SPAC Mountain Lake Acquisition II files for a $261 million IPO, led by Axos Chairman
January 27, 2026 News
SPAC Mountain Lake Acquisition II prices upsized $313 million IPO, led by Axos Chair
Mountain Lake Acquisition II, a second blank check company led by the Chairman of Axos Financial, raised $313 million by offering 31.3 million units at $10. The SPAC had originally filed in November to raise $261 million; at pricing it raised 20% more in IPO proceeds than anticipated. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
IPO Overview
Mountain Lake Acquisition II, the second blank check company led by the Chairman of Axos Financial, filed on Wednesday with the SEC to raise up to $261 million in an initial public offering.
The company plans to raise $261 million by offering 26.1 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Paul Grinberg, who currently serves as Chairman of bank Axos Financial （NYSE: AX）， and CFO Douglas Horlick, the founder of strategy and advisory consulting firm Estancia. Mountain Lake Acquisition II plans to target businesses with a leading industry position, committed and capable management team, and potential to grow, among other characteristics.
Management’s previous SPACs include, Mountain Lake Acquisition （MLAC; +4% from $10 offer price）， which announced its plan to merge with crypto treasury Avalanche Treasury in October, and Social Leverage Acquisition I （formerly NYSE: SLAC）， which went public in February 2021 and liquidated in February 2024 after the termination of its merger agreement with W3BCLOUD Holdings.
The Incline Village, NV-based company was founded in 2025 plans to list on the Nasdaq under the symbol MLAAU. BTIG is the sole bookrunner on the deal.
About the Company
We are a blank check company for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. Our primary focus, however, will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team. Our management team has an extensive track record of acquiring attractive assets at disciplined valuations, investing in growth while fostering financial discipline and improving business results. Based on our management’s experience, including with prior special purpose acquisition companies, we have developed the following non-exclusive investment criteria that we intend to use to screen for and evaluate prospective target businesses: Leading Industry Position with Supportive Long-Term Dynamics and Competitive Market Advantage; Stable Free Cash Flow, Prudent Debt and Financial Visibility; Benefit Uniquely from a Business Combination with a Special Purpose Acquisition Company; Would Benefit Uniquely from our Capabilities; Proprietary and/or Optimally Positioned Transactions; Committed and Capable Management Team; Preparedness for the Process and Public Markets.