Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,109,702, driven by dividends and interest earned of $1,813,045 [130]. - For the nine months ended September 30, 2025, the company achieved a net income of $4,245,933, with total dividends and interest earned amounting to $5,336,705 [131]. - Cash used in operating activities for the nine months ended September 30, 2025, was $537,585, influenced by net income of $4,245,933 [137]. Business Combination and Financing - The pre-money equity value of Everli in the Business Combination is $180 million, subject to increase for certain financings prior to Closing [126]. - The Company has until June 20, 2026, to complete its initial Business Combination, or it will face automatic winding up and liquidation [146]. - The Company may need additional financing to complete its Business Combination or to redeem a significant number of public shares [145]. - The Sponsor or certain officers may loan funds up to $1,500,000, which can be converted into warrants at $1.00 per warrant [144]. - The company may seek to extend the Completion Window for its Business Combination, which requires public shareholder approval [116]. Initial Public Offering (IPO) - The company completed the Initial Public Offering of 16,000,000 Units at $10.00 per Unit, generating gross proceeds of $160,000,000 [135]. - The company incurred $10,184,856 in Initial Public Offering related costs, including $3,000,000 in cash underwriting fees [136]. - The underwriters received an underwriting discount of $0.20 per unit, totaling $3,000,000, upon the IPO closing [150]. - The deferred fee for underwriters amounts to $6,600,000, payable from the Trust Account after shareholder redemptions [150]. Balance Sheet and Cash Position - As of September 30, 2025, Everli had an outstanding balance of $3,627,400 on the unaudited condensed consolidated balance sheet [122]. - The company borrowed $3,178,079 under the Sponsor Loan, with an outstanding balance of $3,561,989 reported [125]. - Cash held outside the Trust Account was $286,258 as of September 30, 2025, down from $878,254 at December 31, 2024 [142]. - As of September 30, 2025, the Trust Account primarily held U.S. Treasury Bills, while at December 31, 2024, it was mainly in money market funds invested in U.S. Treasury securities [140]. - The Company has no long-term debt or off-balance sheet arrangements as of September 30, 2025 [147]. Management and Accounting - Management has not identified any critical accounting estimates significantly impacting the financial statements [152]. - The Company has incurred significant costs in pursuit of acquisition plans, raising doubts about its ability to continue as a going concern [146].
Melar Acquisition Corp. I(MACIU) - 2025 Q3 - Quarterly Report