Lake Superior Acquisition Corp 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. The registration statement (the “Registration Statement”) for our IPO was declared effective on September 30, 2025. As previously disclosed on a Current Report on Form 8-K dated October 10, 2025, on October 8, 2025, Lake Superior Acquisition Corp. (the “Company”) consummated the IPO of 11,500,000 units (the “Units”). Each Unit consists of one Class A ordinary share (“Public Share”) and one right (“Public Right”) to receive one-seventh of one Class A ordinary share upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $115,000,000. As previously disclosed on a Current Report on Form 8-K dated October 10, 2025, on October 8, 2025, simultaneously with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with Lake Superior Investments LLC, the Company’s sponsor, and Cohen & Company Capital Markets (“CCM”), a division of Cohen & Company Securities, LLC, of 360,000 private placement units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating total proceeds of $3,600,000. The Private Placement Units are identical to the units sold in this offering except that, so long as they are held by our sponsor, CCM, or their permitted transferees, (i) they will not be redeemable by us, and (ii) they (including the Class A ordinary shares issuable upon conversion of the private placement rights) may not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until the completion of our initial business combination. As of October 8, 2025, a total of $115,000,000 ($10.00 per unit) of the net proceeds from the IPO and the Private Placement were deposited in a trust account established for the benefit of the Company’s public shareholders (the “Trust Account”) located in the United States with Efficiency acting as trustee. The funds placed in the Trust Account will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the IPO and the private placement will not be released from the Trust Account the earlier to occur of (i) the completion of the initial Business Combination, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within the Combination Period (defined below) or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption of all of the public shares if the Company is unable to complete the initial Business Combination within the Combination Period (defined below), subject to applicable law and as further described in the Prospectus. In no other circumstances will a public shareholder have any right or interest of any kind in the trust account. The proceeds deposited in the Trust Account could become subject to the claims of the creditors, if any, which could have priority over the claims of the public shareholders. Total transaction costs amounted to $7,370,254 consisting of $2,300,000 of cash underwriting commissions which was paid in cash at the closing date of the IPO on October 8, 2025, $4,600,000 of deferred underwriting fee, and $470,254 of other offering costs. Item 3. Defaults Upon Senior Securities None Item 4. Mine Safety Disclosures None