Melar Acquisition Corp. I, incorporated on March 11, 2024, is classified as a shell company with a business purpose focused on executing a merger, amalgamation, share exchange, asset acquisition, or similar business combination. The company completed its Initial Public Offering (IPO) on June 20, 2024, offering 16,000,000 units at $10.00 each, generating gross proceeds of $160 million. Additionally, it sold 5,000,000 private placement warrants for $5 million. The total funds placed in the Trust Account after the IPO amounted to $160 million, primarily held in U.S. Treasury Bills.
As of September 30, 2024, Melar Acquisition Corp. I reported total other income of $2,506,315 since inception, with net income of $2,375,937. For the three months ended September 30, 2024, total other income was $2,701,212, leading to a net income of $2,463,105. Basic net income per share for Class A and Class B ordinary shares was $0.11 for the period from inception and $0.18 for the three months ended September 30, 2024. The company reported a net loss of $(19,135) for the period from inception through September 30, 2024, but a net income of $106,303 for the three months ended September 30, 2024.
The company has not commenced any operations or selected a specific business combination target as of the reporting date. It has until June 20, 2026, to complete its initial business combination, failing which it will undergo liquidation. As of September 30, 2024, Melar Acquisition Corp. I had $934,098 in its operating bank account and reported working capital of $1,093,358.
The company incurred total transaction costs of $10,184,856 related to the IPO, which included underwriting fees and other offering costs. It has no long-term debt or capital lease obligations and has entered into an agreement to pay $10,000 per month for administrative services until the completion of a business combination or liquidation.
As of September 30, 2024, Melar Acquisition Corp. I had 16,000,000 Class A ordinary shares and 5,621,622 Class B ordinary shares issued and outstanding. The Class A ordinary shares are subject to possible redemption, valued at $162,531,350. The company has also issued 13,000,000 warrants, which can be exercised at a price of $11.50 per share, subject to specific conditions.
About Melar Acquisition Corp. I/Cayman
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