Grinberg Paul 4

What Happened
Paul Grinberg, CEO and a managing member of Mountain Lake Acquisition Sponsor II LLC (the "Sponsor"), was involved in a private placement purchase that resulted in 510,000 Class A ordinary shares being acquired at $10.00 per share, for a total purchase value of $5,100,000. The shares were purchased as part of 510,000 private placement units (one Class A share plus one-half warrant per unit, warrants exercisable at $11.50).

Key Details

• Transaction date and price: 2026-01-28, 510,000 Class A shares at $10.00 each (total $5,100,000).
• Form filed: 2026-01-30 (filed within typical Form 4 reporting window; not indicated as late).
• Record holder: Mountain Lake Acquisition Sponsor II LLC is the record holder of the reported shares; the Sponsor purchased the private placement units.
• Beneficial ownership note: Paul Grinberg and Douglas Horlick are managing members of the Sponsor and share voting and investment discretion over the Sponsor’s holdings; each disclaims beneficial ownership of the Sponsor’s securities except to the extent of any pecuniary interest.
• Unit/warrant detail: Each $10 unit includes one Class A ordinary share and one-half of a warrant (each whole warrant exercisable into one Class A share at $11.50).
• Other holdings: Footnotes reference 12,006,000 Class B ordinary shares held by the Sponsor (separately acquired under a subscription agreement); some of those Class B shares may be subject to forfeiture per the offering terms.

Context
This was a private placement purchase made by the Sponsor (common for SPAC sponsors) rather than an open-market buy by an individual in their personal account. Purchases are typically viewed as a more bullish signal than sales, but here the Sponsor is the record holder and Grinberg disclaims direct beneficial ownership beyond any pecuniary interest, which is important context for interpreting the insider’s personal stake.