Mountain Lake Acquisition Corp. IIMLAA
Cash in trust
$365M
$365,368,577
Trust per share
$10.15
Redemption value
IPO
Jan 2026
$360M raised
Combination deadline
Jan 28, 2028
466 days remaining
Filings on record
30
Latest Aug 11, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Apr 9, 2026
Overview
Mountain Lake Acquisition Corp. II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002094265. It completed its initial public offering in Jan 2026, raising $360M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker MLAA, units under MLAAU, warrants under MLAAW on Nasdaq. The vehicle is sponsored by Mountain Lake through Mountain Lake Acquisition Sponsor II LLC. The mandate targets financial services. Definitive business-combination agreement signed, closing pending.
“Our strategy is to leverage our team’s extensive track record in running public companies, mergers & acquisitions and capital markets to identify and complete an initial business combination.”
Reading the filings
Arithmetic on what Mountain Lake Acquisition Corp. II has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a discount to trust
At $10.02 the shares change hands 1.27% below the $10.15 they can be redeemed for. A holder buying here is paid that spread to carry deadline and redemption risk until the vote, and the trust keeps accreting underneath it.
Trust versus the $10 unit
The trust holds $10.15 per public share, 1.5% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
466 days to the Jan 28, 2028 deadline. The vehicle is early in its search window, and the deadline is not yet the binding constraint.
Sponsor promote
The sponsor's founder block is 1,566,000 shares against 36,000,000 public shares, or 4.2% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Warrant coverage
Each unit carried one-half warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Sponsor record
Mountain Lake has launched 4 vehicles, none of which has resolved yet, so there is no completion record to read.
Underwriting
BTIG led the offering. It has been named on 79 SPAC IPOs, book-running 73 of them, and 52.8% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Mountain Lake Acquisition Corp. II must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
30 filings in all. 1 in the last three months, against a busiest month of 15.
Scores
Recomputed 10m agoThree readings of Mountain Lake Acquisition Corp. II, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
67/100
- Discount to trust86
1.27%
- Trust accretion35
$10.15 per share
- Runway79
466 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
18/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust14
-1.27%
- Deal freshness58
announced 193 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ElevatedHow likely is this vehicle to complete a combination, and at what scale?
65/100
- Lead bank record13
52.8%
- Bank franchise66
79 SPAC mandates
- Trust scale98
$365M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Mountain Lake Acquisition Corp. II
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- 10-Q
Quarterly report
Accession 0001213900-26-087770
- 425
Business-combination communication
Accession 0001213900-26-060738
- 8-K
Other events
Item 8.01 · Accession 0001213900-26-060735
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001172661-26-001882
- 10-Q
Quarterly report
Accession 0001213900-26-055961
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001104659-26-059891
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000919574-26-002945
- 425
Business-combination communication
Accession 0001213900-26-041725
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001213900-26-041722
- 10-K
Annual report
Accession 0001213900-26-032347
- 4
Statement of changes in beneficial ownership
Accession 0001213900-26-031187
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-26-029906
- SCHEDULE 13D
Beneficial ownership report (activist)
Accession 0001213900-26-012351
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-26-011434
- 4
Statement of changes in beneficial ownership
Accession 0001213900-26-010406
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 3.02, 5.03, 8.01, 9.01 · Accession 0001213900-26-010358
- 424B4
Final IPO prospectus
Accession 0001213900-26-008487
- CERT
Exchange listing certification
Accession 0001354457-26-000091
- EFFECT
Notice of effectiveness
Accession 9999999995-26-000297
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-007896
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-007894
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-007893
- 3
Initial statement of beneficial ownership
Accession 0001213900-26-007892
- S-1MEF
Registration of additional IPO securities
Accession 0001213900-26-007888
- 8-A12B
Registration of securities on an exchange
Accession 0001213900-26-007658
- CORRESP
Correspondence with SEC staff
Accession 0001213900-26-006830
- CORRESP
Correspondence with SEC staff
Accession 0001213900-26-006829
- S-1/A
Amended IPO registration statement
Accession 0001213900-26-005886
- UPLOAD
SEC staff comment letter
Accession 0000000000-26-000442
- S-1
Registration statement for the initial public offering
Accession 0001213900-25-115622
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Mountain Lake Acquisition Corp. II: questions answered
What is Mountain Lake Acquisition Corp. II (MLAA)?
Mountain Lake Acquisition Corp. II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002094265. It completed its initial public offering in Jan 2026, raising $360M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker MLAA, units under MLAAU, warrants under MLAAW on Nasdaq. The vehicle is sponsored by Mountain Lake through Mountain Lake Acquisition Sponsor II LLC. The mandate targets financial services. Definitive business-combination agreement signed, closing pending.
How much does Mountain Lake Acquisition Corp. II hold in trust?
Approximately $365,368,577, or about $10.15 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Mountain Lake Acquisition Corp. II complete a merger?
By Jan 28, 2028. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Mountain Lake Acquisition Corp. II does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Mountain Lake Acquisition Corp. II, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.15 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Mountain Lake Acquisition Corp. II trade under?
Class A shares trade as MLAA on Nasdaq, the units as MLAAU, and the warrants as MLAAW. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Mountain Lake Acquisition Corp. II?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.15, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.02, a discount of 1.27% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do Mountain Lake Acquisition Corp. II's founder shares and warrants create?
The founder block is 1,566,000 shares against 36,000,000 public shares, so roughly 4.2% of the combined count sits with the sponsor at nominal cost. Each unit also carried one-half warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Mountain Lake Acquisition Corp. II, and what is their track record?
Mountain Lake Acquisition Sponsor II LLC is the sponsor entity, part of the Mountain Lake franchise. That franchise has launched 4 vehicles in total, none of which has resolved yet. Named principals: Paul Grinberg.
Which banks underwrote the Mountain Lake Acquisition Corp. II IPO?
BTIG. BTIG was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Mountain Lake Acquisition Corp. II tradeable, and where?
Yes. MLAA returned a live quote of $10.02 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Mountain Lake Acquisition Corp. II a good investment?
That is not a question this site answers. Mountain Lake Acquisition Corp. II is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Mountain Lake Acquisition Corp. II data come from?
Filings Mountain Lake Acquisition Corp. II submitted to the SEC under CIK 0002094265: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Mountain Lake: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
BTIG in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Financial Services SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.