Grinberg Paul 4

What Happened
Paul Grinberg, CEO of Mountain Lake Acquisition Corp. (MLAC), converted and exchanged 478,010 founder shares as part of the company’s SPAC business combination. On June 11, 2026 the Reporting Person’s 478,010 Class B founder shares were converted into 478,010 Class A ordinary shares (derivative conversion) and those Class A shares were then exchanged into an equal number of Pubco (post-combination) Class A common shares. No per-share price or cash proceeds are reported (N/A) because these were conversion/exchange transactions related to the merger. Following the transactions, Grinberg owns zero Class A and zero Class B ordinary shares of the issuer.

Key Details

• Transaction date: June 11, 2026 (filed on Form 4 June 15, 2026). Filing appears timely (filed within the standard two business days after the transaction date).
• Reported transactions: M = conversion/exercise of derivative (478,010 shares); D = disposition to issuer (478,010 shares). Price shown as N/A because shares were converted/exchanged, not sold for cash.
• Shares affected: 478,010 Class B converted to 478,010 Class A, then exchanged into 478,010 Pubco Class A common shares; Reporting Person now holds zero Class A and zero Class B ordinary shares of MLAC.
• Relevant disclosures: Footnote F1 references the S‑1 description that Class B founder shares automatically convert to Class A at the business combination; F2 notes the exchange into Pubco common stock; F3 documents the Class B → Class A conversion in connection with the Business Combination Agreement.
• No evidence of a market sale, 10b5‑1 plan, gift, or tax-withholding reported in this filing.

Context

• These filings reflect standard SPAC founder-share treatment in a business combination (conversion and rollover/exchange into post-merger Pubco stock), not an open-market sale or an indicated cash purchase.
• For retail investors, this is a structural corporate action tied to the merger rather than an insider signaling a buy or sell decision for cash.