Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $2,375,937, primarily from interest income of $2,363,818 on cash and marketable securities held in the Trust Account[97]. - From inception on March 11, 2024, through September 30, 2024, the company achieved a net income of $2,463,105, with interest income on cash and marketable securities totaling $2,531,350[98]. - Cash used in operating activities from inception through September 30, 2024, was $489,390, with net income affected by interest earned on marketable securities[102]. Initial Public Offering - 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[100]. - 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[101]. Trust Account and Securities - As of September 30, 2024, the company held marketable securities in the Trust Account amounting to $162,531,350, consisting of U.S. Treasury Bills with a maturity of 185 days or less[103]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[103]. Financing and Business Combination - The company may require additional financing to complete its Business Combination or to address potential redemptions of public shares[106]. - The SEC's new 2024 SPAC Rules may impact the company's ability to negotiate and complete its initial Business Combination, potentially increasing costs and time[95]. Internal Controls and Compliance - The company conducted an evaluation of its disclosure controls and procedures as of September 30, 2024, concluding they were effective at a reasonable assurance level[119]. - There were no changes to the internal control over financial reporting during the quarterly period ended September 30, 2024, that materially affected or are likely to affect internal control[120]. Legal Matters - There is no material litigation currently pending or contemplated against the company or its officers and directors[122]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024, and has only a monthly obligation of $10,000 for office space and administrative support[107][108].
Melar Acquisition Corp. I(MACI) - 2024 Q3 - Quarterly Report