0002092446 mlac:MlacFounderSharesAndSharesOfPubcoClassStockMember 2026-04-28 2026-04-28 0002092446 mlac:Mr.HorlickMember 2026-04-28 2026-04-28 0002092446 mlac:Mr.GrinbergMember 2026-04-28 2026-04-28 0002092446 mlac:MountainLakeAcquisitionSponsorLlcMember 2026-04-28 2026-04-28 0002092446 spac:UpfrontUnderwritingFeesMember spac:RedemptionAt75PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:UpfrontUnderwritingFeesMember spac:RedemptionAt50PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:UpfrontUnderwritingFeesMember spac:RedemptionAt25PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:UpfrontUnderwritingFeesMember spac:RedemptionAt100PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:UpfrontUnderwritingFeesMember spac:NoRedemptionMember 2025-01-01 2025-12-31 0002092446 spac:ShareholderRedemptionsMember spac:RedemptionAt75PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:ShareholderRedemptionsMember spac:RedemptionAt50PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:ShareholderRedemptionsMember spac:RedemptionAt25PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:ShareholderRedemptionsMember spac:RedemptionAt100PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:ShareholderRedemptionsMember spac:NoRedemptionMember 2025-01-01 2025-12-31 0002092446 spac:RedemptionAt75PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:RedemptionAt50PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:RedemptionAt25PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:RedemptionAt100PercentOfMaximumMember 2025-01-01 2025-12-31 0002092446 spac:NoRedemptionMember 2025-01-01 2025-12-31 0002092446 mlac:ClassBOrdinarySharesMember mlac:MountainLakeAcquisitionSponsorLlcMember 2026-04-28 2026-04-28 0002092446 mlac:ClassaOrdinarySharesMember mlac:MountainLakeAcquisitionSponsorLlcMember 2026-04-28 2026-04-28 0002092446 spac:SpacOfficersAndDirectorsMember 2026-04-28 2026-04-28 0002092446 2026-04-28 2026-04-28 iso4217:USD shares iso4217:USD shares 0002092446 false S-4/A Non-accelerated Filer Limited Liability Company Avalanche Treasury Corporation true true false <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:top;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:67.74pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">2,800,000 MLAC Class B Ordinary Shares, of which 1,600,000 Sponsor Earnout Shares shall be held in escrow and shall vest and be released from escrow, in the amounts specified below, upon Pubco meeting the milestones specified below:</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">$25,000 paid to purchase the 7,187,500 MLAC Class B Ordinary Shares (of which 4,387,500 shares will be forfeited upon the Closing).</td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;">(i)Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor;</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:55.99pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;">(ii)Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; and</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;">(iii)Upon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor.</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:45.99pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;">Additional MLAC Class A Ordinary Shares and/or cash</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;">Amounts outstanding at the Closing under any MLAC Working Capital Loan will be repaid, at the lender’s option, in either cash or by the issuance of MLAC Class A Ordinary Shares at $10.00 per share.</td></tr></table> 2800000 25000 10 Because the Sponsor acquired its 7,187,500 MLAC Class B Ordinary Shares at a nominal price, the Public Shareholders will incur substantial and immediate dilution upon the Closing of the Business Combination. true false After careful consideration, the MLAC Board has unanimously approved the Business Combination Agreement and the other Proposals described in the accompanying proxy statement/prospectus and the MLAC Board has determined that it is advisable to consummate the Business Combination. The MLAC Board did not obtain a fairness opinion (or any similar report or appraisal) in connection with its determination to approve the Business Combination. However, MLAC’s management, the members of the MLAC Board and the other representatives of MLAC have experience in evaluating the operating and financial merits of cryptocurrency companies and reviewed certain financial information of Pubco and the Company and other relevant financial information selected based on the experience and the professional judgment of MLAC’s management team. Accordingly, investors will be relying solely on the judgment of the MLAC Board in valuing Pubco and the Company’s business and accordingly, investors assume the risk that the MLAC Board may not have properly valued such business. Sponsor Mountain Lake Acquisition Sponsor LLC true <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:129.6pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:129.6pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:129.6pt;padding:0pt;"></td><td style="width:10.79pt;padding:0pt;"></td><td style="width:118.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:129.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:129.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:129.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:118.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:129.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Subject Securities</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:129.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Persons Subject to Restrictions</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:129.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Expiration Date</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:118.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exceptions to Transfer Restrictions</td></tr><tr style="height:483.2pt;"><td style="vertical-align:top;width:129.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">MLAC Founder Shares (and the shares of Pubco Class A Stock received by the Sponsor in exchange therefore in the MLAC Merger) and shares of Pubco Class A Stock received by Seller</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:129.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">The Sponsor and Seller </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:129.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">The earlier of (i) the Anniversary Release; provided, that if the VWAP of Pubco Class A Stock equals or exceeds $12.50 per share for any 20 consecutive trading days following the Closing, the Anniversary Release will be deemed to occur at 11:59 p.m. New York City time on such 20th consecutive trading day and (ii) the date on which Pubco consummates a liquidation, merger, share exchange, reorganization or other similar transaction after the Closing which results in all of Pubco’s shareholders having the right to exchange their shares of Pubco Stock for cash, securities or other property. </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:118.8pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Transfers permitted (a) to MLAC’s or Pubco’s officers or directors, any current or future affiliates or family members of any of such officers or directors, any equity holders of such person, any current or future affiliates of such person or as a gift to a charitable organization, (b) in the case of an individual, by gift to a member of one of the members of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, a current or future affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by virtue of the laws of jurisdiction of formation of such person or such person’s governing documents upon its dissolution; (f) transfers to satisfy any U.S. federal, state, or local income tax obligations of Holder (or its direct or indirect owners) to the extent necessary to cover any tax liability as a direct result of the Transactions, or (g) in the form of a pledge of Restricted Securities (as </td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:129.6pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:129.6pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:129.6pt;padding:0pt;"></td><td style="width:10.79pt;padding:0pt;"></td><td style="width:118.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:129.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:129.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:129.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:118.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:129.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Subject Securities</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:129.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Persons Subject to Restrictions</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:129.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Expiration Date</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:118.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exceptions to Transfer Restrictions</td></tr><tr style="height:322.22pt;"><td style="vertical-align:top;width:129.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:129.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:129.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:118.8pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">defined therein) in a bona fide transaction as collateral to secure obligations pursuant to lending or other financing arrangements between a holder (or its affiliates), on the one hand, and a third party, on the other hand, for the benefit of such holder and/or its affiliates; provided, however, that during the lock-up period such third party shall not be permitted to foreclose upon such Restricted Securities or otherwise be entitled to enforce its rights or remedies with respect to the Restricted Securities, including, without limitation, the right to vote, transfer or take title to or ownership of such Restricted Securities; provided, however, that these permitted transferees must enter into a written agreement agreeing to be bound by these same transfer restrictions. </td></tr></table> The Sponsor and Seller The earlier of (i) the Anniversary Release; provided, that if the VWAP of Pubco Class A Stock equals or exceeds $12.50 per share for any 20 consecutive trading days following the Closing, the Anniversary Release will be deemed to occur at 11:59 p.m. New York City time on such 20th consecutive trading day and (ii) the date on which Pubco consummates a liquidation, merger, share exchange, reorganization or other similar transaction after the Closing which results in all of Pubco’s shareholders having the right to exchange their shares of Pubco Stock for cash, securities or other property. Transfers permitted (a) to MLAC’s or Pubco’s officers or directors, any current or future affiliates or family members of any of such officers or directors, any equity holders of such person, any current or future affiliates of such person or as a gift to a charitable organization, (b) in the case of an individual, by gift to a member of one of the members of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, a current or future affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by virtue of the laws of jurisdiction of formation of such person or such person’s governing documents upon its dissolution; (f) transfers to satisfy any U.S. federal, state, or local income tax obligations of Holder (or its direct or indirect owners) to the extent necessary to cover any tax liability as a direct result of the Transactions, or (g) in the form of a pledge of Restricted Securities (asdefined therein) in a bona fide transaction as collateral to secure obligations pursuant to lending or other financing arrangements between a holder (or its affiliates), on the one hand, and a third party, on the other hand, for the benefit of such holder and/or its affiliates; provided, however, that during the lock-up period such third party shall not be permitted to foreclose upon such Restricted Securities or otherwise be entitled to enforce its rights or remedies with respect to the Restricted Securities, including, without limitation, the right to vote, transfer or take title to or ownership of such Restricted Securities; provided, however, that these permitted transferees must enter into a written agreement agreeing to be bound by these same transfer restrictions. false The MLAC Board did not obtain a fairness opinion (or any similar report or appraisal) in connection with its determination to approve the Business Combination. However, MLAC’s management, the members of the MLAC Board and the other representatives of MLAC have experience in evaluating the operating and financial merits of cryptocurrency companies and reviewed certain financial information of Pubco and the Company and other relevant financial information selected based on the experience and the professional judgment of MLAC’s management team. Accordingly, investors will be relying solely on the judgment of the MLAC Board in valuing the Company’s business and accordingly, investors assume the risk that the MLAC Board may not have properly valued such business. true false This summary highlights selected information from this proxy statement/prospectus and does not contain all the information that is important to you. You should carefully read this entire proxy statement/prospectus, including the Business Combination Agreement attached as Annex A to this proxy statement/prospectus as well as the other Annexes attached to the proxy statement/prospectus.The PartiesMLACMLAC is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability on June 14, 2024. MLAC was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The MLAC Class A Ordinary Shares, MLAC Units and MLAC Share Rights are currently listed on The Nasdaq Global Market under the symbols “MLAC,” “MLACU” and “MLACR,” respectively.MLAC completed the MLAC IPO of 23,000,000 MLAC Class A Ordinary Shares on December 16, 2024, generating gross proceeds to MLAC of $230,000,000. Simultaneously with the closing of the MLAC IPO, MLAC completed the sale to the Sponsor and BTIG of 805,000 MLAC Private Placement Shares at a purchase price of $10.00 per MLAC Private Placement Shares in the MLAC Private Placement, generating gross proceeds to MLAC of $8,050,000. Following the closing of the MLAC IPO, a total of $231,150,000, comprised of the net proceeds from the MLAC IPO and the MLAC Private Placement, was placed in the Trust Account. As of December 31, 2025, the Trust Account balance was approximately $241.2 million. Since the MLAC IPO, MLAC’s activity has been limited to efforts toward locating and completing a suitable business combination.The mailing address of MLAC’s principal executive office is 930 Tahoe Blvd STE 802 PMB 45, Incline Village, NV 89451, and its telephone number is (775) 204-1489. Prior to the consummation of the Business Combination, MLAC will effect the Domestication, pursuant to which MLAC will transfer by way of continuation to and become a Delaware corporation, and at least two hours after the Domestication, MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly- owned subsidiary of Pubco.PubcoPubco was incorporated as a corporation organized under the laws of Delaware on September 22, 2025, solely for the purpose of effectuating the Business Combination described herein. It currently owns no material assets and does not presently operate any business.Following the Closing, it will be an operating company engaged in a number of businesses focused on AVAX. Following the Closing, Pubco will engage in the following principal activities: (i) the targeted accumulation of AVAX; (ii) tailored treasury management geared towards staking yield and other asset management levers intended to compound AVAX per share over time and (iii) the further ecosystem integration, including the potential provision of Avalanche-focused infrastructure, such as the operation of validator nodes, L1 activation and other corporate development activities, to expand exposure to Avalanche.On September 25, 2025, Pubco issued one thousand (1,000) shares of common stock to Seller for nominal consideration. These shares represent all shares in the capital of Pubco that are currently issued and outstanding and, at the Company Merger Effective Time and by virtue of the Mergers, will be automatically canceled and extinguished without any conversion thereof or payment therefor. For descriptions of Pubco securities, see “Description of Pubco Securities.”Prior to the consummation of the Business Combination, (i) the directors of Pubco are Mr. Robert Hadick and Mr. Gerald Bartholomew Smith; (ii) the officers are Mr. Gerald Bartholomew Smith (President) and Ms. Laine Mihalchick Moljo (Secretary) and (iii) the sole shareholder of Pubco is Seller.The mailing address of Pubco’s registered office is 251, Little Falls Drive, Wilmington, County of New Castle, 19808, State of Delaware. Immediately prior to the consummation of the Business Combination, Pubco’s mailing address will be 413 W 14th Street, Floor 2, PMB 4633, New York, State of New York, 10014.MLAC Merger SubMLAC Merger Sub was incorporated in Delaware on September 26, 2025 solely for the purpose of effectuating the Business Combination described herein. MLAC Merger Sub has no material assets and does not operate any business.Prior to the consummation of the Business Combination, the sole director of MLAC Merger Sub is Gerald Bartholomew Smith and the sole shareholder of MLAC Merger Sub is Pubco. In connection with the consummation of the Business Combination, MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly-owned subsidiary of Pubco, and the MLAC shareholders will receive one share of Pubco Class A Stock for each MLAC Class A Ordinary Share held by such shareholder. Each holder of MLAC Rights receiving one share of Pubco Class A Stock in exchange for every ten (10) MLAC Rights held by such holder.The mailing address of MLAC Merger Sub’s registered office is 251, Little Falls Drive, Wilmington, County of New Castle, 19808, State of Delaware.Company Merger SubCompany Merger Sub was incorporated as a limited liability company organized under the laws of Delaware on September 26, 2025, solely for the purpose of effectuating the Business Combination described herein. Company Merger Sub has no material assets and does not operate any business.Prior to the consummation of the Business Combination, the sole member of Company Merger Sub is Pubco. In connection with the consummation of the Business Combination, Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Pubco.The mailing address of Company Merger Sub’s registered office is 251, Little Falls Drive, Wilmington, County of New Castle, 19808, State of Delaware.CompanyThe Company is a newly formed company that will be focused exclusively on AVAX-related business lines. The Company was formed as a Delaware limited liability company on August 20, 2025, solely for the purpose of effectuating the Business Combination described herein.On October 1, 2025, (i) the Company Unit Investors, in accordance with the provisions of the Company Unit Subscription Agreements agreed to purchase, payable in cash, USDC or AVAX, and the Company agreed to issue and sell, approximately $216 million worth of Company Units; and (ii) the Funds, in accordance with the provisions of the Contribution Agreement, performed the Dragonfly Contribution and received as consideration a total number of 5,805,638 Company Units.Prior to the consummation of the Business Combination, the members are Seller, Mr. Gerald Bartholomew Smith, and the Company Unit Investors.In connection with the consummation of the Business Combination, Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Pubco.The registered office of the Company is 251 Little Falls Drive, Wilmington, County of New Castle, Delaware 19808 and the telephone number is 800-927-9800.For more information about the Company, see “Information Related to the Company.”SellerSeller was incorporated as a limited liability company organized under the laws of Delaware on July 18, 2018.At the date hereof, the sole manager of Seller is Haseeb Ahmad Qureshi, and the sole member of Seller is Dragonfly Management Limited.TransactionsThe Business Combination AgreementOn October 1, 2025, MLAC, Pubco, the Pubco Subsidiaries, the Company and Seller entered into the Business Combination Agreement. On January 13, 2026, and on March 17, 2026, MLAC, Pubco, the Pubco Subsidiaries, the Company, Seller Related Parties and Astral entered amendments to the Business Combination Agreement, in each case effective as of October 1, 2025.Astral is a Delaware limited partnership whose general partner is Astral Horizon GP, LLC. The limited partners of Astral are certain senior managers and employees of the Seller and the general partners of the DVs. Astral Horizon GP, LLC is managed by some of the same individuals who serve as the managers of the general partners of the DVs. Accordingly, Astral is a related party to the Seller Related Parties by virtue of common management and overlapping ownership among their respective principals. The 4,000,000 newly issued Pubco Class A Stock Astral is entitled to receive as additional consideration for the Company Merger (the “Additional Merger Consideration Shares”) are being issued to Astral in consideration for advisory and strategic services provided by Astral’s limited partners in connection with the structuring and execution of the Business Combination and the establishment of Pubco. Such services included, but were not limited to:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">Executive Recruitment: Astral’s limited partners assisted in identifying, evaluating, and recruiting the Chief Executive Officer of Pubco; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">Tax and Corporate Structuring Advisory: Astral’s limited partners provided strategic advice regarding aspects of the tax and corporate structuring of the Business Combination and post-Closing operations of Pubco.</td></tr></table>Consequently, (i) on January 13, 2026, the Parties entered into the First Amendment to the Business Combination Agreement, pursuant to which, inter alia, the 4,000,000 Additional Merger Consideration Shares (i.e., the 2,000,000 Astral Post-Closing Shares and the 2,000,000 Astral Earnout Shares) will be issued, on the Company Merger Effective Date, to Astral (the Astral Earnout Shares being held in escrow for the Escrow Period only to be released in accordance with the Astral Escrow Agreement), and (ii) on March 17, 2026, the Parties entered into the Second Amendment to the Business Combination Agreement, pursuant to which the issuance by Pubco to Astral of the 2,000,000 Astral Post-Closing Shares will occur on the thirtieth (30th) calendar day following the Closing Date, rather than on the Company Merger Effective Date.Pursuant to the Business Combination Agreement, and subject to the terms and conditions set forth therein, (a) prior to the Closing, MLAC will effect the Domestication, pursuant to which MLAC will transfer by way of continuation to and become a Delaware corporation, (b) at least two hours after the Domestication, the MLAC Merger will be completed, pursuant to which MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly owned subsidiary of Pubco and with MLAC Shareholders receiving one (1) share of Pubco Class A Stock for each MLAC Class A Ordinary Share held by such MLAC Shareholder, and with each holder of MLAC Rights receiving one (1) share of Pubco Class A Stock in exchange for every ten (10) MLAC Rights held by such holder, and (c) the Company Merger will be completed, pursuant to which Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company, and with (i) each Company Member other than Seller Related Parties receiving one (1) share of Pubco Class A Stock for each Company Unit held immediately prior to the effective time of the Company Merger, (ii) Seller Related Parties receiving one (1) share of Pubco Class A Stock and one (1) share of Pubco Class B Stock for each Company Unit held and (iii) Astral receiving the Additional Merger Consideration Shares, as follows: (i) 2,000,000 shares of Pubco Class A Stock (the “Astral Escrow Shares”) will be issued at the Company Merger Effective Time and deposited into an escrow account with the Trustee (or another escrow agent reasonably acceptable to Seller and Pubco) (the “Astral Escrow Account”), and (ii) 2,000,000 shares of Pubco Class A Stock (the “Astral Post-Closing Shares”) will be issued and deposited into Astral’s security account on the thirtieth (30th) calendar day following the Closing Date, rather than on the Company Merger Effective Date.The Astral Escrow Shares will be released in tranches, all as provided in the Business Combination Agreement and the escrow agreement that will be entered into by and between Seller, Pubco and the escrow agent in a form to be mutually agreed upon by the parties prior to the Closing (the “Astral Escrow Agreement”). In particular, the Astral Escrow Shares will (i) vest and be released to Astral upon the achievement of one or more Triggering Events (as defined under the Business Combination Agreement) or the occurrence of a Change in Control, and/or (ii) be transferred to Pubco in the event that, within the earn out period ending on the fifth (5th) anniversary of the Closing Date, all of the Triggering Events have not been achieved by Pubco and a Change in Control has not occured. In particular, pursuant to the Business Combination Agreement the Astral Earnout Shares will vest and be released from the Astral Escrow Account to Astral, in the amounts specified below, upon Pubco meeting the following price milestones: (i) on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the VWAP of the Pubco Class A Stock is greater than or equal to $13.00 per share (“Triggering Event I”), 666,667 shares of Pubco Class A Stock; (ii) on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the VWAP of the Pubco Class A Stock is greater than or equal to $15.00 per share (“Triggering Event II”), 666,667 shares of Pubco Class A Stock; and (iii) on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the VWAP of the Pubco Class A Stock is greater than or equal to $17.00 per share (“Triggering Event III,” and together with Triggering Event I and Triggering Event II, the “Triggering Events” and each a “Triggering Event”), 666,666 shares of Pubco Class A Stock.For more information about the Business Combination Agreement, please see the section entitled “The Business Combination Proposal — The Business Combination Agreement.” A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as Annex A.Related AgreementsContribution AgreementConcurrently with the execution of the Business Combination Agreement, Seller, the Company, Pubco, the Foundation entered into the Contribution Agreement, pursuant to which, on the date of the Business Combination Agreement, (i) the Foundation agreed to perform the Foundation Transaction on the terms and subject to the conditions set forth in the Token Sale Agreement and (ii) Seller agreed to perform the Dragonfly Contribution by contributing, directly or indirectly through the Funds, 1,960,040 AVAX tokens to the Company in exchange for 5,805,638 Company Units.In addition to the above, the Contribution Agreement also contains certain covenants of the parties, including inter alia:(i)Outreach and Management. Seller has agreed to identify and engage potential acquisition targets, additional Advisory Board members, co-asset managers, and prospective management team members for the Company. In addition, the parties have identified Mr. Gerald Bartholomew Smith as the Chief Executive Officer of the Company.(ii)Exclusivity and the Company’s Right of First Refusal. For a period of eighteen (18) months commencing on the date of the Business Combination Agreement, (a) the Foundation agreed not to directly or indirectly enter into any binding agreement to enter into a “Competing Transaction” (as defined in the Contribution Agreement); and (b) the Company will have a right of first refusal with respect to any proposed sale, that is not a Competing Transaction, by the Foundation of AVAX in one single transaction or a series of related transactions (other than any sales to a bona fide person or entity entering into an arrangement with a Foundation entity to acquire or utilize AVAX in connection with a strategic, business or operational purpose, not, to purchase AVAX primarily for investment, capital markets related or market making purposes) with an aggregate value exceeding $75 million at a price representing a discount greater than 30% (based on the then-current/weighted 30-day trailing market price of AVAX), subject to specified notice, timing, acceptance procedures, and specific exemptions. This right of first refusal will terminate automatically if the Company fails to list on a U.S. national securities exchange by April 30, 2026, with at least $300 million in AVAX assets and $100 million in cash or cash equivalents.(iii)Board Representation. For a period of five (5) years following the Closing Date (period that may be extended upon the occurrence of certain conditions), the Foundation will be entitled to designate one (1) individual for appointment to the board of directors of Pubco.(iv)Foundation Right of First Refusal. For a period of five (5) years commencing on the date of the Business Combination Agreement, the Foundation will have a right of first refusal with respect to any proposed sale by the Company of Foundation Tokens in one or more related transactions with an aggregate value exceeding $1 million, subject to specified notice, timing and acceptance procedures.(v)Tokenization. The Company and Pubco have agreed that any issuance, sale or distribution of crypto assets relating to their respective shares, assets or any network, protocol or application developed by or on their behalf will be conducted exclusively on the Avalanche Network.The Contribution Agreement may be terminated prior to the Closing as follows: (a) by the mutual written consent of Seller, the Company, Pubco, the Foundation; or (b) by the Foundation, if the Transaction fails to close or Pubco fails to list on a U.S. national stock exchange by September 30, 2026, in each case with assets of at least $300 million in AVAX plus $100 million in cash or cash equivalents. If the Business Combination Agreement is terminated, the Contribution Agreement shall automatically terminate.If the Contribution Agreement is terminated, it and the Token Sale Agreement will become void and of no further force and effect, and the Foundation AVAX sold by the Foundation to the Company under the Foundation Transaction and the AVAX contributed by the Funds to the Company under the Dragonfly Contribution will be returned to the Foundation and the Funds, respectively, in the same form in which they were sold or contributed, and any consideration received by the Foundation or the Funds will be returned to the Company.For more information about the Contribution Agreement, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Contribution Agreement.” A copy of the Contribution Agreement is attached to this proxy statement/prospectus as Annex E.Token Sale AgreementConcurrently with the execution of the Business Combination Agreement, the Company, Pubco, Avalanche BVI and Avalanche Cayman entered into the Token Sale Agreement, pursuant to which, on the date of the Business Combination Agreement, the Foundation agreed to perform the Foundation Transaction by selling $200 million of AVAX tokens on a pre-discount basis to the Company in exchange for, at a 60% discount, $50 million in cash or USDC and $30 million in the form of up to 3,000,000 Pubco Class A Stock.For more information about the Token Sale Agreement, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Token Sale Agreement.” A copy of the Token Sale Agreement is attached to this proxy statement/prospectus as Annex D.Astral Escrow AgreementIn accordance with the provisions of the Business Combination Agreement, at Closing Astral, Pubco and the Seller shall enter into the Astral Escrow Agreement with Continental Transfer & Trust Company, as escrow agent. The Astral Escrow Agreement will set forth the terms and conditions of the Astral Escrow Account.Pursuant to the Astral Escrow Agreement, Astral will deposit, at Closing, in the Astral Escrow Account 2,000,000 of the 4,000,000 Pubco Class A Stock issued to Astral as Astral Earnout Shares and will manage the Astral Escrow Account and release, in one or more tranches, the Astral Earnout Shares to Astral and/or Pubco in accordance with the provisions of the Business Combination Agreement.For more information about the Astral Escrow Agreement, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Astral Escrow Agreement.”Sponsor Escrow AgreementIn accordance with the provisions of the Sponsor Support Agreement, at Closing the Sponsor, Pubco and the Seller shall enter into the Sponsor Escrow Agreement with Continental Stock Transfer & Trust Company, as escrow agent. The Sponsor Escrow Agreement will set forth the terms and conditions of the Sponsor Escrow Account.Pursuant to the Sponsor Escrow Agreement, the Sponsor will deposit, at Closing, in the Sponsor Escrow Account 1,600,000 of the 2,800,000 Pubco Class A Stock issued to Sponsor as Sponsor Earnout Shares and will manage the Sponsor Escrow Account and release, in one or more tranches, the Sponsor Earnout Shares to the Sponsor and/or Pubco in accordance with the provisions of the Sponsor Support Agreement.The Sponsor Escrow Shares will be released in tranches, all as provided in the Sponsor Support Agreement (as described below) and the Sponsor Escrow Agreement. In particular, the Sponsor Escrow Shares will (i) vest and be released to Sponsor upon the achievement of one or more Triggering Events (as defined below) or the occurrence of a Change in Control, and/or (ii) be transferred to Pubco in the event that, within the earn out period ending on the fifth (5th) anniversary of the Closing Date, all of the Triggering Events have not been achieved by Pubco and a Change in Control has not occured. For more information about the Sponsor Escrow Agreement, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Sponsor Escrow Agreement.”Sponsor Support AgreementConcurrently with the execution of the Business Combination Agreement, MLAC, Sponsor and Pubco entered into the Sponsor Support Agreement, pursuant to which, among other things, the Sponsor agreed (i) to vote its MLAC Ordinary Shares in favor of the Business Combination Agreement and the Transactions and each of the MLAC Shareholder Approval Matters, (ii) to vote its MLAC Ordinary Shares against (a) any Acquisition Proposal, (b) any merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by MLAC (other than the Transactions), (c) any change in the business of MLAC and (d) any proposal, action or agreement involving MLAC that would or would reasonably be expected to jeopardize the Transactions, (iii) to comply with the restrictions imposed by the Insider Letter, including the restrictions on transfer and redemption of MLAC Ordinary Shares in connection with the Transactions, (iv) subject to and conditioned upon the consummation of the MLAC Merger, to waive any anti-dilution rights that would otherwise result in the MLAC Class B Ordinary Shares held by Sponsor converting into MLAC Class A Ordinary Shares on a greater than one-for- one basis, (v) to deliver to MLAC for cancellation 495,000 MLAC Private Placement Shares and 4,387,500 MLAC Founder Shares immediately prior to the MLAC Merger Effective Time, (vi) to effect certain security cancellations and deposit 1,600,000 Pubco Class A Stock issued to it at Closing into escrow in connection with the Closing (the “Sponsor Escrow Shares”) and (vii) subject to and effective as of the Closing, to irrevocably and unconditionally release and waive any and all claims it may have against MLAC, Pubco and the Company or their respective Affiliates arising on or prior to the Closing, subject to customary carve-outs.Pursuant to the Sponsor Support Agreement the Sponsor Earnout Shares will vest and be released from the Sponsor Escrow Account to the Sponsor in the amounts specified as follows: (i) upon the occurrence of Triggering Event I, 533,333 shares of Pubco Class A Stock; (ii) upon the occurrence of Triggering Event II, 533,333 shares of Pubco Class A Stock; and (iii) upon the occurrence of Triggering Event III, 533,334 shares of Pubco Class A Stock.Further, pursuant to the Sponsor Support Agreement, the parties agreed that prior to the Closing they would enter into an amendment to the Insider Letter, to amend certain terms relating to transfer restrictions applicable to the shares held by the Sponsor.For more information about the Sponsor Support Agreement, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Sponsor Support Agreement.”Company Unit Subscription AgreementsConcurrently with the execution of the Business Combination Agreement, Pubco, the Company and MLAC entered into the Company Unit Subscription Agreements with the Company Unit Investors, pursuant to which the Company Unit Investors agreed to purchase, payable in cash, USDC or AVAX (or a combination of cash, USDC and/or AVAX), and the Company agreed to issue and sell, approximately $216 million worth of Company Units at the Per Unit Price, upon the terms and subject to the conditions set forth therein. Company Unit Investors received a number of Company Units equal to (a) if the Company Unit Investor elected to purchase Company Units by contributing AVAX, the Stated AVAX Amount multiplied by the Applicable Signing AVAX Price, or (b) if the Company Unit Investor elected to purchase the Company Units by contributing cash or USDC, the Stated Dollar Amount or the Stated USDC Amount (as applicable) divided by the Per Unit Price. For more information about the Company Unit Subscription Agreements, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — The Company Unit Subscription Agreements.”Lock-Up AgreementConcurrently with the Closing, (i) MLAC, Sponsor, and the MLAC Insiders will enter into with Pubco the Sponsor Lock-Up Agreement and (ii) the Funds, Astral as well as certain other holders of shares of Pubco Stock will also enter into with Pubco Seller Lock-Up Agreements in substantially the same form as the Sponsor Lock-Up Agreement, pursuant to which, in each case, such parties will agree that the shares of Pubco Class A Stock received by them in connection with the Business Combination, amounting to approximately 10,605,638 shares of Pubco Class A Stock, and any other securities convertible into or exercisable or exchangeable for Pubco Stock, will be subject to transfer restrictions, subject to certain customary exceptions.Under the Lock-Up Agreements, the above-mentioned shares will be subject to transfer restrictions until the earlier of (i) the Anniversary Release (i.e., 180 days following the date of the Closing); provided, that if the VWAP of Pubco Class A Stock equals or exceeds $12.50 per share for any 20 consecutive trading days following the Closing, the Anniversary Release will be deemed to occur at 11:59 p.m. New York City time on such 20th consecutive trading day, and (ii) the date on which Pubco consummates a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all Pubco shareholders having the right to exchange their shares of Pubco Stock for cash, securities or other property.For more information about the Lock-Up Agreements please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Lock-Up Agreements.” Copy of the form Lock-Up Agreements is attached to the Business Combination Agreement under Exhibit D.Amended and Restated Registration Rights AgreementConcurrently with the Closing, Pubco, MLAC, the Sponsor, Seller, the Foundation and certain securityholders shall enter into an amended and restated registration rights agreement, which will add Pubco as a party (the “Amended and Restated Registration Rights Agreement”), and which provides for customary demand registration rights, piggyback registration rights and shelf registration rights for the benefit of the holders of Pubco Stock named therein, including the Sponsor, Seller and the Foundation subject to customary cutbacks and issuer suspension rights. The Amended and Restated Registration Rights Agreement also includes customary provisions relating to underwriting participation, registration expenses, indemnification and coordination of sales in underwritten offerings, and will become effective upon the Closing and will supersede MLAC’s existing registration rights agreement in its entirety. Pubco estimates that up to approximately 15,605,638 shares of Pubco Class A Stock will be subject to registration rights pursuant to the Amended and Restated Registration Rights Agreement immediately following the Closing, representing approximately 25% of the total issued and outstanding shares of Pubco Class A Stock following the Transactions, and assuming, among other things, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination, that no shares of Pubco Class A Stock are issued pursuant to the Incentive Plan and that no Adjustment Units are issued pursuant to the Company Unit Subscription Agreements.Agreements with PJT and BarclaysPursuant to the Private Placement Engagement Letter, AVAT engaged PJT and Barclays to provide certain capital markets advisory services and to act as exclusive placement agents for the Company Unit Subscription. Pursuant to the Private Placement Engagement Letter, for the services provided thereto, PJT and Barclays will receive a cash fee at the Closing which is equal to 5.5% of the aggregate gross cash proceeds from the sale of equity or equity-linked securities of AVAT to institutional accounts, with such placement fee split equally between PJT and Barclays. Additionally, if the Company sells any equity or equity-linked securities of AVAT (or securities of the same or a similar class) within twelve (12) months following any termination of the Private Placement Engagement Letter, then the Company will pay to PJT and Barclays a fee at the closing that is equal to the fee which would have been payable to PJT and Barclays if the closing occurred during the term of the appointment. PJT and Barclays are entitled to be indemnified by AVAT pursuant to certain customary indemnity provisions under the Private Placement Engagement Letter.Pursuant to the Financial Advisor Engagement Letter, AVAT engaged PJT to act as its exclusive financial advisor in connection with the Business Combination, and PJT agreed to perform customary financial advisory services. For its services under the Financial Advisor Engagement Letter, PJT will receive a customary advisory fee payable in cash promptly at, and conditional upon, the Closing. PJT is entitled to be indemnified by AVAT pursuant to certain customary indemnity provisions under the Financial Advisor Engagement Letter.For more information about the Agreements with PJT and Barclays, please see the section entitled “The Business Combination Proposal — Other Transaction Agreements — Agreements with PJT and Barclays”Merger ConsiderationAs consideration for the Company Merger:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">each Company Member other than Seller Related Parties shall be entitled to receive from Pubco one (1) share of Pubco Class A Stock for each Company Unit held by such Company Member immediately prior to the Company Merger Effective Time;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">each Seller Related Party shall be entitled to receive from Pubco, for each Company Unit held by such Seller Related Party immediately prior to the Company Merger Effective Time:</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">one (1) share of Pubco Class A Stock; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">one (1) share of Pubco Class B Stock;</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Astral shall be entitled to receive 4,000,000 newly issued Pubco Class A Stock as Additional Merger Consideration Shares, out of which (i) 2,000,000 shares of Pubco Class A Stock will be deposited, upon the Closing, into the Astral Escrow Account, and will be released in tranches, all as provided in the Business Combination Agreement and the Astral Escrow Agreement, and (ii) 2,000,000 shares of Pubco Class A Stock will and delivered on the thirtieth (30th) calendar day following the Closing Date; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">all of the issued and outstanding Company Merger Sub Membership Interests shall be converted into an equal number of shares of common stock of the Company Surviving Subsidiary (i.e., the Company).