78768. The principal business address for Hot Springs Capital I LLC is c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808.
(c)
Citizenship:
Mr. Douglas is a citizen of the United States. Hot Springs Capital I LLC is organized under the laws of the State of Delaware.
(d)
Title of class of securities:
Class A Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
55318A108
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:
The ownership information presented herein represents beneficial ownership of Class A Common Stock of the Issuer as of the date hereof, based upon 44,231,894 shares of Class A Common Stock outstanding as of October 31, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025. The ownership information also assumes the conversion of the Class B common stock, par value $0.0001 per share ("Class B Common Stock"), of the Issuer into shares of Class A Common Stock on a one-to-one basis, and exercise of stock options disclosed below into shares of Class A Common Stock of the Issuer on a one-to-one basis.
Hot Springs Capital I LLC may be deemed to beneficially own 9,006,581 shares of Class A Common Stock, which consists of (i) 4,414,342 shares of Class A Common Stock underlying shares of Class B Common Stock held directly and (ii) 4,592,239 shares of Class A Common Stock underlying shares of Class B Common Stock subject to stock options held directly that are fully vested.
Mark Douglas may be deemed to beneficially own 9,586,506 shares of Class A Common Stock, which consists of (i) 131,925 shares of Class A Common Stock underlying shares of Class B Common Stock subject to stock options held directly that are fully vested; (ii) 448,000 shares of Class A Common Stock underlying shares of Class B Common Stock held by a trust for which Mr. Douglas is the trustee; and (iii) 9,006,581 shares of Class A Common Stock beneficially held by Hot Springs Capital I LLC, as described above, for which Mr. Douglas is trustee of its sole member. Mr. Douglas controls all voting and investment decisions for shares held by Hot Springs Capital I LLC.
(b)
Percent of class:
Mark Douglas: 17.8%
Hot Springs Capital I LLC: 16.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Mark Douglas: 9,586,506
Hot Springs Capital I LLC: 9,006,581
(ii) Shared power to vote or to direct the vote:
Mark Douglas: 0
Hot Springs Capital I LLC: 0
(iii) Sole power to dispose or to direct the disposition of:
Mark Douglas: 9,586,506
Hot Springs Capital I LLC: 9,006,581
(iv) Shared power to dispose or to direct the disposition of:
Mark Douglas: 0
Hot Springs Capital I LLC: 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:
Not Applicable
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.
Mark Douglas
Signature:
/s/ Mark Douglas
Name/Title:
Mark Douglas
Date:
02/17/2026
Hot Springs Capital I LLC
Signature:
By: Bear Capital I, its sole member, By: /s/ Mark Douglas
What stake does Mark Douglas report in MNTN (MNTN)?
Mark Douglas reports beneficial ownership of 9,586,506 Class A shares, representing 17.8% of the class. The filing bases percentages on 44,231,894 shares outstanding as of October 31, 2025 and assumes Class B conversion and option exercises.
How many shares does Hot Springs Capital I LLC hold in MNTN (MNTN)?
Hot Springs Capital I LLC is reported as beneficially owning 9,006,581 Class A shares, representing 16.9% of the class. That total includes shares and fully vested option-backed Class B conversion assumed one-to-one in the filing.
Do the ownership figures assume conversions or option exercises for MNTN (MNTN)?
Yes. The ownership percentages and counts assume one-to-one conversion of Class B Common Stock into Class A shares and exercise of disclosed, fully vested stock options into Class A shares, as stated in the filing.
Does Mark Douglas control the shares held by Hot Springs Capital I LLC?
The filing states that Mr. Douglas controls all voting and investment decisions for the shares held by Hot Springs Capital I LLC and is trustee of the entity's sole member, as disclosed in the ownership section.
What outstanding share count does the filing use for MNTN (MNTN)?
The filing cites 44,231,894 shares of Class A Common Stock outstanding as of October 31, 2025, which it uses to calculate the reported ownership percentages after assumed conversions and option exercises.
