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 total interest income of $2,531,350[98]. - Cash used in operating activities from inception through September 30, 2024, amounted to $489,390, with net income impacted 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 Initial Public Offering related costs, including $3,000,000 in cash underwriting fees and $6,600,000 in deferred underwriting fees[101]. Assets and Securities - As of September 30, 2024, the company held marketable securities in the Trust Account valued at $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[103]. Financing and Business Combination - The company may require additional financing to complete its Business Combination or to address significant public share redemptions[106]. - The SEC's new 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination[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 the 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 Financial Arrangements - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024, and has not entered into any special purpose entities[107].
Melar Acquisition Corp. I(MACIU) - 2024 Q3 - Quarterly Report