Mountain Lake Acquisition, a blank check company led by the Chairman of Axos Financial, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The Incline Village, NV-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Mountain Lake Acquisition would command a market value of $320 million.
The company is led by CEO and Chairman Paul Grinberg, who currently serves as Chairman of Axos Financial (NYSE: AX), and CFO Douglas Horlick, the founder of strategy and advisory consulting firm Estancia LLC. Mountain Lake Acquisition plans to target an established business of scale poised for continued growth, led by a highly regarded management team.
Management's previous SPAC, Social Leverage Acquisition I (SLAC), went public in February 2021 and liquidated after terminating its merger agreement with W3BCLOUD Holdings in September 2023.
Mountain Lake Acquisition was founded in 2024 and plans to list on the Nasdaq under the symbol MLACU. BTIG is the sole bookrunner on the deal.
