Shanhu Acquisition Co., Ltd. - 2025 Q1 Report

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☒No☐ As ofMay 12,2025, there were23,805,000Class A ordinary shares, $0.0001 par value and7,187,500Class B ordinary shares,$0.0001 par value, issued and outstanding. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025 PART I - FINANCIALINFORMATION MOUNTAIN LAKE ACQUISITION CORPCONDENSED STATEMENT OF OPERATIONSFOR THE THREE MONTHS ENDED MARCH 31, 2025(UNAUDITED) MOUNTAIN LAKE ACQUISITION CORPCONDENSED STATEMENT OF CASH FLOWS MOUNTAIN LAKE ACQUISITION CORP.NOTES TO CONDENSED FINANCIAL STATEMENTSMARCH 31, 2025 NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Mountain Lake Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted companyonJune14, 2024. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, sharepurchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified As of March 31, 2025, the Company has not commenced any operations. All activity for the period from June 14, 2024 (inception)through March 31, 2025, relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which isdescribed below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The The registration statement for the Company’s Initial Public Offering was declared effective on December 12, 2024. On December 16,2024, the Company consummated the Initial Public Offering of23,000,000units (the “Units” and, with respect to the shares of ClassA ordinary shares included in the Units sold, the “Public Shares”), which includes the partial exercise by the underwriters of theirover-allotment option in the amount of2,000,000Units, at $10.00per Unit, generating gross proceeds of $230,000,000, which isdescribed in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of805,000 Transaction costs amounted to $13,354,261, consisting of $4,600,000of cash underwriting fee, $8,050,000of deferred underwritingfee and $704,261of other offering costs. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial PublicOffering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generallytoward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operatingbusinesses or assets with a fair market value equal to at least80% of the net assets held in the Trust Account (as defined below)(excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account) at the time the Company Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.05per Unit sold in theProposed Public Offering, including the proceeds of the Private Placement Units, will be held in a trust account (“Trust Account”) withContinental Stock Transfer& Trust Company acting as trustee and invested in UnitedStates “government securities” within themeaning of Section2(a)(16)of the Investment Company Act having a maturity of185daysor less or in money market funds meeting Following the closing of the Initial Public Offering on December 16, 2024, an amount of $231,150,000($10.05per Unit) from the netproceeds of the sale of the Units, and a portion of the net proceeds from the sale of the Private Placement Units, was placed in theTrust Account with Continental Stock Transfer & Trust Company acting as trustee. The funds will be held in cash, including indemand deposit accounts at a bank, or invested only in U.S. government treasury obligations with a maturity of185days or less or in The Company will provide its holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem, regardless ofwhether they abstain, vote for, or against, a Business Combination, all or a portion of their Public Shares upon either (i)the completionof the initial Business