The de-SPAC transaction will result in the launch of Avalanche Treasury

Davis Polk advised the placement agents in connection with a PIPE transaction and launch of the Avalanche Treasury Co. (AVAT) through its business combination transaction with Mountain Lake Acquisition Corp. (MLAC). The business combination values AVAT at an enterprise value of over $675 million. The transactions include the contribution of approximately $460 million in treasury assets and a $200 million discounted token sale by the Avalanche Foundation to AVAT.

AVAT is an ecosystem-aligned vehicle providing exposure to the Avalanche ecosystem through active treasury management, strategic investments, and an exclusive relationship with the Avalanche Foundation. AVAT bridges traditional finance and blockchain through a purpose-built operating system designed for institutional adoption. AVAT is expected to commence trading on the Nasdaq Global Market upon closing of the business combination transaction, pending Mountain Lake Acquisition Corp.’s shareholder approval and other customary closing conditions.

MLAC is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Its shares are listed on Nasdaq under the symbol “MLAC.”

The Davis Polk capital markets team included partners Derek Dostal and Daniel P. Gibbons and associate Marquis J. Pullen. All members of the Davis Polk team are based in the New York office.

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