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Avalanche Treasury Co. completed the acquisition of Mountain Lake Acquisition Corp. (NasdaqGM:MLAC) from group of shareholders in a reverse merger transaction.
Avalanche Treasury Co. signed a letter of intent to acquire Mountain Lake Acquisition Corp. (NasdaqGM:MLAC) from group of shareholders in a reverse merger transaction on September 3, 2025. Avalanche Treasury Co. entered into a definitive business combination agreement to acquire Mountain Lake Acquisition Corp from group of shareholders in a reverse merger transaction for an enterprise value of approximately $680 million on October 1, 2025. The business combination values AVAT at an enterprise value of over $675 million. The transaction includes approximately $460 million in treasury assets and is designed to create a leading public vehicle for AVAX exposure. The combined company expects to list on Nasdaq in Q1 2026. The transaction has attracted participation from leading institutional investors and crypto-native firms, including Dragonfly, ParaFi Capital, VanEck, Emin Gün Sirer, FalconX, Monarq, Galaxy Digital, Pantera Capital, CoinFund, IMC, Kraken, Borderless, and Hunting Hill. This diverse investor base represents a powerful combination of traditional asset managers, digital asset specialists, and ecosystem participants who bring both capital and strategic value to AVAT's mission. FalconX will be providing execution and credit services to support the company's trading and capital deployment activities. Additionally, Monarq will serve as an asset manager for AVAT, contributing institutional-grade portfolio management expertise to the company's treasury operations.
Upon the closing of the business combination, the AVAT advisory board and combined company board will be comprised of veterans bridging traditional finance expertise with deep crypto-native relationships and media connectivity. Ava Labs founder Emin Gün Sirer will serve as strategic advisor, while Chief Business Officer John Nahas will join the public company board, providing direct access to the ecosystem's architects.
The proposed transactions are expected to close in Q1 2026, subject to regulatory and shareholder approval. The board of both parties unanimously approved the transaction. As of June 4, 2026, the transaction was approved by the shareholders of Mountain Lake Acquisition Corp.
PJT Partners is serving as financial advisor to Avalanche Treasury Co. PJT Partners and Barclays are serving as placement agents and Capital Markets Advisors to Avalanche Treasury Co. Georgian Dimopoulos, Lorenzo Corte, Ryan J Dzierniejko, Maria Protopapa, Victor Hollender, Kevin T Hardy, and Stuart D Levi of Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsels to Avalanche Treasury Co. Davis Polk & Wardwell LLP is serving as legal counsel to PJT Partners and Barclays. BTIG, LLC is serving as financial and capital markets advisor to Mountain Lake Acquisition Corp. Stuart Neuhauser and Lloyd N. Steele of Ellenoff Grossman & Schole LLP are serving as legal counsel to Mountain Lake Acquisition Corp. Lilya Tessler, Sonia Gupta Barros, J. David Stewart, Teresa Wilton Harmon and Erika Cabo of Sidley Austin LLP is serving as legal counsel to the Avalanche Foundation. Continental Stock Transfer & Trust Company served as transfer agent to MLAC and Sodali & Co. served as information agent to MLAC. MLAC has agreed to pay a fee of $22,500, plus disbursements as cost of soliciting proxies.
Avalanche Treasury Co. completed the acquisition of Mountain Lake Acquisition Corp. (NasdaqGM:MLAC) from group of shareholders in a reverse merger transaction on June 11, 2026. The shares of Class A common stock of Avalanche Treasury Corporation, the combined company following the Business Combination, will commence trading on the Nasdaq on June 11, 2026, under the ticker symbol “AVAT.” All remaining closing conditions of the Business Combination were satisfied or waived. Forbes Hare acted as legal advisor to Mountain Lake Acquisition Corp. Appleby Global Services (Cayman) Limited acted as legal advisor to Avalanche Treasury Co.