Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $1,579,993, primarily from dividends and interest earned on marketable securities and cash held in the Trust Account, totaling $1,736,734[120]. - Cash used in operating activities for the three months ended March 31, 2025, was $185,142, with net income affected by dividend and interest income[124]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination[119]. 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, 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]. Assets and Liabilities - As of March 31, 2025, the company had cash of $693,112 and held substantially all assets in U.S. Treasury Bills within the Trust Account[128][126]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025, and has a monthly obligation of $10,000 for office space and administrative support[132][133]. Business Combination - The company has until June 20, 2026, to complete its initial Business Combination, failing which it will trigger an automatic winding up and liquidation[131]. - The company may seek to extend the Completion Window by amending its memorandum and articles of association, which would require public shareholder approval[118]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination, potentially increasing costs and time[117].
Melar Acquisition Corp. I(MACIU) - 2025 Q1 - Quarterly Report