</td></tr></table>At the Company Merger Effective Time and by virtue of the Mergers, all of the shares of Pubco Stock issued and outstanding immediately prior to the MLAC Merger Effective Time shall be automatically canceled and extinguished without any conversion thereof or payment therefor.For more information about the Astral Earnout Shares please see the section entitled “The Business Combination Proposal — Business Combination Agreement.”By virtue of the MLAC Merger:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">immediately prior to the MLAC Merger Effective Time, (i) each MLAC Unit issued and outstanding immediately prior to the MLAC Merger Effective Time, that has not been forfeited in accordance with the Sponsor Support Agreement, shall be automatically subject to the Unit Separation with the holder thereof being deemed to hold one (1) MLAC Class A Ordinary Share and one (1) MLAC Right; and (ii) the MLAC Class A Ordinary Shares (other than the shares in respect of which its holder has validly exercised its right of redemption) and MLAC Right underlying the MLAC Unit held or deemed to be held following the Unit Separation shall be converted in accordance with the applicable terms of limbs (2)(i) and (2)(ii) respectively;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">at the MLAC Merger Effective Time:</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">each issued and outstanding MLAC Right shall be automatically converted into the number of shares of Pubco Class A Stock that would have been received by the holder thereof if the MLAC Right had been converted upon the consummation of a Business Combination in accordance with MLAC’s Organizational Documents, the MLAC IPO Prospectus and the MLAC Rights Agreement into MLAC Class A Ordinary Shares, but for such purposes treating it as if (a) such Business Combination had occurred immediately prior to the MLAC Merger Effective Time and (b) the MLAC </td></tr></table>Class A Ordinary Shares issued upon conversion of the MLAC Rights had then automatically been converted into shares of Pubco Class A Stock in accordance with the provisions of limb (2)(ii). At the MLAC Merger Effective Time, the MLAC Rights shall cease to be outstanding and shall automatically be canceled and retired and shall cease to exist;<table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">each issued and outstanding MLAC Class A Ordinary Share (other than (x) treasury shares and (y) shares in respect of which its holder has validly exercised its right of redemption) shall be converted automatically into one (1) share of Pubco Class A Stock, following which all such MLAC Class A Ordinary Shares (other than the treasury shares) shall cease to be outstanding and shall automatically be canceled and shall cease to exist;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</td><td style="padding:0pt;">each MLAC Class B Ordinary Share issued and outstanding immediately prior to the MLAC Merger Effective Time that has not been forfeited in accordance with the Sponsor Support Agreement (other than treasury shares) shall be converted automatically into one (1) share of Pubco Class A Stock, following which all such MLAC Class B Ordinary Shares shall cease to be outstanding and shall automatically be canceled and shall cease to exist.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iv)</td><td style="padding:0pt;">Pursuant to the Sponsor Support Agreement 1,600,000 of the 2,800,000 shares of Pubco Class A Stock issued to the Sponsor in exchange for the 2,800,000 MLAC Class B Ordinary Share held by the Sponsor shall be deposited, upon the Closing, into an escrow account with Continental Stock Transfer and Trust Company, and will be released in tranches, all as provided in the Sponsor Support Agreement and the Sponsor Escrow Agreement. For more information about the Sponsor Earnout Shares please see the section entitled “The Business Combination Proposal — Other Transaction Agreement — Sponsor Support Agreement”; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(v)</td><td style="padding:0pt;">each issued and outstanding MLAC Merger Sub Membership Interest shall be converted into an equal number of ordinary shares, par value $0.0001, of the MLAC Surviving Subsidiary,with the same rights, powers and privileges as the shares so converted and shall constitute the only outstanding share capital of the MLAC Surviving Subsidiary.</td></tr></table>At the MLAC Merger Effective Time, each issued and outstanding Public Share in respect of which the holder thereof has validly exercised redemption rights pursuant to and in accordance with the MLAC Memorandum and Articles will be canceled, and those MLAC Shareholders will only have the right to receive a pro rata share of the redemption amount.If there are any MLAC Ordinary Shares that are owned by MLAC as treasury shares, such treasury shares will be automatically canceled without any conversion thereof or payment therefor.For illustrative purposes, based on funds in the Trust Account of approximately $241.2 million as of December 31, 2025 and $244.0 million as of April 27, 2026, the estimated per share redemption prices would have been approximately $10.49 per share and $10.61 per share, respectively (including interest earned on the funds held in the Trust Account but less taxes payable). As of December 31, 2025 and April 24, 2026, approximately 36.5% and 0.1%, respectively, of the AVAX holdings of AVAT were unlocked and unstaked, available to be liquidated as needed to fund transaction or other operating expenses.Ownership of Pubco After the TransactionsUpon the completion of the Business Combination, and assuming, among other things, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination, (i) Public Shareholders (including MLAC Right Holders) will own approximately 41.8% of the issued and outstanding shares of Pubco Class A Stock, (ii) the Company Unit Investors will own approximately 35.7% of the issued and outstanding shares of Pubco Class A Stock, (iii) the Sponsor and its Affiliates will own approximately 4.6% of the issued and outstanding shares of Pubco Class A Stock, out of which the Sponsor Earnout Shares will represent approximately 2.6% of the issued and outstanding shares of Pubco Class A Stock, (iv) Seller Related Parties will own approximately 9.6% of the issued and outstanding shares of Pubco Class A Stock and 100% of the issued and outstanding shares of Pubco Class B Stock, (v) Astral will own approximately 3.3% of the issued and outstanding shares of Pubco Class A Stock, out of which the Astral Post-Closing Shares will represent approximately 3.3% of the issued and outstanding shares of Pubco Class A Stock and (vi) the Foundation will own approximately 5.0% of the issued and outstanding shares of Pubco Class A Stock. Each holder of shares of Pubco Class A Stock will have no voting rights, except (i) as required by the DGCL or (ii) on any matter that adversely affects them relative to holders of any other class of stock of Pubco, until all shares of Pubco Class B Stock are canceled. Once all shares of Pubco Class B Stock are canceled, holders of Pubco Class A Stock will acquire full voting rights. Each holder of shares of Pubco Class B Stock will be entitled to one vote for each share of Pubco Class B Stock held of record by such holder on all matters on which stockholders are generally entitled to vote. See “Risk Factors — Seller, whose interests may conflict with yours, can individually exercise significant influence over Pubco. You will have no voting rights of Pubco Class A Stock except as required by the DGCL and the concentrated ownership of Pubco Stock may prevent you and other shareholders from influencing significant decisions in the very limited circumstances in which the DGCL will give you the right to vote and may prevent or discourage unsolicited acquisition proposals or offers for Pubco Stock, and that may adversely affect the trading price of Pubco Class A Stock.”If any of the Public Shareholders exercise their redemption rights, the percentage of the issued and outstanding shares of Pubco Class A Stock held by the Public Shareholders will decrease and the percentages of issued and outstanding shares of Pubco Class A Stock held by the Company Unit Investors, the Sponsor, Seller Related Parties, Astral, and the Foundation each increase relative to the percentage held if none of the Public Shares are redeemed unless the Class A Pubco Stock cease to be nonvoting securities, in which case, the Foundation’s percentage ownership will decrease relative to the percentage held if none of the Public Shares are redeemed and the Foundation will receive a number of pre-funded warrants convertible into Pubco Class A Stock in accordance with the Token Sale Agreement, the Contribution Agreement and the Foundation warrant agreement so that its beneficial ownership in Pubco does not exceed the Maximum Percentage.The tables below illustrate varying beneficial ownership levels in Pubco immediately upon Closing, assuming No Redemptions by Public Shareholders, 25% Redemptions by Public Shareholders (5,727,000 MLAC Class A Ordinary Shares are redeemed by Public Shareholders), 50% Redemptions by Public Shareholders (11,452,023 MLAC Class A Ordinary Shares are redeemed by Public Shareholders), 75% Redemptions by Public Shareholders (17,178,034 MLAC Class A Ordinary Shares are redeemed by Public Shareholders) and Maximum Redemptions by Public Shareholders (22,904,656 MLAC Class A Ordinary Shares are redeemed by Public Shareholders). If any of these assumptions are not correct, these percentages will be different.Potential ownership of issued and outstanding shares of Pubco Class A Stock upon Closing:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:85.75pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:45.75pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:28.3pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:45.75pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:28.3pt;padding:0pt;"></td><td style="width:8.15pt;padding:0pt;"></td><td style="width:45.75pt;padding:0pt;"></td><td style="width:8.15pt;padding:0pt;"></td><td style="width:28.35pt;padding:0pt;"></td><td style="width:8.15pt;padding:0pt;"></td><td style="width:45.75pt;padding:0pt;"></td><td style="width:8.15pt;padding:0pt;"></td><td style="width:28.35pt;padding:0pt;"></td><td style="width:8.15pt;padding:0pt;"></td><td style="width:45.8pt;padding:0pt;"></td><td style="width:9.3pt;padding:0pt;"></td><td style="width:29.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:85.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:85.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:82.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">No Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:82.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">25% Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:82.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">50% Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:82.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">75% Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:84.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Maximum Redemptions</td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:85.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pubco Stockholders</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">%</td></tr><tr style="height:10.64pt;"><td style="vertical-align:bottom;white-space:nowrap;width:85.75pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shareholders(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 25,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 41.8</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 19,573,629</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 35.7</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 13,847,258</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 28.3</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,120,887</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 18.8</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,394,516</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 6.4</td></tr><tr style="height:20.74pt;"><td style="vertical-align:bottom;width:85.75pt;margin:0pt;padding:0pt;">Company Unit Investors(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;margin:0pt;padding:0pt;"> 35.7</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;margin:0pt;padding:0pt;"> 39.4</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;margin:0pt;padding:0pt;"> 44.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;margin:0pt;padding:0pt;"> 49.8</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;margin:0pt;padding:0pt;"> 57.3</td></tr><tr style="height:20.74pt;"><td style="vertical-align:bottom;width:85.75pt;background:#cceeff;margin:0pt;padding:0pt;">Sponsor and Affiliates(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.6</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 5.1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 5.7</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 6.5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 7.5</td></tr><tr style="height:20.74pt;"><td style="vertical-align:bottom;width:85.75pt;margin:0pt;padding:0pt;">Seller Related Parties(2)(4) </td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;margin:0pt;padding:0pt;"> 9.6</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;margin:0pt;padding:0pt;"> 10.6</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;margin:0pt;padding:0pt;"> 11.8</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;margin:0pt;padding:0pt;"> 13.4</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;margin:0pt;padding:0pt;"> 15.5</td></tr><tr style="height:10.39pt;"><td style="vertical-align:bottom;width:85.75pt;background:#cceeff;margin:0pt;padding:0pt;">Astral(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 3.3</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;margin:0pt;padding:0pt;"> 3.7</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.6</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;background:#cceeff;margin:0pt;padding:0pt;"> 5.3</td></tr><tr style="height:10.64pt;"><td style="vertical-align:bottom;width:85.75pt;margin:0pt;padding:0pt;">Foundation(6)</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5.5</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6.1</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6.9</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.0</td></tr><tr style="height:11.39pt;"><td style="vertical-align:bottom;white-space:nowrap;width:85.75pt;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">60,468,670</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 100.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">54,742,299</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.3pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 100.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">49,015,928</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 100.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">43,289,557</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.35pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 100.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:45.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">37,563,186</td><td style="vertical-align:bottom;white-space:nowrap;width:9.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:29.7pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 100.0</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:9.0pt;margin-bottom:6pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Includes 2,300,000 MLAC Right Holder shares.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Assumes each Company Unit will be redeemed for one share of Pubco Class A Stock and no issuance of Adjustment Units.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Includes the 1,600,000 Sponsor Earnout Shares.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Includes 2,547,252 Company Units issued to Dragonfly Ventures L.P. and 3,258,386 Company Units issued to Dragonfly Ventures II, L.P.</td></tr></table><table style="border:0;border-collapse:collapse;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Includes the 2,000,000 Astral Post-Closing Shares. Does not include the Astral Earnout Shares, which will be held in escrow for the Escrow Period and may only be released to Astral upon the achievement of certain Triggering Events in accordance with the Astral Escrow Agreement.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;">Up to 3,000,000 of Pubco Class A stock will be issued to the Foundation to the Foundation pursuant to the Foundation Transaction. In the event the Pubco Class A Stock cease to be nonvoting securities, the Foundation will forfeit a number of its Pubco Class A Stock and will receive from Pubco a number of pre-funded warrants convertible into Pubco Class A Stock prior to the time the Pubco Class A Stock cease to be nonvoting securities so that the Foundation’s beneficial ownership in Pubco does not exceed the Maximum Percentage.</td></tr></table>All of the relative percentages above are for illustrative purposes only and are based upon certain assumptions as described in the section entitled “Beneficial Ownership of Securities” and as described above. Should one or more of the assumptions prove incorrect, actual ownership percentages may vary materially from those described in this proxy statement/prospectus as anticipated, believed, estimated, expected or intended. See “Unaudited Pro Forma Condensed Combined Financial Information.”DilutionDilution per share to Public Shareholders is determined by MLAC’s NTBV per share, as adjusted, while excluding the Business Combination, while giving effect to material probable or consummated transactions and other material effects on NTBV per share, from the Public Shareholders as set forth as follows under five redemption scenarios.The following table illustrates NTBV per share and the change in NTBV per share, as adjusted, following the Closing, but excluding the other effects of the Business Combination, while giving effect to probable or consummated transactions that are material and other material effects on NTBV per share. These are presented in relation to the offering price per Public Share in the MLAC IPO as set forth as follows under the five redemption scenarios:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:173.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Assuming</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">25%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;margin:0pt;padding:0pt;">50%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">75%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shares</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 23,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 17,273,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,547,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,820,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 94,516</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Founder Shares</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 7,187,500</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Private Placement Shares</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Representative Private Placement Shares</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Total MLAC Ordinary Shares outstanding as of December 31, 2025</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 30,992,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 25,266,129</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 19,539,758</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 13,813,387</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 8,087,016</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">NTBV(1) as of December 31, 2025</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (734,770)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Adjusted for:</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC shares underlying public rights</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 2,300,000</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Private Placement Shares to be surrendered by the Sponsor</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Private Placement Shares to be surrendered by BTIG</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (310,000)</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Class B Ordinary Shares to be surrendered by the Sponsor</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td></tr><tr style="height:34.79pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Total MLAC Ordinary Shares outstanding as of December 31, 2025, as adjusted</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 28,100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 22,373,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 16,647,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 10,920,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 5,194,516</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">NTBV as of December 31, 2025(1)</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Adjusted for(2):</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:34.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Reclassification of MLAC Class A Ordinary Shares subject to redemption to equity</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 243,344,159</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 182,758,118</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 121,172,078</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 61,586,037</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,000,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Transaction expenses to be paid by MLAC</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">NTBV as of December 31, 2025, as adjusted</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 241,283,411</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 180,697,370</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 120,111,330</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 59,525,289</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> (1,060,748)</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">NTBV per share as of December 31, 2025, as adjusted </td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 8.59</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 8.08</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7.22</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 5.45</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (0.20)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Dilution(3)</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.41</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.92</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.78</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.55</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.20</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:6pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">NTBV is calculated as total assets minus total liabilities and MLAC Class A Ordinary Shares subject to redemption as of December 31, 2025.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">NTBV is adjusted for (i) payments from the Trust Account at different levels of redemptions to Public Shareholders at the $10.55 per share redemption price as of February 28, 2026; (ii) transaction costs that have not been recorded on MLAC’s financial statements as of December 31, 2025; and (iii) the portion of the deferred underwriter fee to be forfeited by BTIG, which will have an impact on the calculation of NTBV upon the Closing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Dilution is calculated by subtracting the NTBV per share as of December 31, 2025, as adjusted, from the $10.00 MLAC IPO per share price for the Public Shares.</td></tr></table>MLAC issued the Public Shares in the MLAC IPO at $10.00 per share. After giving effect to the issuance of the 23,000,000 Public Shares in the MLAC IPO and the 310,000 MLAC Private Placement Shares issued to BTIG in the MLAC Private Placement, which remain issued and outstanding, there were 23,310,000 MLAC Class A Ordinary Shares issued and outstanding.In connection with the Business Combination, assuming its consummation in accordance with the Business Combination Agreement, immediately after the Closing, Pubco is expected to have outstanding 60,468,670 shares of Pubco Class A Stock, including (i) 3,000,000 Pubco Class A Stock to be issued to the Foundation pursuant to the Foundation Transaction, (ii) 5,805,638 Pubco Class A Stock to be issued to the Seller Related Parties pursuant to the Seller Related Parties receiving one share of Pubco Class A Stock for each Company Unit held, (iii) 2,000,000 Pubco Class A Stock to be issued to Astral as additional consideration for the Company Merger, (iv) 2,800,000 Pubco Class A Stock to be issued to the Sponsor and Affiliates in exchange for MLAC Founder Shares, (v) 25,300,000 Pubco Class A Stock to be issued pursuant to each Public Shareholder receiving one (1) share of Pubco Class A Stock for each MLAC Class A Ordinary Share held by such shareholder, including 2,300,000 shares underlying the MLAC Public Rights, and (vi) 21,563,032 shares of Pubco Class A Stock to be issued in connection with the Company Unit Investors receiving one share of Pubco Class A Stock for each Company Unit held immediately prior to the effective time of the Company Merger. These shares outstanding also assume, among other things, that no shares of Pubco Class A Stock are issued pursuant to the Incentive Plan and that no Adjustment Units are issued pursuant to the Company Unit Subscription Agreements. The tabular disclosure includes presentations of information at various illustrative redemption levels consistent with the “No Redemptions,” “25% Redemptions,” “50% Redemptions,” “75% Redemptions” and “Maximum Redemptions” scenarios further described in the section of this proxy statement/prospectus entitled “Unaudited Pro Forma Condensed Combined Financial Information.”For purposes of Item 1604(c)(1) of Regulation S-K, Pubco would have 60,468,670 total shares of Pubco Class A Stock outstanding immediately after giving effect to the Business Combination under the “No Redemptions” scenario based on the assumptions set forth in the preceding paragraph and as further described above. Where there are no redemptions of Public Shares prior to the Closing, MLAC valuation is based on the $10.00 issuance price per Public Share in the MLAC IPO and is therefore calculated as $10.00 (MLAC per share MLAC IPO price) multiplied by 60,468,670 shares, or $604,686,700. The following table illustrates the valuation at the $10.00 issuance price per share in the MLAC IPO for each redemption scenario:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:173.35pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.85pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.05pt;padding:0pt;"></td><td style="width:6.85pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Assuming</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">25% </td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;margin:0pt;padding:0pt;">50% </td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">75% </td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.35pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 25,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 19,573,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 13,847,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,120,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,394,516</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;">Company Unit Investor shares outstanding post Business Combination(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 21,563,032</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 21,563,032</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.35pt;background:#cceeff;margin:0pt;padding:0pt;">Sponsor and Affiliates shares outstanding post Business Combination(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,800,000</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;">Seller Related Parties shares outstanding post Business Combination(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 5,805,638</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 5,805,638</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.35pt;background:#cceeff;margin:0pt;padding:0pt;">Astral shares outstanding post Business Combination(4)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,000,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;">Foundation shares outstanding post Business Combination(5)</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.35pt;background:#cceeff;margin:0pt;padding:0pt;">Total shares outstanding post Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 60,468,670</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 54,742,299</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 49,015,928</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 43,289,557</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 37,563,186</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.35pt;margin:0pt;padding:0pt;">Total valuation based on $10.00 issuance price per share in the MLAC IPO</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 604,686,700</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 547,422,990</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 490,159,280</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 432,895,570</td><td style="vertical-align:bottom;white-space:nowrap;width:11.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 375,631,860</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:6pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Assumes each Company Unit will be redeemed for one share of Pubco Class A Stock and no issuance of Adjustment Units.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Includes 2,800,000 MLAC Founder Shares (including the 1,600,000 Sponsor Earnout Shares) (after accounting for the surrender of 4,387,500 MLAC Founder Shares by the Sponsor, the surrender of 495,000 Private Placement Shares held by the Sponsor, and the surrender of 310,000 Private Placement Shares held by BTIG).</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Includes the 2,547,252 Company Units issued to Dragonfly Ventures L.P., 3,258,386 Company Units issued to Dragonfly Ventures II, L.P.</td></tr></table><table style="border:0;border-collapse:collapse;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Includes the 2,000,000 Astral Post-Closing Shares. Does not include the Astral Earnout Shares, which will be held in escrow for the Escrow Period and may only be released to Astral upon the achievement of certain Triggering Events in accordance with the Astral Escrow Agreement.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;">Up to 3,000,000 of Pubco Class A stock will be issued to the Foundation to the Foundation pursuant to the Foundation Transaction. In the event the Pubco Class A Stock cease to be nonvoting securities, the Foundation will forfeit a number of its Pubco Class A Stock and will receive from Pubco a number of pre-funded warrants convertible into Pubco Class A Stock prior to the time the Pubco Class A Stock cease to be nonvoting securities so that the Foundation’s beneficial ownership in Pubco does not exceed the Maximum Percentage.</td></tr></table>The foregoing required disclosure is not a guarantee that the trading price of Pubco Class A Stock will not be below the offering price in the MLAC IPO, nor is the required disclosure a guarantee that Pubco will attain any of the levels of valuation presented.The above discussion and table are based on 30,992,500 MLAC Ordinary Shares outstanding on December 31, 2025.The above discussion and table also exclude potential dilutive effects associated with future issuances or grants of equity or equity-linked securities by Pubco pursuant to the Incentive Plan expected to be adopted in connection with the Closing and that no Adjustment Units are issued.The aforementioned equity issuances are not the only sources of potential dilution to the relative ownership percentage associated with shares of Pubco Class A Stock held by non-redeeming Public Shareholders after the Closing; any additional equity and equity-linked issuances by Pubco may result in additional dilution to Public Shareholders’ percentage ownership in Pubco, potentially significantly, and may have other effects, as described above and as further described in the “Risk Factors” section of this proxy statement/prospectus.All of the relative percentages above are for illustrative purposes only and are based upon certain assumptions as described above. Should one or more of the assumptions prove incorrect, actual ownership percentages may vary materially from those described in this proxy statement/prospectus as anticipated, believed, estimated, expected or intended. See “Unaudited Pro Forma Condensed Combined Financial Information.”Organizational StructurePrior to the TransactionsThe following simplified diagrams illustrate the ownership structures of MLAC, Pubco and the Company before the consummation of the Transactions:MLAC<img alt="Graphic" src="tmb-20260428xs4a013.jpg" style="display:inline-block;height:144.05pt;width:249.07pt;"/>Pubco, the Pubco Subsidiaries and the Company<img alt="Graphic" src="tmb-20260428xs4a014.jpg" style="display:inline-block;height:174.2pt;width:381.53pt;"/>Following the TransactionsThe following simplified diagram illustrates the ownership structure of Pubco following the consummation of the Transactions. The percentage ownerships of shares of Pubco Class A Stock and Pubco Class B Stock are presented assuming, among other things, that no Public Shareholders exercise redemption rights with respect to their Public Shares upon completion of the Business Combination:<img alt="Graphic" src="tmb-20260428xs4a015.jpg" style="display:inline-block;height:177.65pt;width:457.79pt;"/>Board of Directors and Executive Officers of Pubco Following the TransactionsAs of the date of this proxy statement/prospectus, the directors of Pubco are Robert Hadick and Gerald Bartholomew Smith. Effective as of Closing, the current directors of Pubco will remain as directors of Pubco.Effective as of the Closing, the Pubco Board will consist of one (1) or more members, each of whom shall be a natural person.In addition to the current directors of Pubco who will remain as directors of Pubco, the following individuals will be nominated for election to the Pubco Board immediately following Closing:a)Paul Grinbergb)Sarkees John NahasAll members of the Pubco Board shall be elected for a one-year term and may be re-elected for successive terms.Immediately following Closing, the executive officers of Pubco will be as follows:<div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:523.8pt;"><tr><td style="width:189pt;padding:0pt;"></td><td style="width:9pt;padding:0pt;"></td><td style="width:37.4pt;padding:0pt;"></td><td style="width:8.69pt;padding:0pt;"></td><td style="width:279.71pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:189pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:37.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:8.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:279.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:189pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Name</td><td style="vertical-align:top;width:9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:37.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Age</td><td style="vertical-align:top;width:8.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:279.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Position</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:189pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Gerald Bartholomew Smith </td><td style="vertical-align:top;width:9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:37.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">49</td><td style="vertical-align:top;width:8.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:279.7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Chief Executive Officer, Director </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:189pt;margin:0pt;padding:0pt;">Laine Mihalchick Moljo</td><td style="vertical-align:top;width:9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:37.4pt;margin:0pt;padding:0pt;">40</td><td style="vertical-align:top;width:8.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:279.7pt;margin:0pt;padding:0pt;">Chief Operating Officer</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:189pt;margin:0pt;padding:0pt;">Sean Ostrower</td><td style="vertical-align:top;width:9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:37.4pt;margin:0pt;padding:0pt;">40</td><td style="vertical-align:top;width:8.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:279.7pt;margin:0pt;padding:0pt;">Chief Financial Officer</td></tr></table></div>For more information, see the sections of this proxy statement/prospectus entitled “Management of Pubco Following the Business Combination.”Date, Time and Place of the Extraordinary General Meeting in lieu of an Annual General Meeting of MLAC ShareholdersThe Meeting will be held on , 2026 at , Eastern Time, at 1345 Avenue of the Americas, New York, NY 10105 and virtually via live webcast on the Internet at https://www.cstproxy.com/mountainlakeacquisition/2026. You will be able to attend, vote your shares and submit questions during the Meeting via a live webcast available at https://www.cstproxy.com/mountainlakeacquisition/2026.You or your proxyholder will be able to attend and vote at the Meeting by visiting https://www.cstproxy.com/mountainlakeacquisition/2026 and using a control number assigned by CST. To register and receive access to the Meeting, registered shareholders and beneficial owners (those holding shares through a stock brokerage account or by a bank or other holder of record) will need to follow the instructions applicable to them provided in this proxy statement/prospectus. You will need the voter control number included on your proxy card in order to be able to vote your shares or submit questions during the Meeting. If you do not have a voter control number, you will be able to listen to the Meeting only and you will not be able to vote or submit questions during the Meeting.Voting Power; Record DateMLAC Shareholders will be entitled to vote or direct votes to be cast at the Meeting if they owned MLAC Ordinary Shares at the close of business on , 2026, which is the Record Date for the Meeting. MLAC Shareholders are entitled to one vote at the Meeting for each MLAC Ordinary Share held as of the Record Date. If you hold your shares in “street name,” which means your shares are held of record by a broker, bank or nominee, you should contact your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard, you must provide the broker, bank or nominee with instructions on how to vote your shares or, if you wish to attend the Meeting and vote, obtain a proxy from your broker, bank or nominee.As of the close of business on the Record Date, there were 30,992,500 MLAC Ordinary Shares issued and outstanding, consisting of 23,805,000 MLAC Class A Ordinary Shares and 7,187,500 MLAC Class B Ordinary Shares. Of these shares, 23,000,000 were Public Shares.Quorum and Vote of MLAC ShareholdersA quorum of MLAC Shareholders is necessary to hold a valid meeting. A quorum for the Meeting consists of the holders of one-third of the then issued and outstanding MLAC Ordinary Shares (whether in person or by proxy). As of the Record Date, MLAC Shareholders holding 10,330,834 MLAC Ordinary Shares would be required to achieve a quorum at the Meeting without the MLAC Ordinary Shares held by the Sponsor. In addition to the MLAC Ordinary Shares held by the Sponsor, which represent approximately 24.8% of the issued and outstanding MLAC Ordinary Shares, MLAC will need MLAC Shareholders holding 2,648,334 MLAC Ordinary Shares, or 11.5%, of the 23,000,000 Public Shares represented in person or by proxy at the Meeting to hold a valid quorum.To pass, each of the Business Combination Proposal, the Nasdaq Proposal, the Director Election Proposal and the Adjournment Proposal requires an ordinary resolution of MLAC Shareholders, which requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the MLAC Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the Meeting (assuming the presence of a quorum). To pass, the Merger Proposal requires a special resolution of MLAC Shareholders, which requires the affirmative vote of at least two-thirds of the votes cast by, or on behalf of, the MLAC Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the Meeting (assuming the presence of a quorum). MLAC Shareholders are also being asked to approve by way of ordinary resolutions, on a non-binding advisory basis, each of the Domestication and Organizational Documents Proposals. Although the MLAC Board is asking MLAC Shareholders to approve each of the Domestication and Organizational Documents Proposals on the non-binding advisory basis, regardless of the outcome of the non-binding advisory vote on each of the Domestication and Organizational Documents Proposals, the Amended and Restated Pubco Charter and Pubco’s Amended and Restated Bylaws will take effect upon the Closing if the Business Combination Proposal and the Merger Proposal are approved.Assuming a quorum is established, an MLAC Shareholder’s failure to vote by proxy or to vote in person (including virtually) at the Meeting will have no effect on the Proposals. