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Mountain Lake Acquisition Corp has announced the pricing of its upsized initial public offering (IPO) of 21,000,000 units at $10.00 per unit, totaling $210,000,000. Each unit comprises one Class A ordinary share and one right, with each right convertible to one-tenth of a Class A ordinary share upon business combination completion.
The units will trade on Nasdaq under MLACU, with the shares and rights later trading separately as MLAC and MLACR. The offering, expected to close December 16, 2024, includes a 45-day overallotment option for underwriters to purchase up to 3,150,000 additional units. The blank check company aims to merge with established, scalable businesses under CEO Paul Grinberg and CFO Douglas Horlick’s leadership.
Mountain Lake Acquisition Corp ha annunciato il prezzo della sua offerta pubblica iniziale (IPO) ampliata di 21.000.000 di unità a $10,00 per unità, per un totale di $210.000.000. Ogni unità è composta da una azione ordinaria di Classe A e un diritto, con ogni diritto convertibile in un decimo di un’azione ordinaria di Classe A al completamento della combinazione aziendale.
Le unità verranno scambiate su Nasdaq con il codice MLACU, mentre le azioni e i diritti verranno successivamente scambiati separatamente come MLAC e MLACR. L’offerta, che si prevede si chiuda il 16 dicembre 2024, include un’opzione di sovrallocazione di 45 giorni per i sottoscrittori di acquistare fino a 3.150.000 unità aggiuntive. La società quotata in borsa mira a fondersi con aziende consolidate e scalabili sotto la direzione del CEO Paul Grinberg e del CFO Douglas Horlick.
Mountain Lake Acquisition Corp ha anunciado el precio de su oferta pública inicial (IPO) ampliada de 21.000.000 de unidades a $10,00 por unidad, totalizando $210.000.000. Cada unidad consiste en una acción ordinaria Clase A y un derecho, siendo cada derecho convertible en un décimo de una acción ordinaria Clase A al completar la combinación empresarial.
Las unidades se negociarán en Nasdaq bajo el símbolo MLACU, mientras que las acciones y los derechos se negociarán por separado posteriormente como MLAC y MLACR. Se espera que la oferta se cierre el 16 de diciembre de 2024, e incluye una opción de sobreasignación de 45 días para que los suscriptores compren hasta 3.150.000 unidades adicionales. La empresa de cheque en blanco tiene como objetivo fusionarse con negocios establecidos y escalables bajo el liderazgo del CEO Paul Grinberg y el CFO Douglas Horlick.
Mountain Lake Acquisition Corp는 21,000,000개의 유닛으로 구성된 초기 공모가격(IPO)의 가격을 단위당 $10.00으로 발표했으며, 총액은 $210,000,000입니다. 각 유닛은 클래스 A 보통주 1주와 권리 1개로 구성되며, 각 권리는 사업 결합 완료 시 클래스 A 보통주 1/10로 전환될 수 있습니다.
유닛은 MLACU라는 심볼로 나스닥에서 거래될 것이며, 주식과 권리는 이후에 MLAC 및 MLACR으로 별도로 거래될 예정입니다. 이 제안은 2024년 12월 16일에 마감될 예정이며, 인수업자를 위한 45일간의 추가 매수 옵션이 포함되어 있어 최대 3,150,000개의 추가 유닛을 구매할 수 있습니다. 이 공백수표 회사는 CEO Paul Grinberg와 CFO Douglas Horlick의 리더십 아래 확립된 확장 가능한 비즈니스와 합병하는 것을 목표로 하고 있습니다.
Mountain Lake Acquisition Corp a annoncé le prix de son introduction en bourse (IPO) agrandie de 21.000.000 d’unités à $10,00 par unité, totalisant $210.000.000. Chaque unité se compose d’une action ordinaire de Classe A et d’un droit, chaque droit étant convertible en un dixième d’une action ordinaire de Classe A lors de l’achèvement de la combinaison d’entreprises.
Les unités se négocieront sur le Nasdaq sous MLACU, les actions et les droits étant ensuite négociés séparément sous MLAC et MLACR. L’offre, qui devrait se clôturer le 16 décembre 2024, comprend une option de surallocation de 45 jours pour les souscripteurs afin d’acheter jusqu’à 3.150.000 unités supplémentaires. La société à chèque blanc vise à fusionner avec des entreprises établies et évolutives sous la direction du PDG Paul Grinberg et du CFO Douglas Horlick.
Mountain Lake Acquisition Corp hat den Preis ihres erweiterten Börsengangs (IPO) von 21.000.000 Einheiten zu $10,00 pro Einheit bekannt gegeben, was insgesamt $210.000.000 ergibt. Jede Einheit besteht aus einer Stammaktie der Klasse A und einem Recht, wobei jedes Recht in ein Zehntel einer Stammaktie der Klasse A umgewandelt werden kann, wenn die Unternehmenszusammenführung abgeschlossen ist.
