Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $106,303, consisting of interest income of $167,532 and an unrealized gain of $27,365, offset by operating costs of $88,594[99]. - Cash used in operating activities from inception through June 30, 2024, was $386,362, with net income of $87,168 impacted by interest earned on marketable securities[103]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on June 20, 2024, raising gross proceeds of $160,000,000 from the sale of 16,000,000 units at $10.00 per unit[101]. - The company incurred $10,184,856 in costs related to the Initial Public Offering, including $3,000,000 in cash underwriting fees and $6,600,000 in deferred underwriting fees[102]. - The underwriters partially exercised their over-allotment option, purchasing an additional 1,000,000 units, with the remaining option expiring worthless on August 4, 2024[110]. Assets and Securities - As of June 30, 2024, the company had marketable securities in the Trust Account totaling $160,167,532, primarily consisting of U.S. Treasury Bills[104]. - The company had cash of $1,037,126 as of June 30, 2024, intended for identifying and evaluating target businesses and conducting due diligence[105]. Business Strategy and Future Plans - The company plans to use substantially all funds in the Trust Account to complete its Business Combination, with any remaining proceeds allocated for working capital[104]. - The company does not anticipate needing to raise additional funds for operating expenditures but may require financing for the Business Combination if costs exceed estimates[107]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024, and has a monthly obligation of $10,000 for office space and administrative support[108][109].
Melar Acquisition Corp. I(MACIU) - 2024 Q2 - Quarterly Report