Horlick Douglas 4

What Happened Douglas (Doug) Horlick, CFO, President and a director of Mountain Lake Acquisition Corp. (MLAC), had 478,010 founder shares converted and exchanged on June 11, 2026 as part of the company’s business combination. The Form 4 shows a derivative conversion (code M) and a disposition to the issuer (code D) for 478,010 shares; no cash price is reported (N/A). This was not an open‑market sale but a conversion/exchange tied to the SPAC merger.

Key Details

• Transaction date: June 11, 2026; Form filed June 15, 2026 (timely file).
• Shares involved: 478,010 Class B/Class A ordinary shares converted/exchanged. Reported price: N/A (no cash proceeds shown).
• Shares owned after transaction: 0 Class A ordinary shares and 0 Class B ordinary shares of MLAC (per footnotes).
• Footnotes: F1 explains automatic Class B→Class A conversion at business combination; F2 states the Reporting Person’s Class A ordinary shares were exchanged into an equal number of Pubco common shares; F3 confirms the Class B conversion and that the Reporting Person now owns zero Class B shares.
• Transaction codes on the filing: M = exercise/conversion of derivative; D = disposition to issuer.

Context These entries reflect the mechanics of a SPAC closing—founder (Class B) shares converting to Class A and then being exchanged into the surviving public company (Pubco) shares—rather than a routine sale on the open market. Retail investors should note this is a structural conversion tied to the business combination, not necessarily an indication of the insider buying or selling for personal liquidity.