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, are not treated as votes cast and will have no effect on any of the Proposals.The Sponsor has agreed to vote its 7,682,500 MLAC Ordinary Shares, representing 24.8% of the issued and outstanding MLAC Ordinary Shares, in favor of each of the Proposals. As a result, with respect to each Proposal that require approval of MLAC Shareholders by an ordinary resolution, in addition to the Sponsor’s MLAC Ordinary Shares, MLAC would need only 7,813,751, or 34.0%, of the 23,000,000 Public Shares (assuming all issued and outstanding MLAC Ordinary Shares are voted at the Meeting), and would not need any of the 23,000,000 Public Shares (assuming a minimum number of MLAC Ordinary Shares to achieve a quorum are voted at the Meeting), to be voted in favor of such Proposals in order to have such Proposals approved. With respect to each Proposal that requires approval of MLAC Shareholders by a special resolution, in addition to the Sponsor’s MLAC Ordinary Shares, MLAC would need only 12,979,167, or 56.4%, of the 23,000,000 Public Shares (assuming all issued and outstanding MLAC Ordinary Shares are voted at the Meeting), and would not need any of the 23,000,000 Public Shares (assuming a minimum number of MLAC Ordinary Shares to achieve a quorum are voted at the Meeting), to be voted in favor of such Proposals in order to have such Proposals approved.Redemption RightsPursuant to the MLAC Memorandum and Articles, Public Shareholders may elect to have their Public Shares redeemed for cash at the applicable redemption price per share equal to the quotient obtained by dividing (a) the aggregate amount on deposit in the Trust Account as of two (2) business days prior to the Closing, including interest (net of taxes payable), by (b) the total number of the then issued and outstanding Public Shares. As of the date of this proxy statement/prospectus, based on funds in the Trust Account of approximately $244.0 million as of April 27, 2026, this would have amounted to approximately $10.61 per share (including interest earned on the funds held in the Trust Account but less taxes payable). Public Shareholders may exercise redemption rights whether or not they are holders as of the Record Date and whether or not such shares are voted at the Meeting and whether they vote for or against the Business Combination Proposal. Notwithstanding the foregoing, the MLAC Memorandum and Articles provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than 15% of the Public Shares in the aggregate, without the prior consent of MLAC.If a Public Shareholder exercises its redemption rights, then such Public Shareholder will be exchanging its Public Shares for cash and will not receive shares of Pubco Class A Stock upon consummation of the Business Combination. Such a Public Shareholder will be entitled to receive cash for its Public Shares only if it properly demands redemption and delivers its shares (either physically or electronically) to CST in accordance with the procedures described herein. See the section titled “Extraordinary General Meeting of MLAC Shareholders — Redemption Rights” for the procedures to be followed if you wish to redeem your Public Shares for cash. In connection with the MLAC IPO, the Sponsor and its Affiliates agreed to waive any redemption rights with respect to any MLAC Ordinary Shares held by them in connection with the completion of the Business Combination. Such waivers are standard in transactions of this type and the Sponsor and its Affiliates did not receive separate consideration for the waiver.Appraisal RightsMLAC Shareholders do not have appraisal rights in connection with the Business Combination under the DGCL or the Cayman Act.In addition, Public Shareholders are still entitled to exercise the rights of redemption as detailed in this proxy statement/prospectus and the redemption proceeds payable to Public Shareholders who exercise such redemption rights will represent the fair value of those shares. For a discussion about the Public Shareholders’ redemption rights, please see “Extraordinary General Meeting of MLAC Shareholders — Redemption Rights.”Proxy SolicitationProxies may be solicited by mail, telephone or in person. MLAC has engaged Sodali & Co as the proxy solicitor to assist in the solicitation of proxies. If an MLAC Shareholder grants a proxy, it may still vote its shares itself if it revokes its proxy before the Meeting. An MLAC Shareholder may also change its vote by entering a new vote by Internet or telephone, submitting a later-dated proxy or attending and voting, virtually via the live webcast or in person, during the Meeting as described in the section of this proxy statement/prospectus titled “Extraordinary General Meeting of MLAC Shareholders — Revoking Your Proxy.”Interests of the Sponsor and its Affiliates in the Business CombinationWhen Public Shareholders consider the recommendation of the MLAC Board in favor of approval of the Business Combination and other Proposals, Public Shareholders should keep in mind that the Sponsor and its Affiliates have interests in the Proposals that are different from or in addition to (and which may conflict with), the interests of a Public Shareholder as an MLAC Shareholder. These interests include, among other things:<table style="border-collapse:collapse;font-family:"'Times New Roman','Times','serif'";font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor paid $25,000 for the 7,187,500 MLAC Class B Ordinary Shares. Of these amounts, contemporaneously with the consummation of the Business Combination, the Sponsor shall submit for cancellation 4,387,500 MLAC Class B Ordinary Shares, as a result, the Sponsor will retain the Retained Sponsor Shares. If the Business Combination or another MLAC initial business combination is not consummated by June 16, 2026 (or such other date as approved by the MLAC Shareholders), MLAC will cease all operations except for the purpose of winding up. In such event, the 2,800,000 Retained Sponsor Shares held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to terms of the Insider Letter and the Sponsor Lock-Up Agreement, the Retained Sponsor Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Retained Sponsor Shares are not transferable until the earlier of (A) the Anniversary Release; provided that, if the VWAP of the shares of Pubco Class A Stock equals or exceeds $12.50 per share for any 20 consecutive trading days after Closing, then the Anniversary Release will be deemed to occur at 11:59 p.m. (New York City time) on such 20th consecutive trading day, or (B) subsequent to MLAC’s initial business combination, the date on which Pubco consummates a transaction which results in all of its shareholders having the right to exchange their shares for cash, securities or other properties. (The Sponsor may, on or before the Closing of the Business Combination, distribute some or all of the Retained Sponsor Shares held by it and such distributed Retained Sponsor Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements.) In this regard, while the Retained Sponsor Shares are not the same as the MLAC Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the MLAC Class A Ordinary Shares, and may become worthless if MLAC does not complete a business combination by June 16, 2026 (or such other date as approved by the MLAC Shareholders), the aggregate value of the 2,800,000 Retained Sponsor Shares owned by the Sponsor is estimated to be approximately $29.59 million, assuming the per share value of the Retained Sponsor Shares is the same as the $10.57 closing price of the MLAC Class A Ordinary Shares on Nasdaq on April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor has agreed that the 1,600,000 shares of Pubco Class A Stock to be issued to the Sponsor (of the total 2,800,000 Retained Sponsor Shares it will hold), will be held in escrow during the Earnout Period, subject to early release upon certain price-based Triggering Events. Additionally, any Retained Sponsor Shares that are released from escrow shall not be sold or transferred until the Anniversary Release;</td></tr></table><table style="border-collapse:collapse;font-family:"'Times New Roman','Times','serif'";font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the 495,000 MLAC Private Placement Shares held by the Sponsor (or any permitted distributees thereof, as applicable) will be forfeited immediately prior to the closing pursuant to the Sponsor Support Agreement. The Sponsor purchased the MLAC Private Placement Shares at an aggregate purchase price of $4,950,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the MLAC IPO. The aggregate value of the 495,000 MLAC Private Placement Shares held by the Sponsor is estimated to be approximately $5.23 million, assuming the per unit value of the MLAC Private Placement Shares is the same as the $10.57 closing price of the MLAC Class Ordinary Shares on Nasdaq on April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">if the proposed Business Combination is consummated, immediately after the Closing the Sponsor and its Affiliates are anticipated to hold 4.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled “Share Calculations and Ownership Percentages”, which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled “Unaudited Pro Forma Condensed Combined Financial Information” and “Beneficial Ownership of Securities” and assuming, among other assumptions further described in aforementioned sections of this proxy statement/ prospectus, no redemptions of Public Shares and no conversion of public share rights or private share rights prior to or in connection with the proposed Business Combination;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">based on the difference in the effective purchase price of $0.003 per share paid for the MLAC Class B Ordinary Shares, as compared to the purchase price of $10.00 per Unit sold in the MLAC IPO, the Sponsor and its members may earn a positive </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">rate of return even if the share price of Pubco after the Closing falls below the price initially paid for the MLAC Units in the MLAC IPO and the unredeeming unaffiliated Public Shareholders experience a negative rate of return following the Closing of the Business Combination;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">if, prior to the Closing, the Sponsor provides working capital loans to MLAC, up to $1,500,000 of which may be convertible into MLAC Private Placement Shares at the option of the Sponsor, such loans may not be repaid if no business combination is consummated and MLAC is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">unless MLAC consummates an initial business combination, it is possible that MLAC’s officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, MLAC’s officers and directors have not incurred (nor are any of them expecting to incur) out-of-pocket expenses exceeding such funds available to MLAC for reimbursement thereof, but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, MLAC’s officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">if the Trust Account is liquidated, including in the event MLAC is unable to complete an initial business combination by June 16, 2026 (or such other date as approved by the MLAC Shareholders), the Sponsor has agreed that it will be liable to MLAC, if and to the extent any claims by a third party for services rendered or products sold to MLAC (except for MLAC’s independent auditors) or a prospective target business with which MLAC has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per share due to reductions in the value of the trust assets less taxes payable, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under MLAC’s indemnity of the underwriters of the MLAC IPO against certain liabilities, including liabilities under the Securities Act;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor and its Affiliates may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC agreed to pay Paul Grinberg (“<span style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-decoration-color:#231f20;text-decoration-line:underline;text-decoration-style:solid;">Mr. Grinberg”), MLAC’s Chairman and Chief Executive Officer and Douglas Horlick, MLAC’s President and Chief Financial Officer, an aggregate of up to $20,000 per month for their services as executive officers and directors of MLAC, until the earlier to occur of the completion of MLAC’s initial business combination or its liquidation. As of December 31, 2025, MLAC has incurred and paid an expense of $240,000 of such fee; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC’s officers and directors will be eligible for continued indemnification and continued coverage under a tail policy for MLAC’s directors’ and officers’ liability insurance policy for up to a six-year period from and after the Closing for events occurring prior to the Closing, which tail policy is to be paid for by Pubco at the Closing pursuant to the Business Combination Agreement. If the Business Combination does not close, MLAC’s officers and directors may not receive this tail insurance coverage.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the anticipated election of Mr. Grinberg, MLAC’s Chairman and Chief Executive Officer, as director of Pubco after the consummation of the Business Combination. As such, in the future, such directors will receive any cash fees, stock options or stock awards that the Pubco Board determines to pay to such directors.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">in addition to the interests of the Sponsor and its Affiliates in the Business Combination, MLAC Shareholders should be aware that MLAC’s underwriter for its IPO, BTIG, may also have financial interests that are different from, or in addition to, the interests of MLAC Shareholders, including the fact that:</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">pursuant to an amendment to the underwriting agreement in connection with MLAC’s IPO, BTIG may receive a deferred fee equal to $1,000,000, and such fees are payable at the closing of the Business Combination only if MLAC completes </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">the Business Combination; and pursuant to the Sponsor Support Agreement, BTIG will forfeit its 310,000 MLAC Private Placement Shares; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">pursuant to the BTIG Financial Advisory Services Agreement, BTIG may receive reimbursement of all reasonable out-of-pocket expense as financial advisor to MLAC in connection with the Business Combination, (provided that, if the expense exceeding $100,000, BTIG shall submit to MLAC for its prior written approval), such reimbursement are payable at the closing of the Business Combination only if MLAC completes an initial business combination;</td></tr></table><div style="margin-top:12pt;"></div>The MLAC Board reviewed and considered the potential conflicting interests described above with respect to the Sponsor and Affiliates and, after taking into account the factors they deemed applicable (including the potential conflicting interests), unanimously approved the Business Combination Agreement and the transactions contemplated therein.For more information, see “Certain Relationships and Related Party Transactions” and see the risk factor entitled “Risk Factors — Risks Related to the Business Combination — Since the Sponsor and its Affiliates have interests that are different from, or in addition to (and which may conflict with), the interests of Public Shareholders, a conflict of interest may have existed in determining whether the Business Combination with Pubco and the Company is appropriate as MLAC’s initial business combination. Such interests include that the Sponsor and Affililates will lose their entire investment in MLAC if the Business Combination is not completed or any other business combination is not completed.”Additionally, in considering the recommendation of the MLAC Board to vote in favor of approval of the Proposals, unaffiliated MLAC Shareholders should keep in mind that the directors and executive officers of Pubco have interests in such Proposals that are different from or in addition to, those of unaffiliated MLAC Shareholders. In particular:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Company has entered into offer letters with its Chief Executive Officer, Chief Financial Officer and Chief Operating Officer that are expected to be assigned to Pubco at the Closing;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco intends to grant equity awards under the Incentive Plan to its Chief Executive Officer, Chief Financial Officer and Chief Operating Officer;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the fact that Gerald Bartholomew Smith, the Company’s Chief Executive Officer, is expected to become a director and Chief Executive Officer of Pubco at Closing; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Company’s Chief Executive Officer is party to an advisory agreement with the Foundation that provides for payment of certain consideration if the Closing does not occur; however, in the event that the Closing does occur, Gerald Bartholomew Smith will no longer serve as an advisor to the Foundation nor receive any compensation from the Foundation.</td></tr></table><div style="margin-top:12pt;"></div>Consideration to be Received by, and Securities to be Issued to, the Sponsor and its AffiliatesSet forth below is a summary of the terms and amount of the consideration received or to be received by the Sponsor and its Affiliates in connection with the Transactions, the amount of securities issued or to be issued by Pubco to the Sponsor and its Affiliates and the price paid or to be paid or consideration provided for such securities or any related financing transaction.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:86.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:67.74pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">2,800,000 MLAC Class B Ordinary Shares, of which 1,600,000 shares (the”Sponsor Earnout Shares”) shall be held in escrow and shall vest and be released from escrow, in the amounts specified below, upon Pubco meeting the milestones specified below: </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">$25,000 paid to purchase the 7,187,500 MLAC Class B Ordinary Shares (of which 4,387,500 shares will be forfeited upon the Closing). </td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:55.99pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; and </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor. </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:86.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:46.24pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Additional MLAC Class A Ordinary Shares and/or cash </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Amounts outstanding at the Closing under any MLAC Working Capital Loan will be repaid, at the lender’s option, in either cash or by the issuance of MLAC Class A Ordinary Shares at $10.00 per share. </td></tr></table>Because the Sponsor acquired the 7,187,500 MLAC Class B Ordinary Shares at a nominal price, the Public Shareholders will incur substantial and immediate dilution upon the Closing of the Business Combination. See the sections titled “Summary of the Proxy Statement/Prospectus — Dilution,” “Risk Factors — Risks Related to the Business Combination — The value of the MLAC Class B Ordinary Shares following completion of the Business Combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of shares of Pubco Class A Stock at such time is substantially less than $10.00 per share, which may create an economic incentive for the MLAC management team to pursue and consummate the Business Combination which differs from the Public Shareholders,” and “Risk Factors — Risks Related to the Business Combination — Public Shareholders who do not redeem their Public Shares will experience substantial and immediate dilution upon Closing of the Business Combination as a result of the MLAC Class B Ordinary Shares held by the Sponsor, since the value of the MLAC Class B Ordinary Shares is likely to be substantially higher than the nominal price paid for them, as well as a result of the issuance of the shares of Pubco Stock in the Transactions.”The MLAC Board’s Reasons for Approval of the TransactionsThe MLAC Board considered a variety of factors in connection with its evaluation of the Business Combination. In light of the complexity of those factors, the MLAC Board, as a whole, did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors it took into account in reaching its decision. Individual members of the MLAC Board may have given different weight to different factors. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under “Cautionary Note Regarding Forward- Looking Statements.”Before reaching its decision, the MLAC Board reviewed the information provided to it by its management, representatives of the Sponsor and MLAC’s legal and financial advisors. In addition, before determining that the Business Combination was in the best interests of MLAC and its shareholders, the MLAC Board reviewed various industry data, including a review of recent performance of public companies with the digital asset treasury strategies, such as MicroStrategy, as well as industry insights provided by the Investment Banks, which were included in the investor presentation for the Company Unit Subscription.The MLAC Board determined that pursuing a potential business combination with Pubco and the Company would be an attractive opportunity for MLAC and the MLAC Shareholders, which determination was based on a number of factors including, but not limited to, the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Exclusive partnership with the Foundation, which includes compelling access to AVAX. AVAT has an 18-month exclusive agreement with the Foundation on AVAX sales to any DAT company and, through its relationship with the Foundation, access to opportunities with partners, investors, builders, and service providers across the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Differences between AVAT and other DATs in the marketplace. AVAT seeks to employ an active (instead of passive) DAT strategy, combining a targeted yield strategy with ecosystem development that is designed to provide shareholders with more holistic exposure to the growth of the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Structural trends driving Avalanche utilization, including growth in stablecoin and digital money markets; as well as the tokenization of equities, private credit and other real world assets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche’s technological strengths, including processing speed and ease of customization.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Attractive economics, including a discounted mNAV (calculated as the multiple of enterprise value to the market value of AVAX holdings) of approximately 0.77x at the execution of the Business Combination Agreement, assuming no redemptions from MLAC Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strategic leadership on the Pubco Board and the Advisory Board, including Advisory Board members Ava Labs founder Emin Gün Sirer, managing partner of Dragonfly Haseeb Qureshi, Blockworks Inc. Chief Executive Officer Jason Yanowitz and Aave Labs Chief Executive Officer Stani Kulechov.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strong management team with institutional connectivity, Avalanche protocol expertise, and over 20 years of experience across digital assets, proprietary trading, asset management, market making and institutional capital markets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche real world use cases across finance, payments, corporate/enterprise, government, gaming, sports and entertainment, which signifies the potential for significant market acceptance and adoption. Examples include the use of Avalanche technology in JP Morgan’s Kinexys, the California DMV’s registration of 42 million vehicle titles, Apollo’s launch of tokenized portfolios, funds and private credit, and FIFA’s launch of its own blockchain for digital collectibles and enhanced fan engagement.</td></tr></table><div style="margin-top:12pt;"></div>In connection with its approval of the Business Combination Agreement, the MLAC Board considered the enterprise valuations, after factoring in the Company Unit Subscription, the Foundation’s token sale, and the implied value of AVAX holdings (or mNAV). Additionally, the MLAC Board considered potential valuation multiples of other digital asset tokens such as those supported by the blockchain platforms Ethereum, Stellar, Cardano, and Solana. The MLAC Board believed that the transaction structure for the Business Combination, which features a discounted mNAV, could deliver significant returns on investment to MLAC Shareholders. The MLAC Board also considered the Company’s unique relationship with the Foundation, and its potential to provide strategic exposure to the evolving Avalanche ecosystem, which the MLAC Board believes presented a compelling opportunity for value creation for MLAC Shareholders.In approving the Business Combination, the MLAC Board considered the potential benefits of, but ultimately determined not to obtain, a fairness opinion. The MLAC Board and MLAC’s management have extensive experience in the fintech industry, operational management and investment and financial analysis, including as part of the team’s prior involvement in the proposed acquisition of W3BCLOUD Holdings Inc, a cryptocurrency data center, by Social Leverage Acquisition Corp. I. Furthermore, members of the MLAC Board have made professional investments in the digital asset space. As such, the members of the MLAC Board and management team believe that they are qualified to conduct and analyze the due diligence required to identify a business combination partner. The independent directors of the MLAC Board did not retain an unaffiliated representative to act solely on behalf of the unaffiliated MLAC Shareholders to negotiate the terms of the Business Combination and/or prepare a report concerning the approval of the Business Combination.In the course of its deliberations, in addition to the various other risks associated with the business of Pubco, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/ prospectus, the MLAC Board also considered a variety of uncertainties, risks and other potentially negative factors relevant to the Business Combination, including the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">AVAX and the Volatility of the Price of AVAX. The market prices of AVAX Tokens and other digital assets may fluctuate significantly, potentially due to broader cryptocurrency market movements, regulatory developments, technological changes or general economic conditions. These fluctuations could materially affect the value of Pubco’s digital assets, its mNAV, and overall financial performance.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Macroeconomic Risks Generally. Macroeconomic uncertainty, including the potential impact of the tariffs to be instituted by the United States government, and the effects they could have on the price of AVAX and Pubco’s potential financial performance.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Regulatory Risks with respect to AVAX. Cryptocurrency-related regulations are evolving, and future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact Pubco’s business. AVAX and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Competition in Pubco’s Industry. Many publicly listed digital asset treasury vehicles currently trade at a premium to mNAV, which has attracted and may continue to attract other companies to pursue similar digital asset treasury strategies. This increased number of companies could make it more difficult or expensive for Pubco to, among other things, pursue its strategy of raising funds through public offerings of securities to purchase more AVAX for its corporate treasury.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Risks in Pubco’s Business Plan, which Business Plan May Not be Achieved. Pubco does not have significant operations and will not have significant operations prior to Closing. Pubco may not be successful in building its AVAX holdings or in building the ancillary AVAX related services it intends to launch in tandem with the accumulation and management of its AVAX holdings. Pubco may encounter unforeseen expenses, difficulties, complications, delays and other unknown events that may cause its costs to exceed its expectations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Management Team of Pubco and Public Company Readiness. Gerald Bartholomew Smith, Laine Mihalchick Moljo and Sean Ostrower, who are expected to lead Pubco management after Closing, have limited experience managing an operating a public company. There is a risk that Pubco will not be able to hire the necessary personnel to timely and accurately prepare financial statements and reports to be publicly filed the SEC, or that Pubco’s compliance infrastructure may not be able to successfully manage the increased compliance risks and internal controls requirements to which it will be subject as a public company.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Valuation. The Company has no operating history and the volatile nature of the price of AVAX makes it difficult to evaluate Pubco’s future prospects. The Company’s lack of operating history also makes it difficult to accurately forecast its future results of operations, which are subject to numerous uncertainties as further described herein. In addition, MLAC did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination. As a result, there is a risk that the MLAC Board may not have properly valued the Company’s business.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Listing Risk. The challenges associated with preparing Pubco for requisite listing requirements to which it will be subject as a publicly traded company on a national stock exchange, and the potential inability of Pubco to obtain an initial listing and maintain the listing of Pubco Class A Stock on Nasdaq or any other securities exchange following the Closing.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC Shareholders Holding a Minority Position in Pubco. MLAC Shareholders will hold a minority ownership position in Pubco following completion of the Business Combination, with existing Public Shareholders owning approximately 40.5% of the issued and outstanding shares of Pubco Class A Stock after Closing, assuming no redemptions.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Control of Pubco by the Seller. Pubco will have two classes of common stock after Closing, with Pubco Class A Stock having no voting rights (except as required by applicable law) until all shares of Pubco Class B Stock are cancelled, and Pubco Class B Stock having voting rights. At Closing, MLAC Shareholders will receive shares of Pubco Class A Stock and only the Seller will own shares of Pubco Class B Stock. As a result, Pubco will be a controlled company under Nasdaq listing standards after Closing, with all decisions of Pubco being controlled by the Seller. Accordingly, Public Shareholders will not participate in the governance of Pubco after Closing. For additional information, see the section of this proxy statement/prospectus entitled “Description of Pubco Securities.”</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Litigation. The possibility of litigation or MLAC shareholder actions challenging the Transactions or injunction against any of the actions required to be taken in order to consummate the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Fees and Expenses. The fees and expenses associated with completing the Business Combination, including those payable to the Investment Banks and BTIG.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Redemptions. The risk that a significant number of Public Shareholders may exercise their redemption rights, thereby depleting the amount of cash available in the Trust Account to fund Pubco’s business after the Business Combination, not only making it more difficult for Pubco to meet initial listing requirements, but also reducing the liquidity of the trading market for Pubco Class A Stock upon Closing. </td></tr></table><div style="margin-top:12pt;"></div>In addition to considering the factors described above, the MLAC Board also considered that:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Interests of Certain Persons. The Sponsor, its affiliates and certain executive officers and directors of MLAC, as individuals, may have interests in the Business Combination that are in addition to, and that may be different from (and may conflict with), the interests of MLAC Shareholders. The possibility that the MLAC Board may have been influenced by conflicts between what may be in MLAC’s best interests and what may be best for a director’s personal interests, including the possibility that if the Business Combination is not consummated, and MLAC is forced to liquidate because it is unable to consummate another business combination within the timeframe permitted by its Memorandum and Articles of Association, the Class B Ordinary Shares and Private Placement Units owned by the Sponsor would be worthless. For more information, see section entitled “The Business Combination Proposal — Interests of the Sponsor and MLAC’s Directors and Executive Officers in the Business Combination.”</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Differing Returns. The Sponsor paid $25,000, or approximately $0.005 per share, for the MLAC Founder Shares (of which it currently holds 7,187,500, 4,387,500 of which the Sponsor has agreed to surrender, immediately prior to, and subject to the consummation of, the MLAC Merger). Such shares (after accounting for the share surrender), are valued at approximately $28,924,000, based on the closing price of MLAC Class A Ordinary Shares of $10.30 on September 30, 2025, the business day before the MLAC Board approved the Business Combination. Such shares will be worthless if a business combination is not consummated. The Sponsor and its affiliates can earn a positive rate of return on their investment even if Public Shareholders experience a negative return following the consummation of the Business Combination.</td></tr></table><div style="margin-top:12pt;"></div>After considering the foregoing, the MLAC Board concluded, in its business judgment, that the potential benefits to MLAC and the MLAC Shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination.Recommendation to MLAC ShareholdersThe MLAC Board has determined that the Business Combination Proposal and each of the other Proposals are in the best interests of MLAC and the MLAC Shareholders and unanimously recommends that MLAC Shareholders vote “FOR” the Business Combination Proposal, “FOR” the Merger Proposal, “FOR” each of the Domestication and Organizational Documents Proposals, “FOR” the Nasdaq Proposal and “FOR” the Adjournment Proposal, if presented.For more information about the MLAC Board’s recommendation and the Proposals, see the sections titled “Extraordinary General Meeting of MLAC Shareholders — Recommendation of the MLAC Board” and “The Business Combination Proposal — The MLAC Board’s Reasons for Approval of the Transactions.”Sources and Use of Funds for the Business CombinationThe following table summarizes the anticipated sources and uses of funds in the Business Combination, in various redemption scenarios. Such tables are for illustrative purposes only. Where actual amounts are not known or knowable, the figures below represent good faith estimates of such amounts.The following table summarizes the sources and uses for funding the Business Combination. The tables below reflect the “No Redemptions,” “25% Redemptions,” “50% Redemptions,” “75% Redemptions” and “Maximum Redemptions” scenarios described in the section entitled “Questions and Answers About the Proposals — Q. What equity stake will current Public Shareholders (including MLAC Right Holders), the Company Unit Investors, The Sponsor and its Affiliates, the Foundation, Astral and Seller Related Parties hold in Pubco immediately after the completion of the Transactions?<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:192.1pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:50.55pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:192.15pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:50.45pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:540pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assuming No Redemptions</td></tr><tr style="height:9.69pt;"><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Sources (in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Uses (in millions)</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Cash in the Trust Account (as of December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 242.7</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX Purchases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 50.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Transaction expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.3</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;">Company Unit Subscription Proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Cash to Balance Sheet</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 274.9</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Total Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Total Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:540pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assuming 25% Redemptions</td></tr><tr style="height:9.69pt;"><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Sources (in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Uses (in millions)</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Cash in the Trust Account (as of December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 242.7</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX Purchases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 50.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;">60.4</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Transaction expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.3</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;">Company Unit Subscription Proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Cash to Balance Sheet</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 214.5</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Total Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Total Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:540pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assuming 50% Redemptions</td></tr><tr style="height:9.69pt;"><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Sources (in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Uses (in millions)</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Cash in the Trust Account (as of December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 242.7</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX Purchases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 50.