Financial Performance - The company had a net income of $1,579,993 for the three months ended March 31, 2025, primarily from dividends and interest earned on marketable securities and cash held in the Trust Account [120]. - As of March 31, 2025, cash used in operating activities was $185,142, with net income affected by dividend and interest earned of $1,736,734 [124]. - The company had cash of $693,112 as of March 31, 2025, down from $878,254 at December 31, 2024 [128]. Initial Public Offering - The Initial Public Offering generated gross proceeds of $160,000,000 from the sale of 16,000,000 Units at $10.00 per Unit, including a partial over-allotment option [122]. - The company incurred $10,184,856 in Initial Public Offering related costs, which included $3,000,000 in cash underwriting fees and $6,600,000 in deferred underwriting fees [123]. Business Combination and Future Plans - The company has until June 20, 2026, to complete its initial Business Combination, or it will trigger an automatic winding up and liquidation [131]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination [117]. Trust Account and Funding - At March 31, 2025, the Trust Account primarily held U.S. Treasury Bills, with the intention to use these funds for the Business Combination [126]. - The company may seek loans from the Sponsor or affiliates to fund working capital deficiencies, with up to $1,500,000 convertible into warrants at $1.00 per warrant [129]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [132].
Melar Acquisition Corp. I(MACI) - 2025 Q1 - Quarterly Report