Financial Performance - The Company had a net income of $1,556,238 for the three months ended June 30, 2025, primarily from dividends and interest earned on marketable securities and cash held in the Trust Account[129]. - For the six months ended June 30, 2025, the Company reported a net income of $3,136,231, with dividends and interest earned amounting to $3,523,660[130]. - As of June 30, 2025, the Company had cash of $555,805, down from $878,254 as of December 31, 2024[141]. Initial Public Offering - The Company raised gross proceeds of $160,000,000 from its Initial Public Offering of 16,000,000 Units at $10.00 per Unit, including a partial over-allotment option[134]. - The Company incurred $10,184,856 in costs related to the Initial Public Offering, including $3,000,000 in cash underwriting fees[135]. - Underwriters partially exercised their over-allotment option to purchase an additional 1,000,000 Units during the Initial Public Offering[147]. - The underwriting discount amounted to $3,000,000, with a deferred fee of $6,600,000 payable from the Trust Account after shareholder redemptions[148]. Business Combination - The pre-money equity value of Everli in the upcoming Business Combination is set at $180 million, subject to adjustments for certain financings[127]. - The Company has until June 20, 2026, to complete its initial Business Combination, failing which it will trigger an automatic winding up and liquidation[144]. - The Company may need additional financing to complete the Business Combination or to address potential redemptions of public shares[143]. - The Trust Account primarily holds U.S. Treasury Bills, with the intention to use funds for the Business Combination and operational financing[140]. Loans and Interest - The Company has loaned Everli $227,079 and recognized $2,540 in accrued interest for the three and six months ended June 30, 2025[125]. Financial Position and Liabilities - The company has no off-balance sheet arrangements as of June 30, 2025, and does not engage in transactions with unconsolidated entities[145]. - The company has no long-term debt or significant liabilities, with only a monthly obligation of $10,000 for office space and administrative support[146]. Accounting and Reporting - The company has not identified any critical accounting estimates that significantly impact its financial statements[151]. - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about expense categories[152]. - The company is currently evaluating the impact of adopting ASU 2024-03 on its financial statements[152]. - Management believes that no other recently issued accounting pronouncements will materially affect the financial statements[153]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[154].
Melar Acquisition Corp. I(MACI) - 2025 Q2 - Quarterly Report