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;">120.8</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Transaction expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.3</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;">Company Unit Subscription Proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Cash to Balance Sheet</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 154.1</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Total Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Total Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:192.1pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:50.55pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:192.15pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:8.1pt;padding:0pt;"></td><td style="width:50.45pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:540pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assuming 75% Redemptions</td></tr><tr style="height:9.69pt;"><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Sources (in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Uses (in millions)</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Cash in the Trust Account (as of December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 242.7</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX Purchases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 50.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;">181.3</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Transaction expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.3</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;">Company Unit Subscription Proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Cash to Balance Sheet</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 93.6</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Total Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Total Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 339.2</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:540pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assuming Maximum Redemptions</td></tr><tr style="height:9.69pt;"><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Sources (in millions)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:263.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Uses (in millions)</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Cash in the Trust Account (as of December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;"> 242.7</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX Purchase</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 50.0</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;margin:0pt;padding:0pt;">241.7</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Collaterized note payable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;margin:0pt;padding:0pt;">25.0</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Transaction expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;margin:0pt;padding:0pt;">14.3</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:192.1pt;margin:0pt;padding:0pt;">Company Unit Subscription Proceeds</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96.5</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;margin:0pt;padding:0pt;">Cash to Balance Sheet</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 58.2</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:192.1pt;background:#cceeff;margin:0pt;padding:0pt;">Total Sources</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.55pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 364.2</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:192.15pt;background:#cceeff;margin:0pt;padding:0pt;">Total Uses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.85pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:50.45pt;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 364.2</td></tr></table>U.S. Federal Income Tax ConsiderationsFor a description of U.S. federal income tax consequences of the Business Combination, the exercise of redemption rights in respect of Public Shares and the ownership and disposition of shares of Pubco Class A Stock, see the section entitled “U.S. Federal Income Tax Considerations.”Anticipated Accounting TreatmentThe Business Combination will be accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, MLAC will be treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the current members of the Company having a majority of the voting power of Pubco upon the Closing, Company senior management comprising all of the senior management of Pubco, and the Company’s operations comprising the ongoing operations of Pubco. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of the Company issuing shares for the net assets of MLAC, accompanied by a recapitalization. The net assets of MLAC will be stated at historical cost, with no goodwill or other intangible assets recorded. As a result, any transaction costs incurred to effect the recapitalization represent costs related to issuing equity and raising capital that are recognized as a reduction to the total amount of equity raised through the Company Unit Subscription Agreements rather than an expense recorded as incurred. Operations prior to the Business Combination will be those of the Company.Emerging Growth CompanyUpon consummation of the Business Combination, Pubco will be an “emerging growth company” as defined in the JOBS Act. Pubco will remain an “emerging growth company” until the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the Closing of the Business Combination, (b) in which Pubco has total annual gross revenue of at least $1.235 billion or (c) in which Pubco is deemed to be a large accelerated filer, which means the market value of shares of Pubco Stock held by non-affiliates exceeds $700 million as of the last business day of Pubco’s prior second fiscal quarter, and (ii) the date on which Pubco issued more than $1.0 billion in non-convertible debt during the prior three-year period. Pubco intends to take advantage of exemptions from various reporting requirements that are applicable to most other public companies that are classified as “emerging growth companies,” including, but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that Pubco’s independent registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting and reduced disclosure obligations regarding executive compensation.Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. Pubco has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, Pubco, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of Pubco’s financial statements with certain other public companies difficult or impossible because of the potential differences in accounting standards used. See “Risk Factors — Risks Related to Being a Public Company — Pubco will be an “emerging growth company,” and it cannot be certain if the reduced SEC reporting requirements applicable to emerging growth companies will make shares of Pubco Stock less attractive to investors, which could have a material and adverse effect on Pubco, including its growth prospects.”Controlled CompanyAfter the consummation of the Transactions, Pubco will be a “controlled company” under the Nasdaq Rules. Under the Nasdaq rules, a controlled company may elect to utilize exemptions from certain of Nasdaq’s corporate governance requirements, including the requirements (a) that a majority of the board consists of independent directors; (b) for an annual performance evaluation of the nominating and corporate governance and compensation committees; (c) that the company has a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities and (d) that the company has a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibility. See “Risk Factor — Risks Related to Ownership of Pubco Stock Following the Business Combination — Pubco is a “controlled company” within the meaning of the Nasdaq Rules, and, as a result, will qualify for, and rely on, exemptions from certain corporate governance requirements. Our shareholders do not have the same protections afforded to shareholders of companies that are subject to such requirements.”Regulatory MattersThe Business Combination and the transactions contemplated by the Business Combination Agreement are not subject to any additional federal or state regulatory requirement or approval, except for (i) filings with the Registrar of Companies of the Cayman Islands necessary to effectuate the Domestication, which will be filed on behalf of MLAC with the Registrar of Companies of the Cayman Islands and (ii) filings with the Secretary of State of the State of Delaware (“Delaware Secretary of State”) necessary to effectuate the MLAC Merger and Company Merger, which will be filed on behalf of MLAC, the Company, Company Merger Sub and MLAC Merger Sub with the Delaware Secretary of State upon the approval of the Business Combination Proposal and satisfaction of all other conditions not waived by the applicable parties under the Business Combination Agreement.Conditions to Closing of the Business CombinationUnder the Business Combination Agreement, the obligations of the parties to consummate (or cause the consummation of) the Transactions are subject to the satisfaction or waiver (where permissible) of a number of conditions:Mutual Conditions to Obligations of All Parties (subject to written waiver by Seller and MLAC, solely with respect to the final condition listed below):<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the receipt of the Required Shareholder Approval from MLAC Shareholders;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the consummation of the Transactions not being prohibited by applicable law;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the effectiveness of the Registration Statement; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the shares of Pubco Class A Stock having been approved for listing on Nasdaq, the NYSE or another national securities exchange reasonably accepted by Pubco, MLAC and the Seller.</td></tr></table><div style="margin-top:12pt;"></div>Conditions to Obligations of the Company, Pubco, Pubco Subsidiaries and Seller (subject to written waiver by Seller):<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the representations and warranties of MLAC being true and correct, subject to the applicable materiality standards contained in the Business Combination Agreement;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">material compliance by MLAC with its applicable pre-closing covenants;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">no occurrence of a Material Adverse Effect with respect to MLAC since the date of the Business Combination Agreement which is continuing and uncured; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor having performed in all material respects its obligations required under the Sponsor Support Agreement.</td></tr></table><div style="margin-top:12pt;"></div>Conditions to Obligations of MLAC (subject to written waiver by MLAC):<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the representations and warranties of the Company, Pubco, Pubco Subsidiaries, the Seller Related Parties, and Astral being true and correct, subject to the applicable materiality standards contained in the Business Combination Agreement;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">material compliance by the Company, Pubco, Pubco Subsidiaries, the Seller Related Parties and Astral with their respective pre-closing covenants;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">no occurrence of a Material Adverse Effect with respect to the Company or Pubco; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">completion of the Dragonfly Contribution and the Foundation Transaction.</td></tr></table><div style="margin-top:12pt;"></div>Pursuant to the Business Combination Agreement, “Material Adverse Effect” with respect to any specified person is any fact, event, occurrence, change, or effect that has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on (i) the business, assets, liabilities, results of operations or condition (financial or otherwise) of such party and its subsidiaries, taken as a whole, or (ii) the ability of such person or any of its subsidiaries to consummate the transactions contemplated by the Business Combination Agreement or the Ancillary Documents to which it is a party or bound to perform its obligations under such documents, provided, however, that with respect to point (i), the following changes or effects (by themselves or when aggregated with others) are not considered a Material Adverse Effect:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(a)</td><td style="padding:0pt;">general changes in financial or securities markets (including interest rates) or general economic or political conditions in the country or region where the party or its subsidiaries do business;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(b)</td><td style="padding:0pt;">changes, conditions, or effects that generally affect the industries or markets in which the party or its subsidiaries principally operate;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(c)</td><td style="padding:0pt;">changes in the price or trading volume of AVAX (provided that the underlying cause of any such event, occurrence, change or effect in the price or trading volume may be considered in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the extent not excluded by another exception);</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(d)</td><td style="padding:0pt;">any proposal, enactment, or change in interpretation of, or any other change in, applicable laws, IFRS, GAAP or other applicable accounting principles or mandatory changes in the regulatory accounting requirements applicable to any industry in which such party and its subsidiaries principally operate;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(e)</td><td style="padding:0pt;">conditions caused by acts of God, natural disasters, terrorism, war (whether or not declared), escalation of hostilities, geopolitical conditions, local, national or international political conditions or any outbreak or continuation of an epidemic or pandemic or the effects of governmental actions or Laws in response to them;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(f)</td><td style="padding:0pt;">the taking of any action required by the Business Combination Agreement or any Ancillary Agreement; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(g)</td><td style="padding:0pt;">any failure by the party and its subsidiaries to meet internal or published budgets, projections, forecasts, or predictions of financial performance for any period (provided that the underlying cause of any such failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the extent not excluded by another exception).</td></tr></table>The exceptions in letters (a), (b), (c), (d), (e) and (g) above will be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate and adverse effect on such party or any of its subsidiaries compared to similarly situated participants in the industries in which such party or any of its subsidiaries primarily conducts its businesses.Notwithstanding the foregoing, for MLAC, the number of MLAC Ordinary Shares redeemed in connection with the Business Combination or the failure to obtain the Required Shareholder Approval shall not, in and of itself, be deemed a Material Adverse Effect on or with respect to MLAC, provided that the underlying causes of any such redemptions or failure to obtain the Required Shareholder Approval may be considered if not otherwise excluded by another exception and provided, further, with respect to the failure to obtain the Required Shareholder Approval, that MLAC has not violated its obligations under this Agreement in connection with obtaining such Required Shareholder Approval.ExclusivityDuring the Interim Period, the parties agreed not to solicit, encourage or engage in discussions regarding any Acquisition Proposal or Alternative Transaction outside the transactions contemplated by the Business Combination Agreement. The parties also agreed not to provide non-public information or enter into any agreements related to such proposals. If any party receives an Acquisition Proposal, such party is expected to promptly notify the other parties and keep them informed of any developments.Representations and WarrantiesThe Business Combination Agreement contains customary representations and warranties of the Parties, which will not survive the Closing. Certain representations and warranties are qualified by materiality or Material Adverse Effect.MLAC made representations relating to, among other things, MLAC’s organization or incorporation (as applicable), good standing and qualification to do business, MLAC’s corporate authority, governmental and regulatory consents necessary in connection with the Business Combination, absence of conflicts and certain changes, MLAC’s capitalization, proper filings with the SEC, no litigation, compliance with applicable laws, permits, taxes and returns, employees and employee benefit plans, properties, material contracts, transactions with affiliates, finders and brokers, certain business practices, insurance and the Trust Account.Pubco made representations relating to, among other things, Pubco’s and Pubco Subsidiaries’ organization or incorporation (as applicable), good standing, qualification to do business, corporate authority, governmental and regulatory consents necessary in connection with the Business Combination, absence of conflicts and certain changes, capitalization, finders and brokers, ownership of Pubco Stock and Pubco and Pubco Subsidiaries’ activities.The Company made representations relating to, among other things, organization, good standing and qualification to do business, the Company’s corporate authority, governmental and regulatory consents necessary in connection with the Business Combination, absence of certain changes, title to assets, employee benefit plans, certain business practices, the Company’s activities and finders and brokers.Seller Related Parties and Astral made representations relating to, among other things, the Seller Related Parties’ and Astral’s incorporation, good standing, qualification to do business, corporate authority, governmental and regulatory consents necessary in connection with the Business Combination, absence of conflicts, ownership, investment representations and finders and brokers.CovenantsThe Business Combination Agreement contains covenants, including, among others, providing for (i) the Company, Pubco and Pubco Subsidiaries to not to take certain corporate actions without the prior written consent of MLAC during the period between signing and the Closing, (ii) MLAC to conduct its business in the ordinary course consistent with past practice and refrain from specified actions without the prior written consent of Seller, (iii) the parties not to solicit or engage in discussions regarding alternative transactions, and (iv) Pubco and MLAC, with the assistance of the Company, to prepare and Pubco and the Company to file the Registration Statement as soon as practicable following the Company’s completion of its audited financial statements. See the section entitled “The Business Combination Proposal — Covenants” for more information.Risk FactorsIn evaluating the proposals to be presented at the Meeting, MLAC Shareholders should carefully read this proxy statement/prospectus and especially consider the factors discussed in the section entitled “Risk Factors.” These risks are summarized below.Risks Related to the Business and Strategy of Pubco<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The Company has no operating history and has not yet produced any revenues, which make it difficult to evaluate Pubco’s business and future prospects, and Pubco may not be able to achieve or maintain profitability in any given period.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco may not be able to successfully execute its business strategies.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco may seek to grow our business through minority investments, joint ventures and acquisitions, which could divert management’s attention and otherwise disrupt operations and harm our operating results. Pubco may fail to acquire or invest in companies whose market power or technology could be important to the future success of the business.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s operating results, revenues and expenses may significantly fluctuate, including due to the highly volatile nature of AVAX, which has had and could have in the future, an adverse effect on the market price of Pubco Class A Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Our AVAX acquisition strategy exposes us to various risks associated with AVAX.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">A significant decrease in the market value of our AVAX holdings could adversely affect our ability to satisfy our financial obligations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco will operate in a highly competitive environment and will compete against companies and other entities with similar strategies, including companies with significant AVAX holdings and ETFs and ETPs for AVAX and other digital assets, and Pubco’s business, operating results and financial condition may be adversely affected if Pubco is unable to compete effectively.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco may suffer losses due to abrupt and erratic market movements.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of AVAX and adversely affect Pubco’s business.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s AVAX holdings will be less liquid than its cash and cash equivalents and may not be able to serve as a source of liquidity for Pubco.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The Avalanche Network and its native digital asset, AVAX, is a relatively new technological innovation with a limited operating history.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">AVAX is created and transmitted through the operations of the peer-to-peer Avalanche Network, a decentralized network of computers running software following the Avalanche protocol. If the Avalanche Network is disrupted or encounters any unanticipated difficulties, the value of AVAX could be negatively impacted.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco will face risks associated with AVAX delegation, staking, liquid staking and associated lock-ups.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco will face risks relating to the custody of its AVAX, including the loss or destruction of private keys required to access our AVAX and cyberattacks or other data loss relating to our AVAX. If Pubco or its third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to Pubco’s AVAX, if Pubco’s private keys are lost or destroyed, or other similar circumstances or events occur, including the ability to reverse engineer private keys, Pubco may lose some or all of its AVAX and Pubco’s financial condition and results of operations could be materially adversely affected.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Our limited insurance protection exposes us and our shareholders to the risk of loss of our AVAX for which no person is liable.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The accounting treatment of our AVAX holdings are likely to have significant accounting impacts, including volatility of our results. If financial accounting standards undergo significant changes, our operating results could fluctuate.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">AVAX and other digital assets are novel assets, which will expose Pubco to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect Pubco’s financial position, operations and prospects.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The regulatory environment for digital assets in the United States and globally remains highly uncertain and is evolving rapidly. U.S. policymakers are only beginning to define a comprehensive regulatory framework for digital assets. As a result, Pubco may face challenges in adapting to proposed or newly enacted laws and regulations, which could materially and adversely affect its business, financial condition and operations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">AVAX’s status as a product that may be offered and sold as a “security” in any relevant jurisdiction, as well as the status of Avalanche-related products, and services in general, is subject to uncertainty, and if Pubco is unable to properly characterize such product or service offering, Pubco may be subject to regulatory scrutiny, inquiries, investigations, fines and other penalties, which may adversely affect Pubco’s business, operating results and financial condition.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Regulatory changes classifying AVAX as a “security” could lead to Pubco’s classification as an “investment company” under the Investment Company Act and could adversely affect the market price of AVAX and the market price of shares of Pubco Class A Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco will not be subject to the same legal and regulatory obligations, including certain compliance and reporting obligations intended to protect investors, that apply to investment companies such as mutual funds and ETFs, or to obligations applicable to investment advisers.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco is subject to laws, regulations and executive orders regarding economic and trade sanctions, anti- bribery, AML, and counter-terrorism financing that could impair its ability to compete in international markets or subject Pubco to criminal or civil liability if violated. As Pubco continues to expand and localize its international activities, its obligations to comply with the laws, rules, regulations and policies of a variety of jurisdictions will increase and Pubco may be subject to investigations and enforcement actions by U.S. and non-U.S. regulators and governmental authorities.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Due to the unregulated nature and lack of transparency surrounding the operations of many AVAX trading venues, AVAX trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in AVAX trading venues and adversely affect the value of Pubco’s AVAX holdings.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s compliance and risk management methods might not be effective and may result in outcomes that could adversely affect Pubco’s reputation, operating results and financial condition.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">In the ordinary course of business managing its AVAX holding as an AVAX treasury company, Pubco may purchase AVAX through spot markets which may be exposed to fraud and market manipulation, including through front running and wash trading, which may adversely affect the value of the shares of Pubco Class A Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If the digital asset award or transaction fees for recording transactions on the Avalanche Network are not sufficiently high to incentivize validators, such validators may demand high transaction fees, which could negatively impact the value of AVAX and the value of the Pubco Class A Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Although Pubco will have relevant due diligence procedures at Closing regarding anti-money laundering (“<span style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-decoration-color:#231f20;text-decoration-line:underline;text-decoration-style:solid;">AML”) and know-your-customer (“<span style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-decoration-color:#231f20;text-decoration-line:underline;text-decoration-style:solid;">KYC”), these procedures may fail to prevent illegal transactions, which could subject Pubco to criminal and civil liabilities and impact the value of the shares of Pubco Class A Stock.</td></tr></table><div style="margin-top:12pt;"></div>Risks Related to Being a Public Company<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The market price of Pubco Class A Stock may be volatile and decline materially as a result of volatility in AVAX or the digital asset markets generally, or for other reasons. You should be aware that you may lose some or all of your investment.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">A substantial part of Pubco’s assets following the Business Combination will be its AVAX holdings and cash and cash equivalents from the proceeds of the Business Combination and the Company Unit Subscription not invested in AVAX. Although Pubco is expected to have certain other operations, Pubco will depend on such retained cash and cash equivalents to pay its ongoing obligations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s ability to timely raise capital in the future may be limited, or may be unavailable on acceptable terms, if at all. Pubco’s failure to raise capital when needed could harm its business, operating results and financial condition.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The issuance of additional shares or convertible securities by Pubco could make it difficult for another company to acquire Pubco, may dilute the ownership of Pubco shareholders and could adversely affect the price of Pubco Class A Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Future resales of Pubco Class A Stock after the consummation of the Business Combination may cause the market price of Pubco’s securities to drop significantly, even if Pubco’s business is doing well.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco will incur significant costs post-Business Combination as a result of being a public company, including additional legal, accounting, insurance and other expenses, as well as costs associated with public company reporting requirements.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s management team is expected to have limited experience managing and operating a U.S. public company.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If Pubco is unable to maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act that will be applicable to it following consummation of the Business Combination could have a material adverse effect on its business, financial condition, results of operations, cash flow and prospects.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco will be an “emerging growth company” as defined in the JOBS Act and may be exempt from certain corporate governance requirements thereunder. The reduced public company reporting requirements applicable to emerging growth companies may make Pubco Class A Stock less attractive to investors.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If securities or industry analysts do not publish research or reports about Pubco’s business or publish negative reports, the market price of Pubco Class A Stock could decline.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco may be subject to material litigation, including individual and class action lawsuits, as well as investigations and enforcement actions by regulators and governmental authorities. These matters are often expensive and time consuming, and, if resolved adversely, could harm Pubco’s business, financial condition and operating results.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Since members of the Advisory Board have interests that are different from, or in addition to (and which may conflict with) the interests of Pubco, a conflict of interest may arise in connection with their Advisory Board services.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">We have identified a material weakness in our internal control over financial reporting. If remediation of this material weakness is not effective, if we experience additional material weaknesses, or if we otherwise fail to maintain an effective system of internal controls in the future, we may not be able to accurately report our financial condition or results of operations.</td></tr></table><div style="margin-top:12pt;"></div>Risks Related to the Business Combination<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The market price of shares of Pubco Class A Stock after the Business Combination will be affected by factors different from those currently affecting the market price of MLAC Class A Ordinary Shares.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The consummation of the Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Business Combination Agreement may be terminated in accordance with its terms and the Business Combination may not be completed.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The Business Combination Agreement contains provisions that limit MLAC from seeking an alternative business combination. If the Business Combination is not completed, those restrictions may make it harder for MLAC to complete an alternate business combination before the end of the Combination Period.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The trading price of shares of Pubco Class A Stock after Closing are likely to be highly correlated to the price of AVAX, which is volatile and can rise and fall rapidly, and there is no guarantee that the price of AVAX after Closing will be greater than the Applicable Signing AVAX Price or the trading price of shares of Pubco Class A Stock would be higher than the redemption price that Public Shareholders would have received if they redeemed their Public Shares.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The value of the MLAC Class B Ordinary Shares following completion of the Business Combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of shares of Pubco Class A Stock at such time is substantially less than $10.00 per share, which may create an economic incentive for the MLAC management team to pursue and consummate the Business Combination which differs from the Public Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The “net cash” per Public Share not being redeemed will be less than the redemption price.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Public Shareholders who do not redeem their Public Shares will experience substantial and immediate dilution upon Closing of the Business Combination as a result of the MLAC Class B Ordinary Shares held by the Sponsor, since the value of the MLAC Class B Ordinary Shares is likely to be substantially higher than the nominal price paid for them, as well as a result of the issuance of the shares of Pubco Stock in the Business Combination and as a result of the conversion of the Company Units.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If Public Shareholders who wish to exercise their redemption rights in connection with the Business Combination fail to properly demand such redemption rights, they will not be entitled to convert their Public Shares into a pro rata portion of the Trust Account and will instead become stockholders of Pubco.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Public Shareholders will not have any rights or interests in funds from the Trust Account except under certain limited circumstances, which includes in connection with the consummation of the Business Combination. Therefore, for a Public Shareholder to liquidate their investment in MLAC prior to such times, a Public Shareholder may be forced to sell their Public Shares in the open market, potentially at a loss.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The ability of Public Shareholders to exercise redemption rights with respect to a large number of MLAC Class A Ordinary Shares may reduce proceeds available to Pubco after Closing, reduce the public “float” of shares of Pubco Class A Stock after Closing, reduce the liquidity of the trading market for the shares of Pubco Class A Stock after Closing, or make it difficult to obtain or maintain the quotation, listing or trading shares of Pubco Class A Stock on Nasdaq or another national securities exchange, and consequently may not allow the parties to complete the Business Combination, or optimize Pubco’s capital structure following the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The MLAC Articles do not provide a specified maximum redemption threshold, however $1.0 million representing the underwriting fee must be paid from the funds on deposit in the Trust Account pursuant to the Amended Underwriting Agreement. The absence of a redemption threshold, other than the threshold set by the $1.0 million payable pursuant to the Amended Underwriting Agreement, may increase the risk of being subject to the “penny stock” rules or the risk that MLAC or Pubco’s securities may be delisted from Nasdaq.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Since the Sponsor and its Affiliates have interests that are different from, or in addition to (and which may conflict with), the interests of Public Shareholders, a conflict of interest may have existed in determining whether the Business Combination with Pubco and the Company is appropriate as MLAC’s initial business combination. Such interests include that the Sponsor will lose its entire investment in MLAC if the Business Combination is not completed or any other business combination is not completed.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Neither the MLAC Board nor any committee thereof obtained a fairness opinion (or any similar report or appraisal) in determining whether or not to pursue the Business Combination. Consequently, MLAC Shareholders have no assurance from </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">an independent source that the number of shares of Pubco Stock to be issued to Seller and MLAC Shareholders in the Business Combination is fair to MLAC — and, by extension, MLAC Shareholders — from a financial point of view.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The parties to the Business Combination Agreement may waive one or more of the conditions to the Business Combination or certain of the other transactions contemplated by the Business Combination Agreement.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC’s directors and officers will have discretion on whether to agree to changes or waivers in the terms of the Business Combination Agreement, and their interests in exercising that discretion may conflict with those of the MLAC Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC Shareholders who are not affiliated with the Sponsor may be exposed to greater risk as a result of becoming shareholders of Pubco through the Business Combination rather than acquiring shares of Pubco Class A Stock directly in an underwritten public offering as a result of the differences between the two transaction structures, including that the Business Combination did not involve an independent due diligence review by an underwriter and that the Sponsor has conflicts of interest in connection with the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If MLAC is deemed to be an investment company under the Investment Company Act, MLAC may be required to institute burdensome compliance requirements and its activities may be restricted, which may make it difficult for MLAC to complete the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Changes in laws or regulations (including the adoption of policies by governing administrations), or a failure to comply with any laws and regulations, may adversely affect MLAC’s business, including MLAC’s ability to complete the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If the Business Combination is not approved and MLAC does not consummate another initial business combination by the end of the Combination Period, then the Sponsor’s MLAC Ordinary Shares will become worthless and the expenses it has incurred will not be reimbursed. These interests may have influenced its decision to approve the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">If third parties bring claims against MLAC, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by Public Shareholders could be less than $10.05 per share (based on the Trust Account balance as of October 31, 2025, and inclusive of interest earned on the funds held in the Trust Account but less taxes payable).</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC Shareholders may be held liable for claims by third parties against MLAC to the extent of distributions received by them.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC’s directors may decide not to enforce the indemnification obligations of the Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to the Public Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC may not have sufficient funds to satisfy indemnification claims of its directors and officers.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Following the Business Combination, Pubco’s business activities may be subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The Sponsor and its Affiliates have entered into letter agreements with MLAC, and the Sponsor has entered into the Sponsor Support Agreement with MLAC and Pubco, in each case, which requires them to vote in favor of the Business Combination, regardless of how the Public Shareholders vote.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Because MLAC is seeking to obtain shareholder approval of the Business Combination, the Sponsor and its Affiliates may elect to purchase Public Shares from Public Shareholders, subject to any limitations under Rule 14e-5 under the Exchange Act, which may influence the vote on the Business Combination and reduce the public “float” of MLAC Class A Ordinary Shares.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC, the Company and Seller will incur transaction costs in connection with the Business Combination.</td></tr></table>Risks Related to Ownership of Pubco Stock Following the Business Combination<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Seller, whose interests may conflict with yours, can individually exercise significant influence over Pubco. You will have no voting rights of Pubco Class A Stock except as required by the DGCL and the concentrated ownership of Pubco Stock may prevent you and other shareholders from influencing significant decisions in the very limited circumstances in which the DGCL will give you the right to vote and may prevent or discourage unsolicited acquisition proposals or offers for Pubco Stock, and that may adversely affect the trading price of Pubco Class A Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Seller, through its voting control of Pubco, is in a position to control actions that require shareholder approval and may make decisions that are adverse to other shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Securities of companies formed through mergers with SPACs such as Pubco may experience a material decline in price relative to the share price of the SPACs prior to such merger.