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, driven by dividends and interest of $3,523,660 from marketable securities and cash held in the Trust Account[130]. - Cash used in operating activities for the six months ended June 30, 2025, was $322,449, with net income impacted by interest earned on marketable securities[136]. Initial Public Offering - The Company raised gross proceeds of $160,000,000 from the Initial Public Offering of 16,000,000 Units at $10.00 per Unit, including a partial over-allotment option[134]. - 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]. - 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[135]. Business Combination - The pre-money equity value of Everli in the upcoming Business Combination is estimated at $180 million, subject to adjustments for certain financings prior to Closing[127]. - The Company has until June 20, 2026, to complete the initial Business Combination, failing which it will trigger an automatic winding up and liquidation[144]. - The Company may need to raise additional funds to complete the Business Combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[143]. Financial Position - As of June 30, 2025, the Company had cash of $555,805, down from $878,254 as of December 31, 2024[141]. - As of June 30, 2025, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[145]. - The company has no long-term debt or capital lease obligations, with a monthly payment of $10,000 for office space and administrative support services[146]. Accounting and Reporting - The company has not identified any critical accounting estimates that significantly impact its unaudited condensed financial statements[151]. - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[152]. - Management believes that no recently issued accounting pronouncements will materially affect the financial statements[153]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[154]. Loans and Interest - The Company loaned Everli $227,079 and recognized $2,540 in accrued interest for the three months ended June 30, 2025[125].
Melar Acquisition Corp. I(MACIU) - 2025 Q2 - Quarterly Report