Mountain Lake SPAC merges with Avalanche Treasury; $675M+ deal, $460M treasury, Q1 2026 close

Mountain Lake Acquisition Corp.

Definitive business combination valued at over $675M; combined co. to be named Avalanche Treasury Co. (AVAT) and list on Nasdaq.
Initial treasury of ~$460M in AVAX; investors entry at 0.77x mNAV (23% discount to direct AVAX exposure).
Private placement raised ~$119M cash, ~$116M unlocked AVAX, ~$69M locked AVAX from investors including Dragonfly, ParaFi, VanEck.
Exclusive 18-month priority on Avalanche Foundation token sales; discounted initial purchase at announcement.
Expects to close Q1 2026; Bart Smith (ex-Susquehanna/AllianceBernstein) as AVAT CEO; Emin Gün Sirer as strategic advisor.

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