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Volatility in Pubco’s share price could subject Pubco to securities class action litigation.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Since the completion of the MLAC IPO, there has been a precipitous drop in the market values of companies formed through mergers involving SPACs. Accordingly, securities of companies such as Pubco may be more volatile than other securities and may involve special risks.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Currently, there is no public market for the shares of Pubco Class A Stock. Public Shareholders cannot be sure about whether the shares of Pubco Class A Stock will develop an active trading market or whether Pubco is able to maintain the listing of Pubco Class A Stock in the future even if Pubco is successful in listing Pubco Class A Stock on Nasdaq or any other national securities exchange, which could limit investors’ ability to make transactions in shares of Pubco Class A Stock and subject Pubco to additional trading restrictions.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Reports published by analysts, including projections in those reports that differ from Pubco’s actual results, could adversely affect the price and trading volume of Pubco Stock.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco may or may not pay cash dividends in the foreseeable future.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco is a “controlled company” within the meaning of the Nasdaq Rules, and, as a result, will qualify for, and rely on, exemptions from certain corporate governance requirements. Our shareholders do not have the same protections afforded to shareholders of companies that are subject to such requirements.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">The Amended and Restated Pubco Charter designates a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, and also provides that the federal district courts will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, each of which may limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, stockholders or employees.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Because Pubco Class A Stock is non-voting, we and our stockholders are exempt from certain provisions of U.S. securities laws. This may limit the information available to holders of Pubco Class A Stock.</td></tr></table><div style="margin-top:12pt;"></div>Risks Related to Taxation<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Unrealized fair value gains on our AVAX holdings could cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Pubco’s independent registered public accounting firm’s report for the year ended December 31, 2025, contains an explanatory paragraph that expresses substantial doubt about its ability to continue as a “going concern.” </td></tr></table><div style="margin-top:12pt;"></div>Information about MLACMLAC is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability on June 14, 2024. MLAC was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The MLAC Class A Ordinary Shares, MLAC Units and MLAC Share Rights are currently listed on The Nasdaq Global Market under the symbols “MLAC,” “MLACU” and “MLACR,” respectively.MLAC completed the MLAC IPO of 23,000,000 MLAC Class A Ordinary Shares on December 16, 2024, generating gross proceeds to MLAC of $230,000,000. Simultaneously with the closing of the MLAC IPO, MLAC completed the sale to the Sponsor and BTIG of 805,000 MLAC Private Placement Shares at a purchase price of $10.00 per MLAC Private Placement Share in the MLAC Private Placement, generating gross proceeds to MLAC of $8,050,000. Following the closing of the MLAC IPO, a total of $231,150,000, comprised of the net proceeds from the MLAC IPO and the MLAC Private Placement, was placed in the Trust Account. As of December 31, 2025, the Trust Account balance was approximately $241.2 million. Since the MLAC IPO, MLAC’s activity has been limited to efforts toward locating and completing a suitable business combination.The mailing address of MLAC’s principal executive office is 930 Tahoe Blvd STE 802 PMB 45, Incline Village, NV 89451 and its telephone number is (775) 204-1489.For more information about MLAC, see the sections entitled “MLAC’s Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Information About MLAC.”Information Related to the CompanyThe Company is a newly formed operating company focused exclusively on AVAX holdings and Avalanche-related business lines.Pubco will be an operating company focused exclusively on business lines relating to Avalanche and AVAX. Immediately following the Closing, Pubco intends to execute its strategy in order to support long-term AVAX accumulation, disciplined treasury management and integration with the Avalanche ecosystem. Pubco’s AVAX accumulation and management strategy is expected to involve (i) the targeted accumulation of AVAX; (ii) tailored treasury management geared towards staking yield and other asset management levers intended to compound AVAX per share over time and (iii) the further ecosystem integration, including the potential provision of Avalanche-focused infrastructure, such as the operation of validator nodes, L1 activation and other corporate development activities, that Pubco believes will expand our exposure to Avalanche. Pubco is incorporated in the State of Delaware. Following the consummation of the Closing, the Pubco Class A Stock is expected to be listed on Nasdaq under the ticker symbol “AVAT.” The PartiesMLACMLAC is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability on June 14, 2024. MLAC was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The MLAC Class A Ordinary Shares, MLAC Units and MLAC Share Rights are currently listed on The Nasdaq Global Market under the symbols “MLAC,” “MLACU” and “MLACR,” respectively.MLAC completed the MLAC IPO of 23,000,000 MLAC Class A Ordinary Shares on December 16, 2024, generating gross proceeds to MLAC of $230,000,000. Simultaneously with the closing of the MLAC IPO, MLAC completed the sale to the Sponsor and BTIG of 805,000 MLAC Private Placement Shares at a purchase price of $10.00 per MLAC Private Placement Shares in the MLAC Private Placement, generating gross proceeds to MLAC of $8,050,000. Following the closing of the MLAC IPO, a total of $231,150,000, comprised of the net proceeds from the MLAC IPO and the MLAC Private Placement, was placed in the Trust Account. As of December 31, 2025, the Trust Account balance was approximately $241.2 million. Since the MLAC IPO, MLAC’s activity has been limited to efforts toward locating and completing a suitable business combination.The mailing address of MLAC’s principal executive office is 930 Tahoe Blvd STE 802 PMB 45, Incline Village, NV 89451, and its telephone number is (775) 204-1489. Prior to the consummation of the Business Combination, MLAC will effect the Domestication, pursuant to which MLAC will transfer by way of continuation to and become a Delaware corporation, and at least two hours after the Domestication, MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly- owned subsidiary of Pubco.PubcoPubco was incorporated as a corporation organized under the laws of Delaware on September 22, 2025, solely for the purpose of effectuating the Business Combination described herein. It currently owns no material assets and does not presently operate any business.Following the Closing, it will be an operating company engaged in a number of businesses focused on AVAX. Following the Closing, Pubco will engage in the following principal activities: (i) the targeted accumulation of AVAX; (ii) tailored treasury management geared towards staking yield and other asset management levers intended to compound AVAX per share over time and (iii) the further ecosystem integration, including the potential provision of Avalanche-focused infrastructure, such as the operation of validator nodes, L1 activation and other corporate development activities, to expand exposure to Avalanche.On September 25, 2025, Pubco issued one thousand (1,000) shares of common stock to Seller for nominal consideration. These shares represent all shares in the capital of Pubco that are currently issued and outstanding and, at the Company Merger Effective Time and by virtue of the Mergers, will be automatically canceled and extinguished without any conversion thereof or payment therefor. For descriptions of Pubco securities, see “Description of Pubco Securities.”Prior to the consummation of the Business Combination, (i) the directors of Pubco are Mr. Robert Hadick and Mr. Gerald Bartholomew Smith; (ii) the officers are Mr. Gerald Bartholomew Smith (President) and Ms. Laine Mihalchick Moljo (Secretary) and (iii) the sole shareholder of Pubco is Seller.The mailing address of Pubco’s registered office is 251, Little Falls Drive, Wilmington, County of New Castle, 19808, State of Delaware. Immediately prior to the consummation of the Business Combination, Pubco’s mailing address will be 413 W 14th Street, Floor 2, PMB 4633, New York, State of New York, 10014.MLAC Merger SubMLAC Merger Sub was incorporated in Delaware on September 26, 2025 solely for the purpose of effectuating the Business Combination described herein. MLAC Merger Sub has no material assets and does not operate any business.Prior to the consummation of the Business Combination, the sole director of MLAC Merger Sub is Gerald Bartholomew Smith and the sole shareholder of MLAC Merger Sub is Pubco. In connection with the consummation of the Business Combination, MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly-owned subsidiary of Pubco, and the MLAC shareholders will receive one share of Pubco Class A Stock for each MLAC Class A Ordinary Share held by such shareholder. Each holder of MLAC Rights receiving one share of Pubco Class A Stock in exchange for every ten (10) MLAC Rights held by such holder.The mailing address of MLAC Merger Sub’s registered office is 251, Little Falls Drive, Wilmington, County of New Castle, 19808, State of Delaware.Company Merger SubCompany Merger Sub was incorporated as a limited liability company organized under the laws of Delaware on September 26, 2025, solely for the purpose of effectuating the Business Combination described herein. Company Merger Sub has no material assets and does not operate any business.Prior to the consummation of the Business Combination, the sole member of Company Merger Sub is Pubco. In connection with the consummation of the Business Combination, Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Pubco.The mailing address of Company Merger Sub’s registered office is 251, Little Falls Drive, Wilmington, County of New Castle, 19808, State of Delaware.CompanyThe Company is a newly formed company that will be focused exclusively on AVAX-related business lines. The Company was formed as a Delaware limited liability company on August 20, 2025, solely for the purpose of effectuating the Business Combination described herein.On October 1, 2025, (i) the Company Unit Investors, in accordance with the provisions of the Company Unit Subscription Agreements agreed to purchase, payable in cash, USDC or AVAX, and the Company agreed to issue and sell, approximately $216 million worth of Company Units; and (ii) the Funds, in accordance with the provisions of the Contribution Agreement, performed the Dragonfly Contribution and received as consideration a total number of 5,805,638 Company Units.Prior to the consummation of the Business Combination, the members are Seller, Mr. Gerald Bartholomew Smith, and the Company Unit Investors.In connection with the consummation of the Business Combination, Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of Pubco.The registered office of the Company is 251 Little Falls Drive, Wilmington, County of New Castle, Delaware 19808 and the telephone number is 800-927-9800.For more information about the Company, see “Information Related to the Company.”SellerSeller was incorporated as a limited liability company organized under the laws of Delaware on July 18, 2018.At the date hereof, the sole manager of Seller is Haseeb Ahmad Qureshi, and the sole member of Seller is Dragonfly Management Limited. The Business Combination AgreementOn October 1, 2025, MLAC, Pubco, the Pubco Subsidiaries, the Company and Seller entered into the Business Combination Agreement. On January 13, 2026, and on March 17, 2026, MLAC, Pubco, the Pubco Subsidiaries, the Company, Seller Related Parties and Astral entered amendments to the Business Combination Agreement, in each case effective as of October 1, 2025.Astral is a Delaware limited partnership whose general partner is Astral Horizon GP, LLC. The limited partners of Astral are certain senior managers and employees of the Seller and the general partners of the DVs. Astral Horizon GP, LLC is managed by some of the same individuals who serve as the managers of the general partners of the DVs. Accordingly, Astral is a related party to the Seller Related Parties by virtue of common management and overlapping ownership among their respective principals. The 4,000,000 newly issued Pubco Class A Stock Astral is entitled to receive as additional consideration for the Company Merger (the “Additional Merger Consideration Shares”) are being issued to Astral in consideration for advisory and strategic services provided by Astral’s limited partners in connection with the structuring and execution of the Business Combination and the establishment of Pubco. Such services included, but were not limited to:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">Executive Recruitment: Astral’s limited partners assisted in identifying, evaluating, and recruiting the Chief Executive Officer of Pubco; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">Tax and Corporate Structuring Advisory: Astral’s limited partners provided strategic advice regarding aspects of the tax and corporate structuring of the Business Combination and post-Closing operations of Pubco.</td></tr></table>Consequently, (i) on January 13, 2026, the Parties entered into the First Amendment to the Business Combination Agreement, pursuant to which, inter alia, the 4,000,000 Additional Merger Consideration Shares (i.e., the 2,000,000 Astral Post-Closing Shares and the 2,000,000 Astral Earnout Shares) will be issued, on the Company Merger Effective Date, to Astral (the Astral Earnout Shares being held in escrow for the Escrow Period only to be released in accordance with the Astral Escrow Agreement), and (ii) on March 17, 2026, the Parties entered into the Second Amendment to the Business Combination Agreement, pursuant to which the issuance by Pubco to Astral of the 2,000,000 Astral Post-Closing Shares will occur on the thirtieth (30th) calendar day following the Closing Date, rather than on the Company Merger Effective Date.Pursuant to the Business Combination Agreement, and subject to the terms and conditions set forth therein, (a) prior to the Closing, MLAC will effect the Domestication, pursuant to which MLAC will transfer by way of continuation to and become a Delaware corporation, (b) at least two hours after the Domestication, the MLAC Merger will be completed, pursuant to which MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly owned subsidiary of Pubco and with MLAC Shareholders receiving one (1) share of Pubco Class A Stock for each MLAC Class A Ordinary Share held by such MLAC Shareholder, and with each holder of MLAC Rights receiving one (1) share of Pubco Class A Stock in exchange for every ten (10) MLAC Rights held by such holder, and (c) the Company Merger will be completed, pursuant to which Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company, and with (i) each Company Member other than Seller Related Parties receiving one (1) share of Pubco Class A Stock for each Company Unit held immediately prior to the effective time of the Company Merger, (ii) Seller Related Parties receiving one (1) share of Pubco Class A Stock and one (1) share of Pubco Class B Stock for each Company Unit held and (iii) Astral receiving the Additional Merger Consideration Shares, as follows: (i) 2,000,000 shares of Pubco Class A Stock (the “Astral Escrow Shares”) will be issued at the Company Merger Effective Time and deposited into an escrow account with the Trustee (or another escrow agent reasonably acceptable to Seller and Pubco) (the “Astral Escrow Account”), and (ii) 2,000,000 shares of Pubco Class A Stock (the “Astral Post-Closing Shares”) will be issued and deposited into Astral’s security account on the thirtieth (30th) calendar day following the Closing Date, rather than on the Company Merger Effective Date.The Astral Escrow Shares will be released in tranches, all as provided in the Business Combination Agreement and the escrow agreement that will be entered into by and between Seller, Pubco and the escrow agent in a form to be mutually agreed upon by the parties prior to the Closing (the “Astral Escrow Agreement”). In particular, the Astral Escrow Shares will (i) vest and be released to Astral upon the achievement of one or more Triggering Events (as defined under the Business Combination Agreement) or the occurrence of a Change in Control, and/or (ii) be transferred to Pubco in the event that, within the earn out period ending on the fifth (5th) anniversary of the Closing Date, all of the Triggering Events have not been achieved by Pubco and a Change in Control has not occured. In particular, pursuant to the Business Combination Agreement the Astral Earnout Shares will vest and be released from the Astral Escrow Account to Astral, in the amounts specified below, upon Pubco meeting the following price milestones: (i) on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the VWAP of the Pubco Class A Stock is greater than or equal to $13.00 per share (“Triggering Event I”), 666,667 shares of Pubco Class A Stock; (ii) on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the VWAP of the Pubco Class A Stock is greater than or equal to $15.00 per share (“Triggering Event II”), 666,667 shares of Pubco Class A Stock; and (iii) on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the VWAP of the Pubco Class A Stock is greater than or equal to $17.00 per share (“Triggering Event III,” and together with Triggering Event I and Triggering Event II, the “Triggering Events” and each a “Triggering Event”), 666,666 shares of Pubco Class A Stock. If any of the Public Shareholders exercise their redemption rights, the percentage of the issued and outstanding shares of Pubco Class A Stock held by the Public Shareholders will decrease and the percentages of issued and outstanding shares of Pubco Class A Stock held by the Company Unit Investors, the Sponsor, Seller Related Parties, Astral, and the Foundation each increase relative to the percentage held if none of the Public Shares are redeemed unless the Class A Pubco Stock cease to be nonvoting securities, in which case, the Foundation’s percentage ownership will decrease relative to the percentage held if none of the Public Shares are redeemed and the Foundation will receive a number of pre-funded warrants convertible into Pubco Class A Stock in accordance with the Token Sale Agreement, the Contribution Agreement and the Foundation warrant agreement so that its beneficial ownership in Pubco does not exceed the Maximum Percentage. DilutionDilution per share to Public Shareholders is determined by MLAC’s NTBV per share, as adjusted, while excluding the Business Combination, while giving effect to material probable or consummated transactions and other material effects on NTBV per share, from the Public Shareholders as set forth as follows under five redemption scenarios.The following table illustrates NTBV per share and the change in NTBV per share, as adjusted, following the Closing, but excluding the other effects of the Business Combination, while giving effect to probable or consummated transactions that are material and other material effects on NTBV per share. These are presented in relation to the offering price per Public Share in the MLAC IPO as set forth as follows under the five redemption scenarios:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:173.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Assuming</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">25%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;margin:0pt;padding:0pt;">50%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">75%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shares</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 23,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 17,273,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,547,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,820,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 94,516</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Founder Shares</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 7,187,500</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Private Placement Shares</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Representative Private Placement Shares</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Total MLAC Ordinary Shares outstanding as of December 31, 2025</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 30,992,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 25,266,129</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 19,539,758</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 13,813,387</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 8,087,016</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">NTBV(1) as of December 31, 2025</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (734,770)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Adjusted for:</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC shares underlying public rights</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 2,300,000</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Private Placement Shares to be surrendered by the Sponsor</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Private Placement Shares to be surrendered by BTIG</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (310,000)</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Class B Ordinary Shares to be surrendered by the Sponsor</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td></tr><tr style="height:34.79pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Total MLAC Ordinary Shares outstanding as of December 31, 2025, as adjusted</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 28,100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 22,373,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 16,647,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 10,920,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 5,194,516</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">NTBV as of December 31, 2025(1)</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Adjusted for(2):</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:34.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Reclassification of MLAC Class A Ordinary Shares subject to redemption to equity</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 243,344,159</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 182,758,118</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 121,172,078</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 61,586,037</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,000,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Transaction expenses to be paid by MLAC</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">NTBV as of December 31, 2025, as adjusted</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 241,283,411</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 180,697,370</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 120,111,330</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 59,525,289</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> (1,060,748)</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">NTBV per share as of December 31, 2025, as adjusted </td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 8.59</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 8.08</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7.22</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 5.45</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (0.20)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Dilution(3)</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.41</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.92</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.78</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.55</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.20</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:6pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">NTBV is calculated as total assets minus total liabilities and MLAC Class A Ordinary Shares subject to redemption as of December 31, 2025.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">NTBV is adjusted for (i) payments from the Trust Account at different levels of redemptions to Public Shareholders at the $10.55 per share redemption price as of February 28, 2026; (ii) transaction costs that have not been recorded on MLAC’s financial statements as of December 31, 2025; and (iii) the portion of the deferred underwriter fee to be forfeited by BTIG, which will have an impact on the calculation of NTBV upon the Closing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Dilution is calculated by subtracting the NTBV per share as of December 31, 2025, as adjusted, from the $10.00 MLAC IPO per share price for the Public Shares.</td></tr></table> The following table illustrates NTBV per share and the change in NTBV per share, as adjusted, following the Closing, but excluding the other effects of the Business Combination, while giving effect to probable or consummated transactions that are material and other material effects on NTBV per share. These are presented in relation to the offering price per Public Share in the MLAC IPO as set forth as follows under the five redemption scenarios:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:173.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td><td style="width:11.35pt;padding:0pt;"></td><td style="width:7.15pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Assuming</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Assuming</td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">No</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;margin:0pt;padding:0pt;">25%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;margin:0pt;padding:0pt;">50%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">75%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;margin:0pt;padding:0pt;">Maximum</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:61.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Redemptions</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Public Shares</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 23,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 17,273,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,547,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,820,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 94,516</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Founder Shares</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 7,187,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 7,187,500</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Private Placement Shares</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 495,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Representative Private Placement Shares</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310,000</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Total MLAC Ordinary Shares outstanding as of December 31, 2025</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 30,992,500</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 25,266,129</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 19,539,758</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 13,813,387</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 8,087,016</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">NTBV(1) as of December 31, 2025</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (734,770)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Adjusted for:</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC shares underlying public rights</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 2,300,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 2,300,000</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Private Placement Shares to be surrendered by the Sponsor</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (495,000)</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">MLAC Private Placement Shares to be surrendered by BTIG</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (310,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (310,000)</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC Class B Ordinary Shares to be surrendered by the Sponsor</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,387,500)</td></tr><tr style="height:34.79pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Total MLAC Ordinary Shares outstanding as of December 31, 2025, as adjusted</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 28,100,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 22,373,629</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 16,647,258</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 10,920,887</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 5,194,516</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">NTBV as of December 31, 2025(1)</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> (734,770)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Adjusted for(2):</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:34.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Reclassification of MLAC Class A Ordinary Shares subject to redemption to equity</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 243,344,159</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 182,758,118</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 121,172,078</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 61,586,037</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,000,000</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">Transaction expenses to be paid by MLAC</td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,325,978)</td></tr><tr style="height:23.29pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">NTBV as of December 31, 2025, as adjusted</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 241,283,411</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 180,697,370</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 120,111,330</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> 59,525,289</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"> (1,060,748)</td></tr><tr style="height:23.04pt;"><td style="vertical-align:bottom;width:173.5pt;margin:0pt;padding:0pt;">NTBV per share as of December 31, 2025, as adjusted </td><td style="vertical-align:bottom;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 8.59</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 8.08</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 7.22</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> 5.45</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> (0.20)</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:173.5pt;background:#cceeff;margin:0pt;padding:0pt;">Dilution(3)</td><td style="vertical-align:bottom;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.41</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.92</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> 2.78</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 4.55</td><td style="vertical-align:bottom;white-space:nowrap;width:11.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"> 10.20</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:6pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">NTBV is calculated as total assets minus total liabilities and MLAC Class A Ordinary Shares subject to redemption as of December 31, 2025.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">NTBV is adjusted for (i) payments from the Trust Account at different levels of redemptions to Public Shareholders at the $10.55 per share redemption price as of February 28, 2026; (ii) transaction costs that have not been recorded on MLAC’s financial statements as of December 31, 2025; and (iii) the portion of the deferred underwriter fee to be forfeited by BTIG, which will have an impact on the calculation of NTBV upon the Closing.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Dilution is calculated by subtracting the NTBV per share as of December 31, 2025, as adjusted, from the $10.00 MLAC IPO per share price for the Public Shares.</td></tr></table> 30992500 25266129 19539758 13813387 8087016 -734770 -734770 -734770 -734770 -734770 28100000 22373629 16647258 10920887 5194516 -734770 -734770 -734770 -734770 -734770 243344159 182758118 121172078 61586037 1000000 -1325978 -1325978 -1325978 -1325978 -1325978 241283411 180697370 120111330 59525289 -1060748 8.59 8.08 7.22 5.45 -0.2 1.41 1.92 2.78 4.55 10.2 When Public Shareholders consider the recommendation of the MLAC Board in favor of approval of the Business Combination and other Proposals, Public Shareholders should keep in mind that the Sponsor and its Affiliates have interests in the Proposals that are different from or in addition to (and which may conflict with), the interests of a Public Shareholder as an MLAC Shareholder. These interests include, among other things:<table style="border-collapse:collapse;font-family:"'Times New Roman','Times','serif'";font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor paid $25,000 for the 7,187,500 MLAC Class B Ordinary Shares. Of these amounts, contemporaneously with the consummation of the Business Combination, the Sponsor shall submit for cancellation 4,387,500 MLAC Class B Ordinary Shares, as a result, the Sponsor will retain the Retained Sponsor Shares. If the Business Combination or another MLAC initial business combination is not consummated by June 16, 2026 (or such other date as approved by the MLAC Shareholders), MLAC will cease all operations except for the purpose of winding up. In such event, the 2,800,000 Retained Sponsor Shares held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to terms of the Insider Letter and the Sponsor Lock-Up Agreement, the Retained Sponsor Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Retained Sponsor Shares are not transferable until the earlier of (A) the Anniversary Release; provided that, if the VWAP of the shares of Pubco Class A Stock equals or exceeds $12.50 per share for any 20 consecutive trading days after Closing, then the Anniversary Release will be deemed to occur at 11:59 p.m. (New York City time) on such 20th consecutive trading day, or (B) subsequent to MLAC’s initial business combination, the date on which Pubco consummates a transaction which results in all of its shareholders having the right to exchange their shares for cash, securities or other properties. (The Sponsor may, on or before the Closing of the Business Combination, distribute some or all of the Retained Sponsor Shares held by it and such distributed Retained Sponsor Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements.) In this regard, while the Retained Sponsor Shares are not the same as the MLAC Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the MLAC Class A Ordinary Shares, and may become worthless if MLAC does not complete a business combination by June 16, 2026 (or such other date as approved by the MLAC Shareholders), the aggregate value of the 2,800,000 Retained Sponsor Shares owned by the Sponsor is estimated to be approximately $29.59 million, assuming the per share value of the Retained Sponsor Shares is the same as the $10.57 closing price of the MLAC Class A Ordinary Shares on Nasdaq on April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor has agreed that the 1,600,000 shares of Pubco Class A Stock to be issued to the Sponsor (of the total 2,800,000 Retained Sponsor Shares it will hold), will be held in escrow during the Earnout Period, subject to early release upon certain price-based Triggering Events. Additionally, any Retained Sponsor Shares that are released from escrow shall not be sold or transferred until the Anniversary Release;</td></tr></table><table style="border-collapse:collapse;font-family:"'Times New Roman','Times','serif'";font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the 495,000 MLAC Private Placement Shares held by the Sponsor (or any permitted distributees thereof, as applicable) will be forfeited immediately prior to the closing pursuant to the Sponsor Support Agreement. The Sponsor purchased the MLAC Private Placement Shares at an aggregate purchase price of $4,950,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the MLAC IPO. The aggregate value of the 495,000 MLAC Private Placement Shares held by the Sponsor is estimated to be approximately $5.23 million, assuming the per unit value of the MLAC Private Placement Shares is the same as the $10.57 closing price of the MLAC Class Ordinary Shares on Nasdaq on April 24, 2026;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">if the proposed Business Combination is consummated, immediately after the Closing the Sponsor and its Affiliates are anticipated to hold 4.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled “Share Calculations and Ownership Percentages”, which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled “Unaudited Pro Forma Condensed Combined Financial Information” and “Beneficial Ownership of Securities” and assuming, among other assumptions further described in aforementioned sections of this proxy statement/ prospectus, no redemptions of Public Shares and no conversion of public share rights or private share rights prior to or in connection with the proposed Business Combination;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">based on the difference in the effective purchase price of $0.003 per share paid for the MLAC Class B Ordinary Shares, as compared to the purchase price of $10.00 per Unit sold in the MLAC IPO, the Sponsor and its members may earn a positive </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">rate of return even if the share price of Pubco after the Closing falls below the price initially paid for the MLAC Units in the MLAC IPO and the unredeeming unaffiliated Public Shareholders experience a negative rate of return following the Closing of the Business Combination;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">if, prior to the Closing, the Sponsor provides working capital loans to MLAC, up to $1,500,000 of which may be convertible into MLAC Private Placement Shares at the option of the Sponsor, such loans may not be repaid if no business combination is consummated and MLAC is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">unless MLAC consummates an initial business combination, it is possible that MLAC’s officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, MLAC’s officers and directors have not incurred (nor are any of them expecting to incur) out-of-pocket expenses exceeding such funds available to MLAC for reimbursement thereof, but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, MLAC’s officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">if the Trust Account is liquidated, including in the event MLAC is unable to complete an initial business combination by June 16, 2026 (or such other date as approved by the MLAC Shareholders), the Sponsor has agreed that it will be liable to MLAC, if and to the extent any claims by a third party for services rendered or products sold to MLAC (except for MLAC’s independent auditors) or a prospective target business with which MLAC has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per share due to reductions in the value of the trust assets less taxes payable, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under MLAC’s indemnity of the underwriters of the MLAC IPO against certain liabilities, including liabilities under the Securities Act;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor and its Affiliates may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC agreed to pay Paul Grinberg (“<span style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-decoration-color:#231f20;text-decoration-line:underline;text-decoration-style:solid;">Mr. Grinberg”), MLAC’s Chairman and Chief Executive Officer and Douglas Horlick, MLAC’s President and Chief Financial Officer, an aggregate of up to $20,000 per month for their services as executive officers and directors of MLAC, until the earlier to occur of the completion of MLAC’s initial business combination or its liquidation. As of December 31, 2025, MLAC has incurred and paid an expense of $240,000 of such fee; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC’s officers and directors will be eligible for continued indemnification and continued coverage under a tail policy for MLAC’s directors’ and officers’ liability insurance policy for up to a six-year period from and after the Closing for events occurring prior to the Closing, which tail policy is to be paid for by Pubco at the Closing pursuant to the Business Combination Agreement. If the Business Combination does not close, MLAC’s officers and directors may not receive this tail insurance coverage.