Die Einheiten werden an der Nasdaq unter MLACU gehandelt, während die Aktien und Rechte später separat als MLAC und MLACR gehandelt werden. Das Angebot, das voraussichtlich am 16. Dezember 2024 abgeschlossen wird, umfasst eine 45-tägige Überzeichnungsoption für die Underwriter, um bis zu 3.150.000 zusätzliche Einheiten zu kaufen. Das leere Scheckunternehmen zielt darauf ab, unter der Leitung von CEO Paul Grinberg und CFO Douglas Horlick mit etablierten, skalierbaren Unternehmen zu fusionieren.
Positive
- Substantial IPO size of $210 million indicates strong initial capital base
- Trading on major exchange (Nasdaq) provides high visibility and liquidity
- 45-day overallotment option could add $31.5 million to capital raised
- Experienced management team with focus on established, scalable businesses
Negative
- Blank check company with no current business operations
- Significant uncertainty about future acquisition target
- Shareholder dilution risk through rights conversion mechanism
Insights
This IPO marks a significant development in the SPAC market with Mountain Lake Acquisition Corp. raising $210 million through a 21 million unit offering priced at $10 per unit. The structure includes one Class A share and one right per unit, with rights convertible to shares at a 10:1 ratio. The potential over-allotment option of 3.15 million additional units could bring total proceeds to $241.5 million.
The management team’s focus on established businesses with growth potential, combined with their extensive experience in financial services and M&A, positions them well in the competitive SPAC landscape. The involvement of BTIG as the sole book-runner adds credibility to the offering. The unit structure with rights instead of traditional warrants represents an interesting variation on typical SPAC offerings, potentially reducing future dilution concerns.
The timing of this SPAC IPO is noteworthy as it enters a market that has seen renewed interest in blank-check companies. The upsized offering from the initially planned amount suggests strong investor demand. The company’s broad mandate, while focusing on established businesses of scale, provides flexibility in target selection across various sectors.
The leadership team’s background, particularly Paul Grinberg’s experience, could be attractive to potential merger targets. The structure of the rights offering at 1/10 share per right presents a more conservative approach to post-merger dilution compared to traditional warrant-based SPACs, which could appeal to both investors and potential merger targets.
NEVADA, Dec. 12, 2024 (GLOBE NEWSWIRE) — Mountain Lake Acquisition Corp. (the “Company”) announced today the pricing of its initial public offering of 21,000,000 units at a price of $10.00 per unit. The units are expected to be listed on The Nasdaq Stock Market LLC (“Nasdaq”) and begin trading tomorrow, December 13, 2024, under the ticker symbol “MLACU.” Each unit consists of one Class A ordinary share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. A right holder must hold ten rights to receive one Class A ordinary share at the closing of the initial business combination. Once the securities constituting the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “MLAC” and “MLACR,” respectively. The offering is expected to close on December 16, 2024, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,150,000 units at the initial public offering price to cover over-allotments, if any.
The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. The Company’s primary focus will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team.
The Company’s management team is led by Paul Grinberg, its Chief Executive Officer and Chairman of the Board of Directors of the Company (the “Board”), and Douglas Horlick, Chief Financial Officer, Director, and President. In addition, the Board includes Jeffrey Lager, Michael Marquez, and Jaime W. Vieser.
BTIG, LLC is acting as sole book-running manager for the offering.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com or by accessing the SEC’s website, www.sec.gov.
A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on December 12, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.
Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contacts
Douglas Horlick
doug@mountainlakeacquisition.com
Mountain Lake Acquisition Corp.
930 Tahoe Blvd STE 802 PMB 45
Incline Village, NV 89451
(775) 204-1489
FAQ
What is the total value of Mountain Lake Acquisition Corp’s (MLAC) IPO?
Mountain Lake Acquisition Corp’s IPO is valued at $210,000,000, consisting of 21,000,000 units priced at $10.00 per unit.
When will MLAC units start trading on Nasdaq?
MLAC units will begin trading on Nasdaq on December 13, 2024, under the ticker symbol MLACU.
How do the rights work in MLAC’s unit offering?
Each unit includes one right, and holders need ten rights to receive one Class A ordinary share upon the completion of an initial business combination.
What is the size of MLAC’s overallotment option?
MLAC has granted underwriters a 45-day option to purchase up to 3,150,000 additional units to cover over-allotments.
What type of business combination is MLAC targeting?
MLAC is targeting established businesses of scale with growth potential, led by highly regarded management teams, across any business or industry.
