{"url_path":"/sec/avat/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-29","source_url":"https://www.sec.gov/Archives/edgar/data/2092446/0001104659-26-078841-index.html","accession_number":"0001104659-26-078841","cik":"0002092446","ticker":"AVAT","issuer_name":"Avalanche Treasury Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/2092446/0001104659-26-078841-index.html","primary_entity_key":"0002092446","primary_entity_name":"Avalanche Treasury Corp"},"word_count":1716,"has_tables":true,"body_markdown":"Avalanche Treasury Corporation_March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n​\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\n**Washington, D.C. 20549**\n\nFORM 10-Q\n\n**☒****    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the quarterly period ended**\n\n**March 31, 2026**\n\n**☐****    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the transition period from to**\n\n**Avalanche Treasury Corporation**\n\n(Exact Name of Registrant as Specified in its Charter)\n\n​\n\n​\n\n**Delaware**\n\n  ​ ​ ​\n\n**001-43345**\n\n  ​ ​ ​\n\n**39-4863126**\n\n(State or other jurisdiction\nof incorporation)\n\n \n\n(Commission File Number)\n\n \n\n(I.R.S. Employer\nIdentification No.)\n\n​\n\n​\n\n**11 W. 42**nd**Street 2**nd**Floor********New York****,****NY**\n\n  ​ ​ ​\n\n**10036**\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n​\n\n​\n\nRegistrant’s telephone number, including area code: (332) 240-1155\n\n \n\nN/A\n\n(Former name or former address, if changed since last report)\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:\n\n**Title of each class**\n\n  ​ ​ ​\n\n**Trading Symbol(s)**\n\n  ​ ​ ​\n\n**Name of each exchange on which registered**\n\n**Class A common stock, par value $0.01 per share**\n\n**AVAT**\n\n \n\nThe Nasdaq Stock Market LLC\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒ \n\nEmerging growth company\n\n☒ \n\n \n\n \n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of June 25, 2026, 39,514,805 shares of Class A common stock, par value $0.01 per share and 5,805,639 shares of Class B common stock, were issued and outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**Explanatory Note**\n\nOn June 11, 2026, Avalanche Treasury Corporation (“Pubco”) consummated its previously announced business combination pursuant to that certain Business Combination Agreement, dated October 1, 2025 (as amended, modified, supplemented modified and/or restated from time to time, the “Business Combination Agreement”), by and among Avalanche Treasury Corporation, Mountain Lake Acquisition Corp., at that time a Cayman Islands exempted company (“MLAC”), Avalanche SPAC Merger Sub LLC, a Delaware limited liability company, Avalanche Company Merger Sub LLC, a Delaware limited liability company, Avalanche Treasury Company LLC, a Delaware limited liability company, Dragonfly Digital Management, LLC, a Delaware limited liability company (“Seller”), Dragonfly Ventures L.P., a Cayman Islands exempted limited partnership, Dragonfly Ventures II, L.P., a Cayman Islands exempted limited partnership (together with the Seller, the “Seller Related Parties”) and Astral Horizon, L.P., a Delaware limited partnership.\n\nThe business combination was accounted for as a reverse recapitalization under Accounting Standards Codification (“ASC”) 805, with MLAC being treated as the acquired company for financial reporting purposes and Pubco as the accounting “acquirer.” Accordingly, the financial statements of the combined entity will represent a continuation of the financial statements of Pubco with the business combination treated as the equivalent of Pubco issuing stock for the net assets of MLAC, accompanied by a recapitalization. The net assets of MLAC were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination were those of Avalanche Treasury Company LLC.\n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report” or “Form 10-Q”) is filed by Avalanche Treasury Corporation under its current name and CIK, but includes the financial statements as of and for the three months ended March 31, 2026 and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Avalanche Treasury Company, LLC (the predecessor) and the financial statements as of and for the three months ended March 31, 2026 and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Avalanche Treasury Corporation (the successor).\n\n​\n\n[Table of Contents](#TOC)\n\nForward-Looking Statements\n\nThis Quarterly Report contains statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding MLAC, Pubco, Avalanche Treasury Company, LLC and their respective management teams’ expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Current Report may include, for example, statements about:\n\n●the failure to realize the anticipated benefits of the Business Combination and any transactions contemplated thereby;\n\n●the outcome of any potential legal proceedings that may be instituted against Avalanche Treasury Company LLC, Pubco, MLAC or others following announcement of the Business Combination;\n\n●the failure of Pubco to maintain the listing of its securities on Nasdaq;\n\n●ongoing costs related to the Business Combination and as a result of Pubco becoming a public company;\n\n●changes in business, market, financial, political and regulatory conditions;\n\n●the ability of Pubco to grow and manage growth profitably;\n\n●risks relating to Pubco’s anticipated operations and business, including the success of any future acquisitions;\n\n●Pubco’s ability to retain its management and key employees;\n\n●the risk that issuances of equity or debt securities, including issuances of equity securities in connection with Pubco’s acquisition strategy, may adversely affect the value of Pubco’s common stock and dilute its stockholders;\n\n●the risk that Pubco experiences difficulties managing its growth and expanding operations following the consummation of the Business Combination;\n\n●challenges in implementing the business plan, due to lack of an operating history, operational challenges, significant competition and regulation;\n\n●the price and volatility of AVAX;\n\n●AVAX’s prominence as a digital asset and Avalanche as the foundation of a new financial system;\n\n●the ability to develop and maintain effective internal controls and procedures or correct the previously identified material weakness;\n\n●the macro and political conditions surrounding AVAX, Avalanche and digital assets generally;\n\n●the planned business strategy, including Pubco’s ability to raise capital to continue to acquire additional AVAX, to secure participation and contribution from AVAX holders through in-kind investments, to successfully deploy and apply financial trading strategies or risk-management techniques in its active management of its AVAX holdings;\n\n●generation of AVAX yield through the delegation or staking of AVAX to validators and the deployment of AVAX, digital assets or fiat to traders, market makers, asset managers and other crypto market participants to with the goal of adopting conservative approaches focused on preservation and consistent returns;\n\n[Table of Contents](#TOC)\n\n●potential growth avenues organically through (i) expanding the talent base, potential product offering and partnerships, and (ii) inorganically through selective minority investments, joint ventures and acquisitions where the Company believes such transactions have the potential to accelerate the expansion of Avalanche-related capabilities and AVAX accumulation; and\n\n●Pubco’s ability to provide its shareholders with differentiated AVAX exposure, including plans and use of proceeds as well as any potential future capital raises.\n\nWe caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report. These forward-looking statements are based on information available as of the date of this Quarterly Report, and current expectations, forecasts and assumptions and involve a number of judgments, risks and uncertainties, including those described in the section entitled “Risk Factors” in the definitive proxy statement/prospectus (the “Proxy Statement/Prospectus”) included in the Registration Statement on Form S-4 (File No. 333-294684) filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2026. Accordingly, forward-looking statements should not be relied upon as representing the views of Pubco as of any subsequent date, and Pubco does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. It is not possible for Pubco management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements in this Quarterly Report.\n\nThe forward-looking statements included in this Quarterly Report are made only as of the date hereof. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We do not undertake any obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report to conform these statements to actual results or to changes in expectations, except as required by law.\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nAVALANCHE TREASURY CORPORATION (SUCCESSOR)\n\nTABLE OF CONTENTS\n\n​\n\n \n\n \n\n**Page **\n\nPart I. Financial Information\n\n1"}