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the anticipated election of Mr. Grinberg, MLAC’s Chairman and Chief Executive Officer, as director of Pubco after the consummation of the Business Combination. As such, in the future, such directors will receive any cash fees, stock options or stock awards that the Pubco Board determines to pay to such directors.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">in addition to the interests of the Sponsor and its Affiliates in the Business Combination, MLAC Shareholders should be aware that MLAC’s underwriter for its IPO, BTIG, may also have financial interests that are different from, or in addition to, the interests of MLAC Shareholders, including the fact that:</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">pursuant to an amendment to the underwriting agreement in connection with MLAC’s IPO, BTIG may receive a deferred fee equal to $1,000,000, and such fees are payable at the closing of the Business Combination only if MLAC completes </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">the Business Combination; and pursuant to the Sponsor Support Agreement, BTIG will forfeit its 310,000 MLAC Private Placement Shares; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">pursuant to the BTIG Financial Advisory Services Agreement, BTIG may receive reimbursement of all reasonable out-of-pocket expense as financial advisor to MLAC in connection with the Business Combination, (provided that, if the expense exceeding $100,000, BTIG shall submit to MLAC for its prior written approval), such reimbursement are payable at the closing of the Business Combination only if MLAC completes an initial business combination;</td></tr></table><div style="margin-top:12pt;"></div>The MLAC Board reviewed and considered the potential conflicting interests described above with respect to the Sponsor and Affiliates and, after taking into account the factors they deemed applicable (including the potential conflicting interests), unanimously approved the Business Combination Agreement and the transactions contemplated therein. <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:86.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:67.74pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">2,800,000 MLAC Class B Ordinary Shares, of which 1,600,000 shares (the”Sponsor Earnout Shares”) shall be held in escrow and shall vest and be released from escrow, in the amounts specified below, upon Pubco meeting the milestones specified below: </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">$25,000 paid to purchase the 7,187,500 MLAC Class B Ordinary Shares (of which 4,387,500 shares will be forfeited upon the Closing). </td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:55.99pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; and </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor. </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:86.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:46.24pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Additional MLAC Class A Ordinary Shares and/or cash </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Amounts outstanding at the Closing under any MLAC Working Capital Loan will be repaid, at the lender’s option, in either cash or by the issuance of MLAC Class A Ordinary Shares at $10.00 per share. </td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:86.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:67.74pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">2,800,000 MLAC Class B Ordinary Shares, of which 1,600,000 shares (the”Sponsor Earnout Shares”) shall be held in escrow and shall vest and be released from escrow, in the amounts specified below, upon Pubco meeting the milestones specified below: </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">$25,000 paid to purchase the 7,187,500 MLAC Class B Ordinary Shares (of which 4,387,500 shares will be forfeited upon the Closing). </td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:55.99pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; and </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:44.49pt;"><td style="vertical-align:top;width:86.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"><div style="border-collapse:collapse;display:table;border:0;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</div><div style="display:table-cell;padding:0pt;">Upon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor. </div></div></div></td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;margin:0pt;padding:0pt;"></td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td><td style="width:10.8pt;padding:0pt;"></td><td style="width:216pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:86.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:10.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:216pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:18.64pt;"><td style="vertical-align:bottom;width:86.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Interest in Securities/Other Consideration to be Received</td><td style="vertical-align:bottom;width:10.8pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:216pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Price Paid or to be Paid or Consideration Provided</td></tr><tr style="height:46.24pt;"><td style="vertical-align:top;width:86.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Sponsor</td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Additional MLAC Class A Ordinary Shares and/or cash </td><td style="vertical-align:top;width:10.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:216pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Amounts outstanding at the Closing under any MLAC Working Capital Loan will be repaid, at the lender’s option, in either cash or by the issuance of MLAC Class A Ordinary Shares at $10.00 per share. </td></tr></table> 2,800,000 MLAC Class B Ordinary Shares, of which 1,600,000 shares (the”Sponsor Earnout Shares”) shall be held in escrow and shall vest and be released from escrow, in the amounts specified below, upon Pubco meeting the milestones specified below:$25,000 paid to purchase the 7,187,500 MLAC Class B Ordinary Shares (of which 4,387,500 shares will be forfeited upon the Closing).Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor;Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; andUpon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor.Additional MLAC Class A Ordinary Shares and/or cashAmounts outstanding at the Closing under any MLAC Working Capital Loan will be repaid, at the lender’s option, in either cash or by the issuance of MLAC Class A Ordinary Shares at $10.00 per share. 2800000 25000 10 Because the Sponsor acquired the 7,187,500 MLAC Class B Ordinary Shares at a nominal price, the Public Shareholders will incur substantial and immediate dilution upon the Closing of the Business Combination. the Public Shareholders will incur substantial and immediate dilution upon the Closing of the Business Combination. The MLAC Board’s Reasons for Approval of the TransactionsThe MLAC Board considered a variety of factors in connection with its evaluation of the Business Combination. In light of the complexity of those factors, the MLAC Board, as a whole, did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors it took into account in reaching its decision. Individual members of the MLAC Board may have given different weight to different factors. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under “Cautionary Note Regarding Forward- Looking Statements.”Before reaching its decision, the MLAC Board reviewed the information provided to it by its management, representatives of the Sponsor and MLAC’s legal and financial advisors. In addition, before determining that the Business Combination was in the best interests of MLAC and its shareholders, the MLAC Board reviewed various industry data, including a review of recent performance of public companies with the digital asset treasury strategies, such as MicroStrategy, as well as industry insights provided by the Investment Banks, which were included in the investor presentation for the Company Unit Subscription.The MLAC Board determined that pursuing a potential business combination with Pubco and the Company would be an attractive opportunity for MLAC and the MLAC Shareholders, which determination was based on a number of factors including, but not limited to, the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Exclusive partnership with the Foundation, which includes compelling access to AVAX. AVAT has an 18-month exclusive agreement with the Foundation on AVAX sales to any DAT company and, through its relationship with the Foundation, access to opportunities with partners, investors, builders, and service providers across the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Differences between AVAT and other DATs in the marketplace. AVAT seeks to employ an active (instead of passive) DAT strategy, combining a targeted yield strategy with ecosystem development that is designed to provide shareholders with more holistic exposure to the growth of the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Structural trends driving Avalanche utilization, including growth in stablecoin and digital money markets; as well as the tokenization of equities, private credit and other real world assets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche’s technological strengths, including processing speed and ease of customization.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Attractive economics, including a discounted mNAV (calculated as the multiple of enterprise value to the market value of AVAX holdings) of approximately 0.77x at the execution of the Business Combination Agreement, assuming no redemptions from MLAC Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strategic leadership on the Pubco Board and the Advisory Board, including Advisory Board members Ava Labs founder Emin Gün Sirer, managing partner of Dragonfly Haseeb Qureshi, Blockworks Inc. Chief Executive Officer Jason Yanowitz and Aave Labs Chief Executive Officer Stani Kulechov.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strong management team with institutional connectivity, Avalanche protocol expertise, and over 20 years of experience across digital assets, proprietary trading, asset management, market making and institutional capital markets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche real world use cases across finance, payments, corporate/enterprise, government, gaming, sports and entertainment, which signifies the potential for significant market acceptance and adoption. Examples include the use of Avalanche technology in JP Morgan’s Kinexys, the California DMV’s registration of 42 million vehicle titles, Apollo’s launch of tokenized portfolios, funds and private credit, and FIFA’s launch of its own blockchain for digital collectibles and enhanced fan engagement.</td></tr></table><div style="margin-top:12pt;"></div>In connection with its approval of the Business Combination Agreement, the MLAC Board considered the enterprise valuations, after factoring in the Company Unit Subscription, the Foundation’s token sale, and the implied value of AVAX holdings (or mNAV). Additionally, the MLAC Board considered potential valuation multiples of other digital asset tokens such as those supported by the blockchain platforms Ethereum, Stellar, Cardano, and Solana. The MLAC Board believed that the transaction structure for the Business Combination, which features a discounted mNAV, could deliver significant returns on investment to MLAC Shareholders. The MLAC Board also considered the Company’s unique relationship with the Foundation, and its potential to provide strategic exposure to the evolving Avalanche ecosystem, which the MLAC Board believes presented a compelling opportunity for value creation for MLAC Shareholders.In approving the Business Combination, the MLAC Board considered the potential benefits of, but ultimately determined not to obtain, a fairness opinion. The MLAC Board and MLAC’s management have extensive experience in the fintech industry, operational management and investment and financial analysis, including as part of the team’s prior involvement in the proposed acquisition of W3BCLOUD Holdings Inc, a cryptocurrency data center, by Social Leverage Acquisition Corp. I. Furthermore, members of the MLAC Board have made professional investments in the digital asset space. As such, the members of the MLAC Board and management team believe that they are qualified to conduct and analyze the due diligence required to identify a business combination partner. The independent directors of the MLAC Board did not retain an unaffiliated representative to act solely on behalf of the unaffiliated MLAC Shareholders to negotiate the terms of the Business Combination and/or prepare a report concerning the approval of the Business Combination.In the course of its deliberations, in addition to the various other risks associated with the business of Pubco, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/ prospectus, the MLAC Board also considered a variety of uncertainties, risks and other potentially negative factors relevant to the Business Combination, including the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">AVAX and the Volatility of the Price of AVAX. The market prices of AVAX Tokens and other digital assets may fluctuate significantly, potentially due to broader cryptocurrency market movements, regulatory developments, technological changes or general economic conditions. These fluctuations could materially affect the value of Pubco’s digital assets, its mNAV, and overall financial performance.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Macroeconomic Risks Generally. Macroeconomic uncertainty, including the potential impact of the tariffs to be instituted by the United States government, and the effects they could have on the price of AVAX and Pubco’s potential financial performance.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Regulatory Risks with respect to AVAX. Cryptocurrency-related regulations are evolving, and future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact Pubco’s business. AVAX and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Competition in Pubco’s Industry. Many publicly listed digital asset treasury vehicles currently trade at a premium to mNAV, which has attracted and may continue to attract other companies to pursue similar digital asset treasury strategies. This increased number of companies could make it more difficult or expensive for Pubco to, among other things, pursue its strategy of raising funds through public offerings of securities to purchase more AVAX for its corporate treasury.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Risks in Pubco’s Business Plan, which Business Plan May Not be Achieved. Pubco does not have significant operations and will not have significant operations prior to Closing. Pubco may not be successful in building its AVAX holdings or in building the ancillary AVAX related services it intends to launch in tandem with the accumulation and management of its AVAX holdings. Pubco may encounter unforeseen expenses, difficulties, complications, delays and other unknown events that may cause its costs to exceed its expectations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Management Team of Pubco and Public Company Readiness. Gerald Bartholomew Smith, Laine Mihalchick Moljo and Sean Ostrower, who are expected to lead Pubco management after Closing, have limited experience managing an operating a public company. There is a risk that Pubco will not be able to hire the necessary personnel to timely and accurately prepare financial statements and reports to be publicly filed the SEC, or that Pubco’s compliance infrastructure may not be able to successfully manage the increased compliance risks and internal controls requirements to which it will be subject as a public company.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Valuation. The Company has no operating history and the volatile nature of the price of AVAX makes it difficult to evaluate Pubco’s future prospects. The Company’s lack of operating history also makes it difficult to accurately forecast its future results of operations, which are subject to numerous uncertainties as further described herein. In addition, MLAC did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination. As a result, there is a risk that the MLAC Board may not have properly valued the Company’s business.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Listing Risk. The challenges associated with preparing Pubco for requisite listing requirements to which it will be subject as a publicly traded company on a national stock exchange, and the potential inability of Pubco to obtain an initial listing and maintain the listing of Pubco Class A Stock on Nasdaq or any other securities exchange following the Closing.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC Shareholders Holding a Minority Position in Pubco. MLAC Shareholders will hold a minority ownership position in Pubco following completion of the Business Combination, with existing Public Shareholders owning approximately 40.5% of the issued and outstanding shares of Pubco Class A Stock after Closing, assuming no redemptions.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Control of Pubco by the Seller. Pubco will have two classes of common stock after Closing, with Pubco Class A Stock having no voting rights (except as required by applicable law) until all shares of Pubco Class B Stock are cancelled, and Pubco Class B Stock having voting rights. At Closing, MLAC Shareholders will receive shares of Pubco Class A Stock and only the Seller will own shares of Pubco Class B Stock. As a result, Pubco will be a controlled company under Nasdaq listing standards after Closing, with all decisions of Pubco being controlled by the Seller. Accordingly, Public Shareholders will not participate in the governance of Pubco after Closing. For additional information, see the section of this proxy statement/prospectus entitled “Description of Pubco Securities.”</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Litigation. The possibility of litigation or MLAC shareholder actions challenging the Transactions or injunction against any of the actions required to be taken in order to consummate the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Fees and Expenses. The fees and expenses associated with completing the Business Combination, including those payable to the Investment Banks and BTIG.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Redemptions. The risk that a significant number of Public Shareholders may exercise their redemption rights, thereby depleting the amount of cash available in the Trust Account to fund Pubco’s business after the Business Combination, not only making it more difficult for Pubco to meet initial listing requirements, but also reducing the liquidity of the trading market for Pubco Class A Stock upon Closing. </td></tr></table><div style="margin-top:12pt;"></div>In addition to considering the factors described above, the MLAC Board also considered that:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Interests of Certain Persons. The Sponsor, its affiliates and certain executive officers and directors of MLAC, as individuals, may have interests in the Business Combination that are in addition to, and that may be different from (and may conflict with), the interests of MLAC Shareholders. The possibility that the MLAC Board may have been influenced by conflicts between what may be in MLAC’s best interests and what may be best for a director’s personal interests, including the possibility that if the Business Combination is not consummated, and MLAC is forced to liquidate because it is unable to consummate another business combination within the timeframe permitted by its Memorandum and Articles of Association, the Class B Ordinary Shares and Private Placement Units owned by the Sponsor would be worthless. For more information, see section entitled “The Business Combination Proposal — Interests of the Sponsor and MLAC’s Directors and Executive Officers in the Business Combination.”</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Differing Returns. The Sponsor paid $25,000, or approximately $0.005 per share, for the MLAC Founder Shares (of which it currently holds 7,187,500, 4,387,500 of which the Sponsor has agreed to surrender, immediately prior to, and subject to the consummation of, the MLAC Merger). Such shares (after accounting for the share surrender), are valued at approximately $28,924,000, based on the closing price of MLAC Class A Ordinary Shares of $10.30 on September 30, 2025, the business day before the MLAC Board approved the Business Combination. Such shares will be worthless if a business combination is not consummated. The Sponsor and its affiliates can earn a positive rate of return on their investment even if Public Shareholders experience a negative return following the consummation of the Business Combination.</td></tr></table><div style="margin-top:12pt;"></div>After considering the foregoing, the MLAC Board concluded, in its business judgment, that the potential benefits to MLAC and the MLAC Shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination. The MLAC Board considered a variety of factors in connection with its evaluation of the Business Combination. In light of the complexity of those factors, the MLAC Board, as a whole, did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors it took into account in reaching its decision. Individual members of the MLAC Board may have given different weight to different factors. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under “Cautionary Note Regarding Forward- Looking Statements.”Before reaching its decision, the MLAC Board reviewed the information provided to it by its management, representatives of the Sponsor and MLAC’s legal and financial advisors. In addition, before determining that the Business Combination was in the best interests of MLAC and its shareholders, the MLAC Board reviewed various industry data, including a review of recent performance of public companies with the digital asset treasury strategies, such as MicroStrategy, as well as industry insights provided by the Investment Banks, which were included in the investor presentation for the Company Unit Subscription.The MLAC Board determined that pursuing a potential business combination with Pubco and the Company would be an attractive opportunity for MLAC and the MLAC Shareholders, which determination was based on a number of factors including, but not limited to, the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Exclusive partnership with the Foundation, which includes compelling access to AVAX. AVAT has an 18-month exclusive agreement with the Foundation on AVAX sales to any DAT company and, through its relationship with the Foundation, access to opportunities with partners, investors, builders, and service providers across the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Differences between AVAT and other DATs in the marketplace. AVAT seeks to employ an active (instead of passive) DAT strategy, combining a targeted yield strategy with ecosystem development that is designed to provide shareholders with more holistic exposure to the growth of the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Structural trends driving Avalanche utilization, including growth in stablecoin and digital money markets; as well as the tokenization of equities, private credit and other real world assets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche’s technological strengths, including processing speed and ease of customization.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Attractive economics, including a discounted mNAV (calculated as the multiple of enterprise value to the market value of AVAX holdings) of approximately 0.77x at the execution of the Business Combination Agreement, assuming no redemptions from MLAC Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strategic leadership on the Pubco Board and the Advisory Board, including Advisory Board members Ava Labs founder Emin Gün Sirer, managing partner of Dragonfly Haseeb Qureshi, Blockworks Inc. Chief Executive Officer Jason Yanowitz and Aave Labs Chief Executive Officer Stani Kulechov.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strong management team with institutional connectivity, Avalanche protocol expertise, and over 20 years of experience across digital assets, proprietary trading, asset management, market making and institutional capital markets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche real world use cases across finance, payments, corporate/enterprise, government, gaming, sports and entertainment, which signifies the potential for significant market acceptance and adoption. Examples include the use of Avalanche technology in JP Morgan’s Kinexys, the California DMV’s registration of 42 million vehicle titles, Apollo’s launch of tokenized portfolios, funds and private credit, and FIFA’s launch of its own blockchain for digital collectibles and enhanced fan engagement.</td></tr></table><div style="margin-top:12pt;"></div> The MLAC Board determined that pursuing a potential business combination with Pubco and the Company would be an attractive opportunity for MLAC and the MLAC Shareholders, which determination was based on a number of factors including, but not limited to, the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Exclusive partnership with the Foundation, which includes compelling access to AVAX. AVAT has an 18-month exclusive agreement with the Foundation on AVAX sales to any DAT company and, through its relationship with the Foundation, access to opportunities with partners, investors, builders, and service providers across the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Differences between AVAT and other DATs in the marketplace. AVAT seeks to employ an active (instead of passive) DAT strategy, combining a targeted yield strategy with ecosystem development that is designed to provide shareholders with more holistic exposure to the growth of the Avalanche ecosystem.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Structural trends driving Avalanche utilization, including growth in stablecoin and digital money markets; as well as the tokenization of equities, private credit and other real world assets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche’s technological strengths, including processing speed and ease of customization.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Attractive economics, including a discounted mNAV (calculated as the multiple of enterprise value to the market value of AVAX holdings) of approximately 0.77x at the execution of the Business Combination Agreement, assuming no redemptions from MLAC Shareholders.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strategic leadership on the Pubco Board and the Advisory Board, including Advisory Board members Ava Labs founder Emin Gün Sirer, managing partner of Dragonfly Haseeb Qureshi, Blockworks Inc. Chief Executive Officer Jason Yanowitz and Aave Labs Chief Executive Officer Stani Kulechov.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Strong management team with institutional connectivity, Avalanche protocol expertise, and over 20 years of experience across digital assets, proprietary trading, asset management, market making and institutional capital markets.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Avalanche real world use cases across finance, payments, corporate/enterprise, government, gaming, sports and entertainment, which signifies the potential for significant market acceptance and adoption. Examples include the use of Avalanche technology in JP Morgan’s Kinexys, the California DMV’s registration of 42 million vehicle titles, Apollo’s launch of tokenized portfolios, funds and private credit, and FIFA’s launch of its own blockchain for digital collectibles and enhanced fan engagement.</td></tr></table><div style="margin-top:12pt;"></div> <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Attractive economics, including a discounted mNAV (calculated as the multiple of enterprise value to the market value of AVAX holdings) of approximately 0.77x at the execution of the Business Combination Agreement, assuming no redemptions from MLAC Shareholders.</td></tr></table> Examples include the use of Avalanche technology in JP Morgan’s Kinexys, the California DMV’s registration of 42 million vehicle titles, Apollo’s launch of tokenized portfolios, funds and private credit, and FIFA’s launch of its own blockchain for digital collectibles and enhanced fan engagement. In connection with its approval of the Business Combination Agreement, the MLAC Board considered the enterprise valuations, after factoring in the Company Unit Subscription, the Foundation’s token sale, and the implied value of AVAX holdings (or mNAV). Additionally, the MLAC Board considered potential valuation multiples of other digital asset tokens such as those supported by the blockchain platforms Ethereum, Stellar, Cardano, and Solana. The MLAC Board believed that the transaction structure for the Business Combination, which features a discounted mNAV, could deliver significant returns on investment to MLAC Shareholders. The MLAC Board also considered the Company’s unique relationship with the Foundation, and its potential to provide strategic exposure to the evolving Avalanche ecosystem, which the MLAC Board believes presented a compelling opportunity for value creation for MLAC Shareholders. In approving the Business Combination, the MLAC Board considered the potential benefits of, but ultimately determined not to obtain, a fairness opinion. The MLAC Board and MLAC’s management have extensive experience in the fintech industry, operational management and investment and financial analysis, including as part of the team’s prior involvement in the proposed acquisition of W3BCLOUD Holdings Inc, a cryptocurrency data center, by Social Leverage Acquisition Corp. I. Furthermore, members of the MLAC Board have made professional investments in the digital asset space. As such, the members of the MLAC Board and management team believe that they are qualified to conduct and analyze the due diligence required to identify a business combination partner. The independent directors of the MLAC Board did not retain an unaffiliated representative to act solely on behalf of the unaffiliated MLAC Shareholders to negotiate the terms of the Business Combination and/or prepare a report concerning the approval of the Business Combination. false false In the course of its deliberations, in addition to the various other risks associated with the business of Pubco, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/ prospectus, the MLAC Board also considered a variety of uncertainties, risks and other potentially negative factors relevant to the Business Combination, including the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">AVAX and the Volatility of the Price of AVAX. The market prices of AVAX Tokens and other digital assets may fluctuate significantly, potentially due to broader cryptocurrency market movements, regulatory developments, technological changes or general economic conditions. These fluctuations could materially affect the value of Pubco’s digital assets, its mNAV, and overall financial performance.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Macroeconomic Risks Generally. Macroeconomic uncertainty, including the potential impact of the tariffs to be instituted by the United States government, and the effects they could have on the price of AVAX and Pubco’s potential financial performance.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Regulatory Risks with respect to AVAX. Cryptocurrency-related regulations are evolving, and future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely impact Pubco’s business. AVAX and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Competition in Pubco’s Industry. Many publicly listed digital asset treasury vehicles currently trade at a premium to mNAV, which has attracted and may continue to attract other companies to pursue similar digital asset treasury strategies. This increased number of companies could make it more difficult or expensive for Pubco to, among other things, pursue its strategy of raising funds through public offerings of securities to purchase more AVAX for its corporate treasury.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Risks in Pubco’s Business Plan, which Business Plan May Not be Achieved. Pubco does not have significant operations and will not have significant operations prior to Closing. Pubco may not be successful in building its AVAX holdings or in building the ancillary AVAX related services it intends to launch in tandem with the accumulation and management of its AVAX holdings. Pubco may encounter unforeseen expenses, difficulties, complications, delays and other unknown events that may cause its costs to exceed its expectations.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Management Team of Pubco and Public Company Readiness. Gerald Bartholomew Smith, Laine Mihalchick Moljo and Sean Ostrower, who are expected to lead Pubco management after Closing, have limited experience managing an operating a public company. There is a risk that Pubco will not be able to hire the necessary personnel to timely and accurately prepare financial statements and reports to be publicly filed the SEC, or that Pubco’s compliance infrastructure may not be able to successfully manage the increased compliance risks and internal controls requirements to which it will be subject as a public company.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Valuation. The Company has no operating history and the volatile nature of the price of AVAX makes it difficult to evaluate Pubco’s future prospects. The Company’s lack of operating history also makes it difficult to accurately forecast its future results of operations, which are subject to numerous uncertainties as further described herein. In addition, MLAC did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination. As a result, there is a risk that the MLAC Board may not have properly valued the Company’s business.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Listing Risk. The challenges associated with preparing Pubco for requisite listing requirements to which it will be subject as a publicly traded company on a national stock exchange, and the potential inability of Pubco to obtain an initial listing and maintain the listing of Pubco Class A Stock on Nasdaq or any other securities exchange following the Closing.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">MLAC Shareholders Holding a Minority Position in Pubco. MLAC Shareholders will hold a minority ownership position in Pubco following completion of the Business Combination, with existing Public Shareholders owning approximately 40.5% of the issued and outstanding shares of Pubco Class A Stock after Closing, assuming no redemptions.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Control of Pubco by the Seller. Pubco will have two classes of common stock after Closing, with Pubco Class A Stock having no voting rights (except as required by applicable law) until all shares of Pubco Class B Stock are cancelled, and Pubco Class B Stock having voting rights. At Closing, MLAC Shareholders will receive shares of Pubco Class A Stock and only the Seller will own shares of Pubco Class B Stock. As a result, Pubco will be a controlled company under Nasdaq listing standards after Closing, with all decisions of Pubco being controlled by the Seller. Accordingly, Public Shareholders will not participate in the governance of Pubco after Closing. For additional information, see the section of this proxy statement/prospectus entitled “Description of Pubco Securities.”</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Litigation. The possibility of litigation or MLAC shareholder actions challenging the Transactions or injunction against any of the actions required to be taken in order to consummate the Business Combination.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Fees and Expenses. The fees and expenses associated with completing the Business Combination, including those payable to the Investment Banks and BTIG.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Redemptions. The risk that a significant number of Public Shareholders may exercise their redemption rights, thereby depleting the amount of cash available in the Trust Account to fund Pubco’s business after the Business Combination, not only making it more difficult for Pubco to meet initial listing requirements, but also reducing the liquidity of the trading market for Pubco Class A Stock upon Closing. </td></tr></table><div style="margin-top:12pt;"></div> MLAC did not obtain a fairness opinion (or any similar report or appraisal) in connection with the Business Combination. As a result, there is a risk that the MLAC Board may not have properly valued the Company’s business MLAC Shareholders will hold a minority ownership position in Pubco following completion of the Business Combination, with existing Public Shareholders owning approximately 40.5% of the issued and outstanding shares of Pubco Class A Stock after Closing, assuming no redemptions The MLAC Board has determined that the Business Combination Proposal and each of the other Proposals are in the best interests of MLAC and the MLAC Shareholders and unanimously recommends that MLAC Shareholders vote “FOR” the Business Combination Proposal, “FOR” the Merger Proposal, “FOR” each of the Domestication and Organizational Documents Proposals, “FOR” the Nasdaq Proposal and “FOR” the Adjournment Proposal, if presented. The Business Combination will be accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, MLAC will be treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the current members of the Company having a majority of the voting power of Pubco upon the Closing, Company senior management comprising all of the senior management of Pubco, and the Company’s operations comprising the ongoing operations of Pubco. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of the Company issuing shares for the net assets of MLAC, accompanied by a recapitalization. The net assets of MLAC will be stated at historical cost, with no goodwill or other intangible assets recorded. As a result, any transaction costs incurred to effect the recapitalization represent costs related to issuing equity and raising capital that are recognized as a reduction to the total amount of equity raised through the Company Unit Subscription Agreements rather than an expense recorded as incurred. Operations prior to the Business Combination will be those of the Company. The existence of personal and financial interests of one or more of MLAC’s directors may result in a conflict of interest on the part of such director(s) between what he, she or they may believe is in the best interests of MLAC and the Public Shareholders and what he or she may believe is best for himself, herself or themselves in determining to recommend that Public Shareholders vote for the Proposals. The personal and financial interests of the Sponsor and its Affiliates may have influenced their motivation in identifying and selecting the Company as an acquisition target and completing the Business Combination. The absence of a fairness opinion (or any similar report or appraisal) exacerbates the possibility that these risks impacted the terms of the Business Combination Agreement.The MLAC Board reviewed and considered the potential conflicting interests described above with respect to the Sponsor and its Affiliates, and, after taking into account the factors they deemed applicable (including the potential conflicting interests), unanimously approved the Business Combination Agreement and the transactions contemplated therein. Pursuant to the MLAC Memorandum and Articles, any holders of Public Shares may demand that such Public Shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the Trust Account (less taxes payable), calculated as of two (2) business days prior to the Closing. If a demand is properly made and the Business Combination is consummated, these shares, immediately prior to the Business Combination, will cease to be outstanding and will represent only the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account which holds the proceeds of the MLAC IPO (calculated as of two (2) business days prior to the Closing, including interest earned on the funds held in the Trust Account and not previously released to MLAC to pay its taxes). For illustrative purposes, based on funds in the Trust Account of approximately $241.2 million as of December 31, 2025 and $244.0 million as of April 27, 2026, the estimated per share redemption prices would have been approximately $10.49 per share and $10.61 per share, respectively (including interest earned on the funds held in the Trust Account but less taxes payable).In order to exercise your redemption rights, you must:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">prior to 5:00 p.m. Eastern Time on , 2026 (two (2) business days before the Meeting), tender your Public Shares physically or electronically and submit a request in writing that MLAC redeem your Public Shares for cash to CST, MLAC’s transfer agent, at the following address:</td></tr></table><div style="margin-top:12pt;"></div>Continental Stock Transfer & Trust Company One State Street Plaza, 30th Floor New York, New York 10004 Attn: SPAC Redemption Team Email: spacredemptions@continentalstock.com<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">In your request to CST for redemption, you must also affirmatively certify if you “ARE” or “ARE NOT” acting in concert or as a “group” (as defined in Section 13d-3 of the Exchange Act) with any other Public Shareholder; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">deliver your Public Shares either physically or electronically through DTC to CST at least two (2) business days before the Meeting. Public Shareholders seeking to exercise their redemption rights and opting to deliver physical certificates should allot sufficient time to obtain physical certificates from CST and time to effect delivery. It is MLAC’s understanding that Public Shareholders should generally allot at least two weeks to obtain physical certificates from Continental Stock Transfer </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;">and Trust Company. However, MLAC does not have any control over this process and it may take longer than two weeks. Public Shareholders who hold their Public Shares in street name will have to coordinate with their bank, broker or other nominee to have the shares certificated or delivered electronically. If you do not submit a written request and deliver your Public Shares as described above, your Public Shares will not be redeemed.