Mountain Lake Acquisition, a blank check company led by the Chairman of Axos Financial, lowered the proposed deal size for its upcoming IPO on Friday.
The Incline Village, NV-based company now plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 25 million units at $10. At the midpoint of the revised range, Mountain Lake Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Paul Grinberg, who currently serves as Chairman of bank 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 terminated 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.
