Avalanche Treasury Co. (AVAT) announced a business merger valued at over $675 million with Nasdaq-listed SPAC Mountain Lake Acquisition Corp. (MLAC), including approximately $460 million in treasury assets. AVAT acquired $200 million of AVAX at a discount and has a right of first refusal over the next 18 months, aiming to hold over $1 billion of AVAX upon its IPO. Investors entered the market at 0.77x mNAV, representing a 23% discount.