</td></tr></table><div style="margin-top:12pt;"></div>A Public Shareholder may not withdraw a redemption request once submitted to MLAC unless the MLAC Board determines (in their sole discretion) to permit the withdrawal of such redemption request (which they may do in whole or in part). Subject to the forgoing, if you delivered your Public Shares for redemption to CST and decide within the required timeframe not to exercise your redemption rights, you may request that CST return your Public Shares (physically or electronically). You may make such request by contacting CST at the phone number or address listed above.Prior to exercising redemption rights, Public Shareholders should verify the market price of MLAC Class A Ordinary Shares, as they may receive greater proceeds from the sale of their Public Shares in the public market than from exercising their redemption rights if the market price per share is higher than the redemption price. There can be no assurances that you will be able to sell your Public Shares in the open market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in MLAC Class A Ordinary Shares when you wish to sell your Public Shares.If you exercise your redemption rights, your Public Shares will cease to be outstanding immediately prior to the consummation of the Business Combination and will only represent the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account. You will no longer own those shares and will have no right to participate in, or have any interest in, the future growth of Pubco, if any. You will be entitled to receive cash for these shares only if you properly and timely demand redemption.Notwithstanding the foregoing, the MLAC Memorandum and Articles provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than 15% of the Public Shares in the aggregate, without the prior consent of MLAC.In connection with the MLAC IPO, the Sponsor and its Affiliates agreed to waive any redemption rights with respect to any MLAC Ordinary Shares held by them in connection with the completion of the Business Combination. Such waivers are standard in transactions of this type and the Sponsor and its Affiliates did not receive separate consideration for the waiver. MLAC Shareholders do not have appraisal rights in connection with the Business Combination under the DGCL or the Cayman Act.In addition, Public Shareholders are still entitled to exercise the rights of redemption as detailed in this proxy statement/prospectus and the redemption proceeds payable to Public Shareholders who exercise such redemption rights will represent the fair value of those shares. For a discussion about the Public Shareholders’ redemption rights, please see “Extraordinary General Meeting of MLAC Shareholders — Redemption Rights.” The terms of the Business Combination were the result of arm’s-length negotiations between representatives of MLAC, the Company, Pubco, Seller, Robert Hadick and Gerald Bartholomew Smith (Messrs. Hadick and Smith, together with the Company, Pubco and Seller, the “AVAT Parties”), as further described below. Barclays Capital Inc. (“Barclays”) and PJT Partners LP (“PJT” and, together with Barclays, the “Investment Banks”) acted as placement agents with respect to the Company Unit Subscription and capital markets advisors with respect to the Business Combination. PJT also acted as exclusive financial advisor to AVAT in connection with the Business Combination.The following chronology summarizes the key meetings and events that led to the signing of the Business Combination Agreement. This chronology does not purport to catalogue every correspondence among representatives of MLAC, the AVAT Parties and the Investment Banks.Description of Negotiation Process with Candidates other than Pubco/the Company.Below is a summary of targets other than the Company that were considered and with which MLAC Management had significant discussions, and the reasons why MLAC did not proceed with these candidates.<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Target A: A digital asset investment company located outside the United States reached out via one of its advisors on January 11, 2025, to discuss the possibility of engaging in a business combination. On January 22, 2025 Target A’s CEO shared a presentation with MLAC Management. Over the next few months Target A’s CEO, Paul Grinberg and Douglas Horlick met virtually and in person, to discuss the terms of a potential business combination. MLAC Management sent a proposed letter of intent to Target A’s CEO in early June 2025, which was not accepted by Target A.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Target B: An autonomous vehicle company that MLAC was introduced to by Target B’s banker in April 2025. Beginning in May 2025, MLAC visited Target B’s headquarters, had several discussions with Target B’s management team and shared several drafts of a letter of intent with Target B. MLAC decided not to proceed with the transaction in late July 2025 primarily because the parties were unable to reach agreement on a minimum cash condition for closing.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">Target C: A computer-related company that MLAC was introduced to by Target C’s banker in late July 2025. After several virtual meetings, MLAC decided in late August 2025 to pause negotiations with Target C in order to focus on the AVAT opportunity.</td></tr></table><div style="margin-top:10pt;"></div>Description of Negotiations between MLAC and Pubco/the Company.On August 7, 2025, the Seller engaged Skadden, Arps, Slate, Meagher & Flom (UK) LLP (“Skadden”) to serve as counsel for the Business Combination. The Seller did not materially consider any transactions other than the Business Combination.On August 8, 2025, the ticker “AVAT” was reserved across exchanges with an expiration date of August 8, 2027.On August 14, 2025, at the direction of AVAT, PJT circulated kick-off discussion materials including an outline of the investor presentation and targeting plan for the Company Unit Subscription.On August 14, 2025, at the direction of AVAT, PJT hosted a Project Chamber Kick-off call including PJT, Barclays, the Seller, Gerald Bartholomew Smith and Skadden. Following this first introductory call this group held bi-weekly status calls every Tuesday and Thursday to discuss next steps in the transaction process.On August 18, 2025, the Seller and Avalanche BVI entered into a non-binding letter of intent (the “Foundation LoI”) setting out certain key terms for the sale of AVAX tokens by Avalanche BVI to a digital asset treasury vehicle. The key terms included: (i) a commitment by Avalanche BVI to contribute at least $200 million of AVAX tokens to the Company, priced at a 60% discount; (ii) a contribution by the Seller of up to 1,960,040 AVAX tokens from its affiliated funds; (iii) the final structure of the digital asset treasury vehicle to be determined during definitive documentation; (iv) Avalanche BVI shall be entitled to appoint a representative as a member of the board of directors of such to-be-formed digital asset treasury vehicle; (v) Avalanche BVI may elect to receive an allocation of shares in the to-be-formed digital asset treasury vehicle or cash proceeds or a combination of both; and (vi) exclusivity for 18 months during which Avalanche BVI will not sell AVAX tokens to any other digital asset treasury vehicle listed on a U.S. national stock exchange with a business model primarily dependent on owning AVAX, except as agreed by the parties. The Foundation LoI is non-binding except for provisions regarding confidentiality, exclusivity, and certain miscellaneous terms.On August 18, 2025, at the direction of AVAT, PJT scheduled a series of meetings with Skadden and Barclays to discuss Company Unit Subscription and SPAC targeting matters.On August 19, 2025, a representative of Barclays, who was aware of MLAC Management’s experience in the digital asset space, approached Douglas Horlick, President of MLAC, with the AVAT opportunity.On August 20, 2025, MLAC Management received a non-disclosure agreement (“NDA”) from the AVAT Parties.On August 20, 2025, Avalanche Treasury Company LLC was formed as a Delaware limited liability company in order to pursue the Business Combination.On August 22, 2025, after some minor negotiated changes MLAC Management and the AVAT Parties executed the NDA.On August 27, 2025, a meeting between Barclays and MLAC Management, which included Paul Grinberg and Mr. Horlick, was held to discuss the AVAT opportunity and to determine if this would be of interest to MLAC. Subsequently, representatives of Barclays introduced representatives of the AVAT Parties by e-mail to MLAC Management. This led to a meeting on August 28, 2025 by and among representatives of Barclays, MLAC Management, MLAC director Jamie Vieser, and the AVAT Parties, where Mr. Hadick and Mr. Smith provided a detailed overview of AVAT.On August 28, 2025, Mr. Hadick shared a draft of the Contribution Agreement with the AVAT Parties reflecting the terms of the Foundation LoI, therefore governing the contribution of AVAX tokens to the Company by both Avalanche BVI and the Seller Related Parties.On August 29, 2025, MLAC Management, Mr. Hadick and Mr. Smith had a follow-up meeting where MLAC Management asked detailed questions about the proposed business.On August 31, 2025, MLAC Management, Mr. Hadick and Mr. Smith held a meeting where they discussed the terms of a potential deal. Those discussions and negotiations continued over the course of multiple meetings held on September 1, 2025.On September 1, 2025, MLAC Management agreed via email with the AVAT Parties on key points of a draft letter of intent (the “LOI”) regarding the potential Business Combination. The key terms, proposed by the AVAT Parties and accepted by MLAC Management, included: (i) a contribution by Seller of up to 1,960,040 AVAX tokens in exchange for 2,000,000 Pubco Class A Stock and 2,000,000 Pubco Class B Stock, each subject to certain price-based earnouts; (ii) a contribution by the Foundation of at least $200 million of AVAX tokens, priced at a 60% discount, (iii) a dual-class structure for Pubco consisting of voting and non-voting classes of stock; (iv) a PIPE commitment of at least $300 million on or prior to the execution of definitive agreements; (iv) the forfeiture by Sponsor of up to 7,187,500 founder shares (excluding 1,200,000 founder shares) and all of its 495,000 private placement units; and (vi) reciprocal earnout requirements for the securities to be held by each of Seller and the MLAC Sponsor. Points of heavier negotiation included the price-based thresholds for the reciprocal earnout milestones, the number of Founder Shares subject to forfeiture and the scope and structure of the voting rights to be granted to Seller and its designees under a dual- class regime. The LOI provided for an initial 30-day exclusivity period, subject to automatic 30-day renewal periods unless earlier terminated by any party.On September 1 and 2, 2025, MLAC Management discussed with individual MLAC Board Members the proposed Business Combination. The MLAC Board was unanimously supportive of MLAC entering into the LOI.On September 3, 2025, upon further negotiation, MLAC and AVAT executed the LOI. The final terms reflected what was previous agreed upon.On September 4, 2025, MLAC began its due diligence of the AVAT Parties.On September 4, 2025, the Foundation shared their comments to the Contribution Agreement, including the request to have two separate agreements governing the transfer of AVAX tokens to the Company by the Foundation and the Seller Related Parties rather than one, as originally envisaged in the Foundation LoI and in the first version of the Contribution Agreement dated as of August 28, 2025. In particular, the proposed revised structure envisaged: (i) a Contribution Agreement between Dragonfly and the Company, and (ii) a Token Sale Agreement between the Foundation and the Company. Simultaneously, the Foundation shared a first draft of the Token Sale Agreement, based on a standard form agreement normally used by the Foundation for the sale of AVAX tokens and incorporating the provisions regarding pricing, consideration, and restrictions applicable to the transfer of AVAX tokens by the Foundation to the Company, as previously included in the Contribution Agreement.On September 5, 2025, Sidley Austin LLP (“Sidley”), counsel to the Foundation with respect to the Contribution Agreement and the Token Sale Agreement had a call with Mr. Hadick, Skadden and the Seller to discuss the mechanics of the Contribution Agreement and the Token Sale Agreement and how the agreements are intended to work together as well as other specific provisions of the Token Sale Agreement (e.g., the indemnity provisions, a proposed rescission rights for the Foundation, the date for the calculation of the VWAP, and representation and warranties of the Company).On September 5, 2025, MLAC Management and representatives of the AVAT Parties had a meeting to plan for the process for the proposed Business Combination, which included an introduction to potential auditors and accountants for the Company.Between September 5, 2025 and October 1, 2025, MLAC Management engaged in discussions with BTIG, MLAC’s IPO underwriter, with respect to its engagement as a financial and capital markets advisors to MLAC in the Business Combination. In connection with such engagement, BTIG agreed to forfeit its 310,000 Private Placement Units and all deferred underwriting fees payable upon consummation of the Business Combination in excess of $1,000,000.On September 8, 2025, MLAC engaged Ellenoff Grossman & Schole LLP (“EGS”), to serve as its counsel with respect to the Business Combination.On September 8, 2025, Skadden shared with Sidley and the Foundation updated drafts of the Contribution Agreement and the Token Sale Agreement, reflecting the new structure proposed by the Foundation to have two different agreements governing the transfer of AVAX Tokens to the Company and setting out among other things the form of payment (split between cash and shares in Pubco) and conditions and timing of such contribution.Between September 8, 2025 and September 23, 2025, Skadden, Sidley, the Foundation, the AVAT Parties, the Seller and Mr. Hadick held multiple calls and exchanged multiple drafts of the Contribution Agreement and the Token Sale Agreement whereby such parties negotiated among others, the duration of the Foundation’s right of first refusal on direct and indirect sales of all AVAX Tokens, the introduction of the Foundation’s right to convert, subject to certain conditions, the shares of Pubco Class A Stock to be issued to them as a consideration for the transfer of AVAX Tokens into pre-funded warrants convertible, at the Foundation’s request, into Pubco Class A Stock on a one-to-one basis, the price for the transfer of the AVAX Tokens, the language relating to treatment of the AVAX Tokens as securities, the cure period for breaches of lock-ups and the indemnity provisions.On September 9, 2025, Davis Polk & Wardwell LLP (“DPW”), counsel to the Investment Banks, sent to EGS a draft of the wall cross materials, which included procedures designed to engage in discussions with potential investors for the Company Unit Subscription in compliance with applicable federal securities laws. Additionally, at the direction of AVAT, the Investment Banks sent to EGS an advanced draft of the investor presentation for the Company Unit Subscription. From September 9, 2025 to September 16, 2025, MLAC, the AVAT Parties, DPW, Skadden and EGS reviewed and provided comments on the investor presentation and wall cross procedures for the Company Unit Subscription. On September 11, 2025, DPW organized a regulatory and legal due diligence call with EGS, Skadden, MLAC and the Company.On September 11, 2025, representatives of EGS and Skadden had an organizational meeting to discuss the Business Combination and allocate responsibilities between Skadden and EGS for the preparation of the initial drafts of the various transaction documents.From September 11, 2025 until October 1, 2025 the date on which the Business Combination Agreement was executed, representatives of MLAC, the AVAT Parties, EGS, Skadden and the Investment Banks held twice-weekly meetings to discuss the status of the Transactions and applicable documents to be executed in connection with the Transaction.On September 11, 2025, Skadden sent EGS an initial draft of the Business Combination Agreement and the Company Unit Subscription Agreement.On September 11, 2025, the parties finalized the wall-cross procedures for the Company Unit Subscription.On September 11, 2025, Sidley sent updated drafts of the Contribution Agreement and the Token Sale Agreement, the main changes to the: (i) Token Sale Agreement were in relation to representations and warranties, liquidated damages, lock-up terms and indemnity; and (ii) Contribution Agreement were in relation to the representations and warranties, right of first refusal and indemnity.On September 12, 2025, the Company engaged the Investment Banks to act as placement agents in connection with the Company Unit Subscription and as capital markets advisors in connection with the Business Combination.On September 12, 2025, AVAT entered into the Financial Advisor Engagement Letter, pursuant to which AVAT engaged PJT as its exclusive financial advisor in connection with the Business Combination and PJT agreed to perform customary financial advisory services.On September 12, 2025, the parties finalized the investor presentation to be used in the Company Unit Subscription process and, at the direction of AVAT, the Investment Banks launched the private marketing process for the Company Unit Subscription.On September 12, 2025, Skadden, Sidley, the Foundation, the AVAT Parties, the Seller and Mr. Hadick had a call to discuss the revised drafts of the Contribution Agreement and the Token Sale Agreement dated as of September 11, 2025.From September 12, 2025 to October 1, 2025, at the direction of AVAT, the Investment Banks conducted investor outreach. During this period, wall-crossed investors and the executive officers of Pubco held investor meetings in which the AVAT Parties engaged in substantive discussions about proposed terms of the Company Unit Subscription Agreement.On September 15, 2025, EGS circulated a revised draft of the Business Combination Agreement. The primary changes were edits to remove or revise provisions that were not relevant to MLAC’s outstanding securities.On September 15, 2025, Skadden reverted with comments to Sidley on the Contribution Agreement and the Token Sale Agreement where certain representations and warranties were reinstated, the conditions to closing under the Contribution Agreement were deleted as signing and closing were to occur simultaneously, along with other changes.On September 16 and 18, 2025, representatives of the Investment Banks and the AVAT Parties held meetings to discuss the size and composition of the securities offered and purchase price to be paid in the Company Unit Subscription.On September 17, 2025, Sidley shared with Skadden revised versions of the Contribution Agreement and the Token Sale Agreement where Sidley included certain conditions to the token delivery in the Token Sale Agreement and certain conditions to closing in the Contribution Agreement.On September 18, 2025, Skadden reverted with comments to Sidley on the Contribution Agreement and the Token Sale Agreement.Between September 18, 2025 and September 19, 2025, Sidley and Skadden held a call and circulated multiple updated versions of the Contribution Agreement and the Token Sale Agreement.From August 29 to September 25, 2025, MLAC Management provided the MLAC Board with periodic updates and discussed various aspects of the proposed transaction, including about the Company’s exclusive relationship with the Foundation, the size and scope of related financing options, characteristics of Avalanche compared to other digital tokens, and the Company’s proposed DAT accumulation and financing strategies.On September 19, 2025, EGS sent Skadden revised drafts of the Company Unit Subscription Agreements.On September 20, 2025, at the direction of AVAT, the Investment Banks provided prospective investors with the initial drafts of the Company Unit Subscription Agreement. From September 19, 2025 to October 1, 2025, Investment Banks conducted private investor outreach. During this period, wall-crossed investors, the executive officers of Pubco and Investment Banks held investor meetings and Investment Banks and the AVAT Parties engaged in substantive discussions about proposed terms of the Company Unit Subscription Agreement.On September 21, 2025, Skadden circulated a revised draft of Business Combination Agreement. Due to the potential investor profile, the agreement was revised to remove the proposed transaction structure and adopt a standard double dummy transaction structure which significantly simplified the Business Combination Agreement.On September 22, 2025, Avalanche Treasury Corporation was incorporated as a Delaware corporation.On September 22, 2025, Sidley provided comments to the Contribution Agreement and the Token Sale Agreement including in relation to, among other things, the limitation on liability, definitions of permitted collateral pledge and cure period for breaches of restrictions applying to the tokens.From September 23, 2025 until September 30, 2025, Sidley and Skadden held multiple calls and circulated multiple drafts until both the Contribution Agreement and the Token Sale Agreement were in agreed form.On September 23, 2025, a call was held between Skadden’s and EGS’ tax and corporate teams to discuss and finalize the transaction structure.On September 23, 2025, EGS sent Skadden initial drafts of the forms of Lock-up Agreement for (i) the Sponsor and other insiders of MLAC and (ii) the shareholders of the Company.On September 25, 2025, EGS sent Skadden an initial draft of the Sponsor Support Agreement. The draft provided that rather than forfeiting the 1,600,000 founder shares at the Closing and issuing new shares upon achievement of the trading price thresholds (as contemplated by the LOI), the shares would be converted at Closing and placed in escrow.On September 25, 2025, Skadden sent EGS an initial draft of the Amended and Restated Registration Rights Agreement. EGS sent a revised draft to Skadden on September 26, 2025. The primary change was to propose a reduction in the filing deadline for an effective shelf registration statement.On September 26, 2025, Avalanche Company Merger Sub LLC was formed as a Delaware limited liability company.On September 26, 2025, Avalanche SPAC Merger Sub LLC was formed as a Delaware limited liability company.On September 26, 2025, the MLAC Board held a board meeting to consider the status and terms of the Business Combination and related agreements. MLAC Management, with the assistance of representatives from EGS and Forbes Hare, provided an update on the status of the Transactions, and answered questions from the MLAC Board.On September 27, 2025, Skadden sent EGS a revised draft of the Sponsor Support Agreement and the Lock-Up Agreements.On September 28, 2025, EGS sent comments on the Sponsor Support Agreement introducing the concept of escrow for the Sponsor’s earn-out and confirmed that the Lock-Up Agreement was in final form.On September 29, 2025, Skadden sent EGS revised drafts of the Business Combination and Sponsor Support Agreement. The primary changes in the Business Combination Agreement were to set forth the escrow mechanics for the shareholder earnout. The primary change in the Sponsor Support Agreement was to move the definition of a “Transfer” to the Business Combination Agreement. The Sponsor Support Agreement was in final form.From September 29, 2025 to September 30, 2025, the parties and their legal counsel exchanged drafts and finalized the terms of the Business Combination Agreement and each of the Ancillary Agreements and other annexes to the Business Combination Agreement. During this period, the parties resolved all open items in the Business Combination Agreement and the Ancillary Agreements.On October 1, 2025, the MLAC Board, by unanimous written consent, unanimously approved the Business Combination and the other Transactions, the entry into the Business Combination Agreement and the Ancillary Agreements to be executed by each of them.On October 1, 2025, MLAC, Pubco, the Company, MLAC Merger Sub, Company Merger Sub and the Seller executed the Business Combination Agreement. Concurrently with the execution of the Business Combination Agreement, (i) MLAC, Pubco and the Sponsor entered into the Sponsor Support Agreement, (ii) MLAC, Pubco and the Company entered into each of the Company Unit Subscription Agreements with certain investors, (iii) the Company, the Seller, Pubco, Avalanche BVI and Avalanche Cayman entered into the Contribution Agreement, and (iv) the Company, Pubco, Avalanche BVI and Avalanche Cayman entered into the Token Sale Agreement. See “— Related Agreements” for additional information.On October 1, 2025, the parties issued a joint press release announcing the execution of the Business Combination Agreement, and MLAC filed a Form 8-K with the SEC that included a copy of such press release and the investor presentation for the Company Unit Subscription.On October 2, 2025, representatives from Dragonfly discussed with Skadden (via email and a conference call) amending the Business Combination Agreement in order to, inter alia:(i)add the DVs and Astral as original parties to the Business Combination Agreement;(ii)clarify that the Company Units held by the DVs (as Sponsored Controlled Vehicles as defined in the Contribution Agreement) were to be treated as the Company Units held by Seller such that, as a result of the Company Merger, the DVs would receive one (1) Pubco Class A Stock and one (1) Pubco Class B Stock for each Company Unit held by the DVs; and(iii)provide that the Additional Merger Consideration Shares to be issued at Closing (a) be issued to Astral rather than to Seller (as provided in the original Business Combination Agreement), and (b) consist of 4,000,000 shares of Pubco Class A Stock only, with no Pubco Class B Stock to be allotted as Additional Consideration (since Astral does not qualify as one of the Seller Related Parties).Representatives from Dragonfly requested for the DVs to be added as parties to the Business Combination Agreement through the First Amendment because the DVs are the entities that actually contributed the AVAX tokens (as opposed to the Seller). Astral was added as a party to the Business Combination because the Pubco Stok they will receive is being issued in consideration for advisory and strategic services provided by Astral’s limited partners in connection with the structuring and execution of the Business Combination and the establishment of Pubco. Such services include, but are not limited to:(i)Executive Recruitment: Astral’s limited partners assisted in identifying, evaluating, and recruiting the Chief Executive Officer of Pubco; and(ii)Tax and Corporate Structuring Advisory: Astral’s limited partners provided strategic advice regarding aspects of the tax and corporate structuring of the Business Combination and post-Closing operations of Pubco.On October 4, 2025, Skadden had a conference call with EGS to illustrate the proposed amendment to the Business Combination Agreement, during which EGS agreed with the proposed amendment, subject to SPAC’s confirmation.On October 7, 2025, MLAC filed a Form 8-K with the SEC that included a copy of the executed Business Combination Agreement, the forms or copies of the other Ancillary Agreements and the forms of the Company Unit Subscription Agreements.On October 14, 2025, Skadden shared with EGS the first draft of the First Amendment.On October 28, 2025, Skadden shared with Dragonfly and AVAT the first draft of the First Amendment.On October 29, 2025, EGS shared with Skadden a new draft of the First Amendment including minor edits.On November 11, 2025, Skadden shared with EGS a new version of Exhibit E to the original Business Combination Agreement (Terms of Pubco Stock) reflecting the proposed amendments per the First Amendment.On December 23, 2025, EGS confirmed sign-off on the First Amendment and its Annexes and suggested minor formal edits. On the same day, Skadden shared the execution version of the First Amendment.On January 13, 2026, MLAC, Pubco, the Company, MLAC Merger Sub, Company Merger Sub, the Seller, DV, DVII, and Astral executed the First Amendment pursuant to which, inter alia, the Additional Merger Consideration Shares will be issued, as of the Closing Date, to Astral. On the same day, MLAC filed with the SEC the Form 8-K that included a copy of the executed First Amendment.On January 15, 2026, representatives from Dragonfly discussed with Skadden (via email) amending the BCA to postpone, in order to accommodate Astral from an operational and administrative perspective, the issuance to Astral of the 2,000,000 Astral Post-Closing Shares for a certain period of time, so that such issuance would occur after Closing, rather than on the Company Merger Effective Date. Between January 26 and 28, 2026, Skadden and representatives of Dragonfly had additional discussions on the proposed postponement of the issuance to Astral of the 2,000,000 Astral Post-Closing Shares and the relevant duration. Representatives from Dragonfly confirmed that they expected a postponement of one month to be sufficient to allow Astral to prepare, from operational and administrative perspective, to receive the Astral Post-Closing Shares and asked Skadden to draft the Second Amendment.On February 6, 2026, Skadden shared with Dragonfly and AVAT the first draft of the Second Amendment, which was signed off by the Dragonfly and AVAT teams on February 16, 2026.On February 16, 2026, Skadden shared with EGS the first draft of the Second Amendment.On March 17, 2026, the parties executed the Second Amendment, pursuant to which the parties thereto agreed to postpone the issuance by Pubco to Astral of the 2,000,000 Astral Post-Closing Shares so that such issuance will occur on the thirtieth (30th) calendar day following the Closing Date, rather than on the Company Merger Effective Date. On the same day, MLAC filed with the SEC the Form 8-K that included a copy of the executed Second Amendment.The parties have continued and expect to continue regular discussions and weekly calls regarding the timing to consummate the Business Combination and necessary preparation in connection therewith. Additionally, since the execution of the Business Combination Agreement, MLAC Management has actively communicated with individual MLAC Board members regarding the status of the Business Combination, as well as market conditions generally. The AVAX market has been characterized by significant volatility since its mainnet launch in September 2020, and will likely continue to experience significant volatility until the Closing of the Business Combination. Prior to approving the Business Combination, the MLAC Board considered AVAX’s pricing volatility in its evaluation of the proposed Transactions, as well as other uncertainties, risks and other potentially negative factors described in ”—MLAC Board’s Reasons for Approval of the Business Combination,” such as the considerable regulatory and macroeconomic uncertainty faced by AVAT and other players in the digital asset industry. The MLAC Board nonetheless believed, and continues to believe, that the Business Combination presents an attractive opportunity to generate value for MLAC shareholders. The Transaction’s discounted mNAV structure is designed to generate value to shareholders immediately upon Closing. Moreover, the MLAC Board believes AVAT’s relationship with the Foundation can create opportunities for long-term value that will outweigh future short-term swings in AVAX price. Finally, MLAC Management’s interactions with Pubco leadership since October 2025 have reinforced MLAC Management’s confidence in their ability to lead and grow Pubco’s business after Closing. Therefore, the MLAC Board does not believe that any recent change in the price of AVAX changes its assessment of the Transactions. PJT After considering the foregoing, the MLAC Board concluded, in its business judgment, that the potential benefits to MLAC and the MLAC Shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination. <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">unless MLAC consummates an initial business combination, it is possible that MLAC’s officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/ prospectus, MLAC’s officers and directors have not incurred (nor are any of them expecting to incur) out-of-pocket expenses exceeding such funds available to MLAC for reimbursement thereof, but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, MLAC’s officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);</td></tr></table> The following description addresses the U.S. federal income tax considerations generally applicable to (i) U.S. Holders and Non-U.S. Holders (as defined below) that elect to have their Public Shares redeemed for cash if the Business Combination is completed, (ii) U.S. Holders of MLAC Rights regarding the conversion of MLAC Rights to Pubco Class A Stock in connection with the Business Combination, (iii) U.S. Holders and Non-U.S. Holders that participate in the Domestication and MLAC Merger, and (iv) Non-U.S. Holders of owning and disposing of shares of Pubco Class A Stock after the Business Combination. It does not address U.S. federal income tax consequences of the Domestication or Business Combination on other MLAC securities. The following description is the opinion of EGS. The information set forth in this section is based on the Code, its legislative history, final, temporary and proposed treasury regulations promulgated thereunder (“Treasury Regulations”), published rulings and court decisions, all as currently in effect. These authorities are subject to change or differing interpretations, possibly on a retroactive basis.For purposes of this description, a “U.S. Holder” means a beneficial owner of Public Shares or, where the context so provides, MLAC Rights that is for U.S. federal income tax purposes:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">an individual citizen or resident of the United States;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">a corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">a trust if (i) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.</td></tr></table><div style="margin-top:12pt;"></div>A “Non-U.S. Holder” means a beneficial owner of Public Shares that, for U.S. federal income tax purposes, is not a U.S. Holder or a partnership or other entity classified as a partnership for U.S. federal income tax purposes.This description does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder’s individual circumstances. In particular, this description considers only holders that hold Public Shares or MLAC Rights as capital assets within the meaning of Section 1221 of the Code. This description does not address the alternative minimum tax, the Medicare tax on net investment income, or the U.S. federal income tax consequences to holders that are subject to special rules, including:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">financial institutions or financial services entities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">broker-dealers;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">persons that are subject to the mark-to-market accounting rules under Section 475 of the Code;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">tax-exempt entities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">governments or agencies or instrumentalities thereof;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">insurance companies;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">regulated investment companies;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">real estate investment trusts;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">specified expatriates or former long-term residents of the United States;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">persons that acquired Public Shares pursuant to an exercise of employee options, in connection with employee incentive plans or otherwise as compensation;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">persons that hold Public Shares as part of a straddle, constructive sale, hedging, redemption or other integrated transaction;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">persons whose functional currency is not the U.S. dollar;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">controlled foreign corporations;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">passive foreign investment companies;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">partnerships (or other entities classified as partnership for U.S. federal income tax purposes) or partners in such partnerships or entities classified for U.S. federal income tax purposes as a “disregarded entity”;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">persons required to accelerate the recognition of any item of gross income with respect to Public Shares as a result of such income being recognized on an applicable financial statement;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">persons who actually or constructively own 5% or more of MLAC’s shares or Pubco’s shares by vote or value (except as specifically provided below); or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">the Sponsor or its affiliates, or MLAC’s officers and directors.</td></tr></table><div style="margin-top:12pt;"></div> The Business Combination AgreementOn October 1, 2025, MLAC, Pubco, the Pubco Subsidiaries, AVAT and Seller entered into the Business Combination Agreement.Pursuant to the Business Combination Agreement, and subject to the terms and conditions set forth therein, (a) prior to the Closing, MLAC will effect the Domestication, pursuant to which MLAC will transfer by way of continuation to and become a Delaware corporation, (b) at least two hours after the Domestication, the MLAC Merger will be completed, pursuant to which MLAC Merger Sub will merge with and into MLAC, with MLAC continuing as the surviving company and a wholly owned subsidiary of Pubco and with MLAC Shareholders receiving one (1) share of Pubco Class A Stock for each MLAC Class A Ordinary Share held by such MLAC Shareholder, and with each holder of MLAC Rights receiving one (1) share of Pubco Class A Stock in exchange for every ten (10) MLAC Rights held by such holder, and (c) the Company Merger will be completed, pursuant to which Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving company, and with (i) each Company Member other than Seller Related Parties receiving one (1) share of Pubco Class A Stock for each Company Unit held immediately prior to the effective time of the Company Merger, (ii) Seller Related Parties receiving one (1) share of Pubco Class A Stock and one (1) share of Pubco Class B Stock for each Company Unit held and (iii) Astral receiving the Additional Merger Consideration Shares, as follows: (i) 2,000,000 Astral Escrow Shares will be issued at the Company Merger Effective Time and deposited into the Astral Escrow Account, and (ii) 2,000,000 Astral Post-Closing Shares will be issued and deposited into Astral’s security account on the thirtieth (30th) calendar day following the Closing Date. Merger ConsiderationAs consideration for the Company Merger:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">each Company Member other than Seller Related Parties shall be entitled to receive from Pubco one (1) share of Pubco Class A Stock for each Company Unit held by such Company Member immediately prior to the Company Merger Effective Time;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">each Seller Related Party shall be entitled to receive from Pubco, for each Company Unit held by such Seller Related Party immediately prior to the Company Merger Effective Time:</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">one (1) share of Pubco Class A Stock; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">one (1) share of Pubco Class B Stock;</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Astral shall be entitled to receive 4,000,000 newly issued Pubco Class A Stock as Additional Merger Consideration Shares, out of which (i) 2,000,000 shares of Pubco Class A Stock will be deposited, upon the Closing, into the Astral Escrow Account, and will be released in tranches, all as provided in the Business Combination Agreement and the Astral Escrow Agreement, and (ii) and (ii) 2,000,000 shares of Pubco Class A Stock will and delivered on the thirtieth (30th) calendar day following the Closing Date; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">all of the issued and outstanding Company Merger Sub Membership Interests shall be converted into an equal number of shares of common stock of the Company Surviving Subsidiary (i.e., the Company).</td></tr></table>At the Company Merger Effective Time and by virtue of the Mergers, all of the shares of Pubco Stock issued and outstanding immediately prior to the MLAC Merger Effective Time shall be automatically canceled and extinguished without any conversion thereof or payment therefor.By virtue of the MLAC Merger:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">immediately prior to the MLAC Merger Effective Time, (i) each MLAC Unit issued and outstanding immediately prior to the MLAC Merger Effective Time, that has not been forfeited in accordance with the Sponsor Support Agreement, shall be automatically subject to the Unit Separation with the holder thereof being deemed to hold one (1) MLAC Class A Ordinary Share and one (1) MLAC Right; and (ii) the MLAC Class A Ordinary Shares (other than the shares in respect of which its holder has validly exercised its right of redemption) and MLAC Right underlying the MLAC Unit held or deemed to be held following the Unit Separation shall be converted in accordance with the applicable terms of limbs (2)(i) and (2)(ii) respectively;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">at the MLAC Merger Effective Time:</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">each issued and outstanding MLAC Right shall be automatically converted into the number of shares of Pubco Class A Stock that would have been received by the holder thereof if the MLAC Right had been converted upon the consummation of a Business Combination in accordance with MLAC’s Organizational Documents, the MLAC IPO Prospectus and the MLAC Rights Agreement into MLAC Class A Ordinary Shares, but for such purposes treating it as if (a) such Business Combination had occurred immediately prior to the MLAC Merger Effective Time and (b) the MLAC Class A Ordinary Shares issued upon conversion of the MLAC Rights had then automatically been converted into shares of Pubco Class A Stock in accordance with the provisions of limb (2)(ii). At the MLAC Merger Effective Time, the MLAC Rights shall cease to be outstanding and shall automatically be canceled and retired and shall cease to exist;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">each issued and outstanding MLAC Class A Ordinary Share (other than (x) treasury shares and (y) shares in respect of which its holder has validly exercised its right of redemption) shall be converted automatically into one (1) share of Pubco Class A Stock, following which all such MLAC Class A Ordinary Shares (other than the treasury shares) shall cease to be outstanding and shall automatically be canceled and shall cease to exist;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</td><td style="padding:0pt;">each MLAC Class B Ordinary Share issued and outstanding immediately prior to the MLAC Merger Effective Time that has not been forfeited in accordance with the Sponsor Support Agreement (other than treasury shares) shall be converted automatically into one (1) share of Pubco Class A Stock, following which all such MLAC Class B Ordinary Shares shall cease to be outstanding and shall automatically be canceled and shall cease to exist.</td></tr></table>Pursuant to the Sponsor Support Agreement 1,600,000 of the 2,800,000 shares of Pubco Class A Stock issued to the Sponsor in exchange for the 2,800,000 MLAC Class B Ordinary Share held by the Sponsor shall be deposited, upon the Closing, into an escrow account with Continental Stock Transfer and Trust Company, and will be released in tranches, all as provided in the Sponsor Support Agreement and the Sponsor Escrow Agreement; and<table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iv)</td><td style="padding:0pt;">each issued and outstanding MLAC Merger Sub Membership Interest shall be converted into an equal number of ordinary shares, par value $0.0001, of the MLAC Surviving Subsidiary, with the same rights, powers and privileges as the shares so converted and shall constitute the only outstanding share capital of the MLAC Surviving Subsidiary.</td></tr></table>At the MLAC Merger Effective Time, each issued and outstanding Public Share in respect of which the holder thereof has validly exercised redemption rights pursuant to and in accordance with the MLAC Memorandum and Articles will be canceled, and those MLAC Shareholders will only have the right to receive a pro rata share of the redemption amount.If there are any MLAC Ordinary Shares that are owned by MLAC as treasury shares, such treasury shares will be automatically canceled without any conversion thereof or payment therefore. Merger ConsiderationAs consideration for the Company Merger:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">each Company Member other than Seller Related Parties shall be entitled to receive from Pubco one (1) share of Pubco Class A Stock for each Company Unit held by such Company Member immediately prior to the Company Merger Effective Time;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">each Seller Related Party shall be entitled to receive from Pubco, for each Company Unit held by such Seller Related Party immediately prior to the Company Merger Effective Time:</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">one (1) share of Pubco Class A Stock; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">one (1) share of Pubco Class B Stock;</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Astral shall be entitled to receive 4,000,000 newly issued Pubco Class A Stock as Additional Merger Consideration Shares, out of which (i) 2,000,000 shares of Pubco Class A Stock will be deposited, upon the Closing, into the Astral Escrow Account, and will be released in tranches, all as provided in the Business Combination Agreement and the Astral Escrow Agreement, and (ii) and (ii) 2,000,000 shares of Pubco Class A Stock will and delivered on the thirtieth (30th) calendar day following the Closing Date; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">all of the issued and outstanding Company Merger Sub Membership Interests shall be converted into an equal number of shares of common stock of the Company Surviving Subsidiary (i.e., the Company).</td></tr></table>At the Company Merger Effective Time and by virtue of the Mergers, all of the shares of Pubco Stock issued and outstanding immediately prior to the MLAC Merger Effective Time shall be automatically canceled and extinguished without any conversion thereof or payment therefor.By virtue of the MLAC Merger:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">immediately prior to the MLAC Merger Effective Time, (i) each MLAC Unit issued and outstanding immediately prior to the MLAC Merger Effective Time, that has not been forfeited in accordance with the Sponsor Support Agreement, shall be automatically subject to the Unit Separation with the holder thereof being deemed to hold one (1) MLAC Class A Ordinary Share and one (1) MLAC Right; and (ii) the MLAC Class A Ordinary Shares (other than the shares in respect of which its holder has validly exercised its right of redemption) and MLAC Right underlying the MLAC Unit held or deemed to be held following the Unit Separation shall be converted in accordance with the applicable terms of limbs (2)(i) and (2)(ii) respectively;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">at the MLAC Merger Effective Time:</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(i)</td><td style="padding:0pt;">each issued and outstanding MLAC Right shall be automatically converted into the number of shares of Pubco Class A Stock that would have been received by the holder thereof if the MLAC Right had been converted upon the consummation of a Business Combination in accordance with MLAC’s Organizational Documents, the MLAC IPO Prospectus and the MLAC Rights Agreement into MLAC Class A Ordinary Shares, but for such purposes treating it as if (a) such Business Combination had occurred immediately prior to the MLAC Merger Effective Time and (b) the MLAC Class A Ordinary Shares issued upon conversion of the MLAC Rights had then automatically been converted into shares of Pubco Class A Stock in accordance with the provisions of limb (2)(ii). At the MLAC Merger Effective Time, the MLAC Rights shall cease to be outstanding and shall automatically be canceled and retired and shall cease to exist;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(ii)</td><td style="padding:0pt;">each issued and outstanding MLAC Class A Ordinary Share (other than (x) treasury shares and (y) shares in respect of which its holder has validly exercised its right of redemption) shall be converted automatically into one (1) share of Pubco Class A Stock, following which all such MLAC Class A Ordinary Shares (other than the treasury shares) shall cease to be outstanding and shall automatically be canceled and shall cease to exist;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iii)</td><td style="padding:0pt;">each MLAC Class B Ordinary Share issued and outstanding immediately prior to the MLAC Merger Effective Time that has not been forfeited in accordance with the Sponsor Support Agreement (other than treasury shares) shall be converted automatically into one (1) share of Pubco Class A Stock, following which all such MLAC Class B Ordinary Shares shall cease to be outstanding and shall automatically be canceled and shall cease to exist.</td></tr></table>Pursuant to the Sponsor Support Agreement 1,600,000 of the 2,800,000 shares of Pubco Class A Stock issued to the Sponsor in exchange for the 2,800,000 MLAC Class B Ordinary Share held by the Sponsor shall be deposited, upon the Closing, into an escrow account with Continental Stock Transfer and Trust Company, and will be released in tranches, all as provided in the Sponsor Support Agreement and the Sponsor Escrow Agreement; and<table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(iv)</td><td style="padding:0pt;">each issued and outstanding MLAC Merger Sub Membership Interest shall be converted into an equal number of ordinary shares, par value $0.0001, of the MLAC Surviving Subsidiary, with the same rights, powers and privileges as the shares so converted and shall constitute the only outstanding share capital of the MLAC Surviving Subsidiary.</td></tr></table>At the MLAC Merger Effective Time, each issued and outstanding Public Share in respect of which the holder thereof has validly exercised redemption rights pursuant to and in accordance with the MLAC Memorandum and Articles will be canceled, and those MLAC Shareholders will only have the right to receive a pro rata share of the redemption amount.If there are any MLAC Ordinary Shares that are owned by MLAC as treasury shares, such treasury shares will be automatically canceled without any conversion thereof or payment therefore. true MLAC has adopted an audit committee charter, which details the principal functions of the audit committee, including:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">assisting board oversight of (1) the integrity of its financial statements, (2) its compliance with legal and regulatory requirements, (3) its independent auditor’s qualifications and independence, and (4) the performance of its internal audit function and independent auditors; the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by MLAC;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">pre-approving all audit and non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by MLAC, and establishing pre-approval policies and procedures; reviewing and discussing with the independent auditors all relationships the auditors have with MLAC in order to evaluate their continued independence;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">setting clear policies for audit partner rotation in compliance with applicable laws and regulations; obtaining and reviewing a report, at least annually, from the independent auditors describing (1) the independent auditor’s internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">meeting to review and discuss its annual audited financial statements and quarterly financial statements with management and the independent auditor, including reviewing its specific disclosures under “MLAC’s Management’s Discussion and Analysis of Financial Condition and Results of Operations”; reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to MLAC entering into such transaction; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">reviewing with management, the independent auditors, and its legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding its financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.</td></tr></table><div style="margin-top:12pt;"></div>MLAC has adopted a compensation committee charter, which details the principal functions of the compensation committee, including:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">reviewing and approving on an annual basis the corporate goals and objectives relevant to its chief executive officer’s compensation, evaluating its chief executive officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of its chief executive officer based on such evaluation;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">reviewing and making recommendations to its board of directors with respect to the compensation, and any incentive compensation and equity based plans that are subject to board approval of all of its other officers;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">reviewing its executive compensation policies and plans;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">implementing and administering its incentive compensation equity-based remuneration plans;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">assisting management in complying with its proxy statement and annual report disclosure requirements;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">approving all special perquisites, special cash payments and other special compensation and benefit arrangements for its officers and employees;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">producing a report on executive compensation to be included in its annual proxy statement; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</td></tr></table><div style="margin-top:12pt;"></div>MLAC shall pay Paul Grinberg, the Chairman and Chief Executive Officer and Douglas Horlick, the President Chief Financial Officer, an aggregate of up to $20,000 per month for their services as executive officers and directors of MLAC. Other than the compensation described above, no other compensation of any kind, including finders, consulting or other similar fees, will be paid to any of MLAC’s existing shareholders, officers, directors or any of their respective affiliates, prior to, or for any services they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that prior to the consummation of an initial business combination, the compensation committee will only be responsible for the review and recommendation of any compensation arrangements to be entered into in connection with such initial business combination.MLAC Memorandum and Articles also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.MLAC has adopted a nominating and corporate governance committee charter, which details the purpose and responsibilities of the nominating and corporate governance committee, including:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">identifying, screening and reviewing individuals qualified to serve as directors, consistent with criteria approved by the board, and recommending to the board of directors candidates for nomination for appointment at the annual general meeting of shareholders or to fill vacancies on the board of directors;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">developing and recommending to the board of directors and overseeing implementation of its corporate governance guidelines;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and management in the governance of MLAC; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">•</td><td style="padding:0pt;">reviewing on a regular basis its overall corporate governance and recommending improvements as and when necessary.</td></tr></table><div style="margin-top:12pt;"></div>MLAC Memorandum and Articles also provides that the nominating and corporate governance committee may, in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and will be directly responsible for approving the search firm’s fees and other retention terms.MLAC has not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge of its business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of its shareholders. Prior to its initial business combination, holders of MLAC Public Shares will not have the right to recommend director candidates for nomination to the MLAC Board. Under Cayman Islands law, directors and officers owe the following fiduciary duties:<table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">a)</td><td style="padding:0pt;">duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">b)</td><td style="padding:0pt;">duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">c)</td><td style="padding:0pt;">directors should not improperly fetter the exercise of future discretion;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">d)</td><td style="padding:0pt;">duty to exercise powers fairly as between different sections of shareholders;</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">e)</td><td style="padding:0pt;">duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:18pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">f)</td><td style="padding:0pt;">duty to exercise independent judgment.</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:93.7pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td><td style="width:148.05pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td><td style="width:105.35pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td><td style="width:160.4pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:93.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Individual</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Entity’s Business</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Affiliation/Title</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:93.7pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Paul Grinberg</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Axos Financial</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Financial Services and </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Chairman</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Banking</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">PG Mountain Capital</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Consulting</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">President</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">TRAK America</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Business Solutions </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Provider</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Mountain Lake </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">SPAC</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Chief Executive Officer, </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Acquisition Corp II</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Chairman and Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">CoinShares PLC</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Asset Manager</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;">Douglas Horlick</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Estancia Consulting</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Consulting</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Founder</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Mountain Lake </td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">SPAC</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Chief Financial Officer </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Acquisition Corp II</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">and Director</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;">Michael Marquez</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Morado Ventures</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Venture Capital</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Co-Founder/General Partner</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">E12 Ventures</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Venture Capital</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Co-Founder/General Partner</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;">Jaime W. Vieser</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Brushwood LLC</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Chief Executive Officer</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:93.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:148.05pt;margin:0pt;padding:0pt;">Alaunos Therapeutics, Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:105.35pt;margin:0pt;padding:0pt;">Healthcare</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:160.4pt;margin:0pt;padding:0pt;">Director</td></tr></table> The shares held by the Sponsor are beneficially owned by Mr. Grinberg, MLAC’s Chief Executive Officer, and Mr. Horlick, MLAC’s Chief Financial Officer, as managing members of the Sponsor, who have voting and dispositive power over the shares held by the Sponsor. Mr. Grinberg Mr. Horlick If the MLAC Merger is completed, MLAC Shareholders will receive shares of Pubco Class A Stock in the MLAC Merger and they will cease to be MLAC Shareholders. MLAC is incorporated under the laws of the Cayman Islands and Pubco is organized under the laws of the State of Delaware. The below is a summary of the material differences between (1) the current rights of MLAC Shareholders under Cayman Islands law and the MLAC Memorandum and Articles and (2) the rights of holders of Pubco Stock, post-Closing, under Delaware law and Pubco’s Proposed Organizational Documents, as in effect immediately following the Business Combination.MLAC and Pubco believe that this summary describes the material differences between the rights of MLAC Shareholders as of the date of this proxy statement/prospectus and the rights of holders of Pubco Stock after the Business Combination; however, it does not purport to be a complete description of those differences. The summary is qualified in its entirety by reference to Pubco’s and MLAC’s governing documents, which we urge you to read carefully and in their entirety. Attached as Annex B to this proxy statement/prospectus is a copy of the form of the Amended and Restated Charter, and attached as Annex C to this proxy statement/prospectus is a copy of the form of Amended and Restated Bylaws. To find out where copies of these documents can be obtained, see the section entitled “Where You Can Find More Information” in this Form S-4.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:90.6pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:220.55pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:202.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:90.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:220.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:202.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:90.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:220.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pubco (Post-Closing)</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:202.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MLAC</td></tr><tr style="height:310.72pt;"><td style="vertical-align:top;width:90.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Voting Rights:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Except on matters where the vote of the holders of Pubco Class A Stock is required by the DGCL, the holders of Pubco Class A Stock will not be entitled to vote on any matter coming before any meeting of shareholders, including, without limitation, the election of directors. However, if the holders of Pubco Class A Stock are required by the DGCL to vote on any matter, then each holder of Pubco Stock shall be entitled to one (1) vote per share upon such matter coming before any meeting of the shareholders. The holders of Pubco Class B Stock will be entitled to one (1) vote per share upon any matter coming before any meeting of shareholders where the vote of the holders of Pubco Class A Stock is not required.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Prior to the consummation of an initial business combination, only holders of MLAC Class B Ordinary Shares will have the right to vote on continuing MLAC in a jurisdiction outside the Cayman Islands (including any special resolution required to adopt new constitutional documents as a result of MLAC’s approving a transfer by way of continuation to a jurisdiction outside the Cayman Islands). Holders of MLAC Class A Ordinary Shares will not be entitled to vote on such matter during such time. Such provision of the MLAC Memorandum and Articles may only be amended if approved by a special resolution being a resolution passed by at least two-thirds of the votes cast by, or on behalf of, the MLAC Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting or by way of unanimous written resolution. With respect to any other matter submitted to a vote of MLAC Shareholders, including any vote in connection with its initial business combination, except as required by applicable law or stock exchange rule, holders of MLAC Class A Ordinary Shares and holders of MLAC Class B Ordinary Shares will vote together as a single class, with each share entitling the holder to one vote.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:90.6pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:220.55pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:202.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:90.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:220.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:202.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:90.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:220.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pubco (Post-Closing)</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:202.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MLAC</td></tr><tr style="height:34.74pt;"><td style="vertical-align:top;width:90.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Preemptive Rights:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pursuant to the DGCL, there are no preemptive rights unless expressly provided in the corporation’s certificate of formation.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">MLAC Shareholders have no preemptive or other subscription rights.</td></tr><tr style="height:8.04pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:103.49pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Appraisal Rights and Dissenters’ Rights:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Pursuant to the DGCL, a stockholder of a publicly traded corporation has appraisal rights in connection with a merger unless the merger consideration is all stock in another publicly traded corporation or another exception applies.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">Under section 238 of the Cayman Act, shareholders of a Cayman Islands company ordinarily have dissenters’ rights with respect to a statutory merger or consolidation. The Cayman Act prescribes when shareholder dissenters’ rights will be available and sets the limitations on such rights. Where such rights are available, shareholders are entitled to receive fair value for their shares.</td></tr><tr style="height:8.04pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:183.98pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Inspection of Books and Records:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Pursuant to the DGCL, any stockholder, upon written demand stating the purpose thereof and identifying the documents sought with precision, has the right during usual hours for business to inspect for any proper purpose, and to make copies and extracts from, the corporation’s stock ledger and other books and records.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">MLAC directors shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of MLAC or any of them shall be open to the inspection of members not being MLAC directors and no member (not being an MLAC director) shall have any right of inspecting any account or book or document of MLAC except as conferred by the Cayman Act or authorized by MLAC directors or by MLAC in general meeting. The MLAC Board may cause to be prepared and to be laid before MLAC in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by the laws of the Cayman Islands.</td></tr><tr style="height:8.04pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:57.49pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Size of Board of Directors:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Amended and Restated Bylaws and Amended and Restated Certificate of Formation provide that the Pubco Board will consist of one (1) or more members as determined by the Pubco Board, each of whom shall be a natural person.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">The MLAC Board shall consist of not less than one person, unless otherwise determined by MLAC in general meeting.</td></tr><tr style="height:8.04pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:195.48pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Classes of Directors/Term of Directors:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Pursuant to the DGCL, the directors of a corporation may, by the certificate of incorporation or bylaws, be divided into one, two or three classes.The Pubco Board is not so classified. Each director of Pubco shall hold office for a term of one (1) year and serve until his or her successors are duly elected and qualified or until his or her earlier death, resignation or removal.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">The MLAC Board is made up of three classes, Class I, Class II and Class III. The number of directors in each class shall be as nearly equal as possible. The Class I directors shall stand appointed for a term expiring at MLAC’s first annual general meeting, the Class II directors shall stand appointed for a term expiring at MLAC’s second annual general meeting and the Class III directors shall stand appointed for a term expiring at MLAC’s third annual general meeting. Commencing at MLAC’s first annual general meeting, and at each annual general meeting thereafter, directors appointed to succeed those directors whose terms expire shall be appointed for a term of office to expire at the third succeeding annual general meeting after their appointment.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:90.6pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:220.55pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:202.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:90.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:220.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:202.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:90.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:220.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pubco (Post-Closing)</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:202.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MLAC</td></tr><tr style="height:115.24pt;"><td style="vertical-align:top;width:90.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Election and Appointment of Directors:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pursuant to the DGCL, directors are elected at an annual meeting or at a special meeting called for that purpose, or by written consent in lieu of a meeting.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Directors may be appointed by ordinary resolution of MLAC Shareholders.The MLAC directors may appoint any person to be a director, either to fill a vacancy or as an additional director provided that the appointment does not cause the number of directors to exceed any number fixed by or in accordance with the MLAC Memorandum and Articles as the maximum number of directors.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:126.48pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Vacancies on the Board of Directors:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Pursuant to the DGCL, unless otherwise provided in the certificate of incorporation or bylaws, vacancies on the board of directors may be filled (i) by a majority of the directors then in office, although less than a quorum, or by a sole remaining director; or (ii) whenever the holders of any class or classes of stock or series thereof are entitled to elect one (1) or more directors by the certificate of incorporation, by a majority of the directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">All directors shall hold office until the expiration of their respective terms of office and until their successors shall have been appointed and qualified. A director appointed to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of the full term of the director whose death, resignation or removal shall have created such vacancy and until his successor shall have been appointed and qualified.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:241.47pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Removal of Directors:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Pursuant to the DGCL and subject to certain exemptions, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote at an election of directors.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">Directors may be removed by ordinary resolution of MLAC Shareholders. The office of a director may vacated if: (a) the director gives notice in writing to MLAC that they resign the office of director; (b) the director is absent (without being represented by proxy) from three consecutive meetings of the MLAC Board without special leave of absence from the directors, and the directors pass a resolution that they have by reason of such absence vacated office; (c) the director dies, becomes bankrupt or makes any arrangement or composition with their creditors generally; (d) the director is found to be or becomes of unsound mind; or (e) all of the other directors (being not less than two in number) determine that the director should be removed as a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in accordance with the MLAC Memorandum and Articles or by a resolution in writing signed by all of the other directors.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:90.6pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:220.55pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:202.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:90.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:220.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:202.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:90.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:220.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pubco (Post-Closing)</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:202.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MLAC</td></tr><tr style="height:287.72pt;"><td style="vertical-align:top;width:90.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Amendments to the Organizational Documents:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Pursuant to the DGCL, amendments to the certificate of incorporation must be approved by the board of directors, which adopts a resolution setting forth the proposed amendment and declaring its advisability, and then submitted to the stockholders for approval. Unless a higher vote is required by the certificate of incorporation, approval generally requires the affirmative vote of a majority of the shares entitled to vote on the matter. In addition, holders of a particular class or series of stock are entitled to vote separately on an amendment if the amendment (i) increases or decreases the number of authorized shares of that class, (ii) changes the par value of those shares, or (iii) alters or changes the powers, preferences or special rights of those shares in a manner that adversely affects them. If only one or more series within a class is adversely affected, only the holders of that series are entitled to vote.Pursuant to the DGCL, the corporation’s bylaws may be amended by the stockholders. If the corporation confers the power to amend bylaws upon its directors by including a provision to that effect in its certificate of incorporation, the board of directors may also amend the bylaws.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">MLAC Shareholders may amend the MLAC Memorandum and Articles by special resolution. Prior to the consummation of a business combination, Article 178(a) of the MLAC Memorandum and Articles provides that only the holders of MLAC Class B Ordinary Shares shall carry the right to vote on any Special Resolution required to amend the constitutional documents of MLAC or to adopt new constitutional documents of MLAC, in each case, as a result of MLAC approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands.</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:172.48pt;"><td style="vertical-align:top;width:90.6pt;margin:0pt;padding:0pt;">Limitation of Liability of Directors and Officers:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;margin:0pt;padding:0pt;">Pursuant to the DGCL a corporation may limit or eliminate a director’s and an officer’s personal liability for monetary damages to the corporation or its stockholders for breach of fiduciary duty as a director or as an officer, except for liability for: (i) any breach of the director’s or officer’s duty of loyalty to such corporation or its stockholders, (ii) acts or omissions by a director or an officer not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) a director’s willful or negligent violation of provisions of Delaware law governing payment of dividends and stock purchases or redemptions, (iv) any transaction from which the director or officer derived an improper personal benefit, or (v) an officer in any action by or in the right of the corporation.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;margin:0pt;padding:0pt;">Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime.</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:90.6pt;padding:0pt;"></td><td style="width:12.85pt;padding:0pt;"></td><td style="width:220.55pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:202.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:90.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:220.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:202.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:90.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Provision</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:220.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Pubco (Post-Closing)</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:202.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MLAC</td></tr><tr style="height:437.21pt;"><td style="vertical-align:top;width:90.6pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Indemnification of Directors and Officers:</td><td style="vertical-align:top;width:12.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:220.55pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">Under the DGCL, a corporation is generally permitted to indemnify its directors and officers against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with a third-party action, suit or proceeding, or a derivative action, and against expenses actually and reasonably incurred in the defense or settlement of such action or suit (with certain restrictions applicable to indemnification of expenses in a derivative action), provided that there is a determination that the individual acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe the individual’s conduct was unlawful. Indemnification determinations for current directors and officers must be made by: (i) a majority of the disinterested directors, even though less than a quorum; (ii) a committee of such disinterested directors designated by a majority vote of such disinterested directors, even though less than a quorum; (iii) independent legal counsel in a written opinion if there are no such disinterested directors or if such directors so direct; or (iv) the stockholders.The DGCL requires indemnification of current or former directors and officers for expenses actually and reasonably incurred by such person relating to a successful defense on the merits or otherwise of a derivative or third-party action. Pursuant to the DGCL, a corporation may advance expenses relating to the defense of any action, suit or proceeding to directors, officers, employees, and agents contingent in certain circumstances upon those individuals entering into an undertaking to repay any advances if it is determined ultimately that those individuals are not entitled to be indemnified.</td><td style="vertical-align:top;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:202.5pt;border-top:1px solid #000000;margin:0pt;padding:0pt;">The MLAC Memorandum and Articles provide that every director and officer (which for the avoidance of doubt, shall not include auditors of MLAC), together with every former director and former officer (each an “Indemnified Person”) shall, to the maximum extent permitted by Cayman Islands law, be indemnified out of the assets of MLAC against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, willful neglect or willful default. No Indemnified Person shall be liable to MLAC for any loss or damage incurred by MLAC as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud, willful neglect or willful default of such Indemnified Person. No person shall be found to have committed actual fraud, willful neglect or willful default unless or until a court of competent jurisdiction shall have made a finding to that effect.</td></tr></table>