Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 2

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 2
---
 Salvatore Palella (the “Escrowed Seller”).

Pursuant
to the Merger Agreement, subject to the terms and conditions set forth therein, (i) prior to the Closing, SPAC will continue out of the
Cayman Islands and into the State of Nevada and domesticate as a Nevada corporation (the “Domestication”), and
(ii) at the Closing, Merger Sub will merge with and into Everli (the “Merger”), with Everli continuing as the
surviving entity and wholly-owned subsidiary of Melar, and with each Everli shareholder receiving shares of Melar common stock at the
Closing, as further described below.

The Merger Agreement provides
that the total consideration received by the Everli security holders from Melar at the Closing will be a number of shares of Melar common
stock with an aggregate value equal to the sum of (i) One Hundred and Eighty Million Dollars ($180,000,000) plus (ii) the gross proceeds
of the Bridge Financing (as defined below), if any, that has converted into Everli common stock, plus (iii) the Everli Equity Investment
(as defined below), if any, (the “Merger Consideration”, and such shares the “Merger Consideration Shares”), with each share of Melar common stock valued at $10.00.

The Merger Consideration Shares
will be divided into Melar Class A common stock, with one vote per share, and a new class of Melar Class B common stock, with 30 votes
per share, which Class B common stock supervoting rights will sunset 12 years after the Closing. The Everli shareholders will receive
the Melar Class A common stock and Melar Class B common stock in proportion to the number of shares of Everli Class A common stock and
Everli Class B common stock that such shareholder owned immediately prior to the Closing. All Everli options, warrants, convertible debt
and other convertible securities outstanding (other than any Bridge Financing securities which will convert into Melar Class A common
stock at Closing) and not converted prior to the Closing will be terminated as of the Closing.

At or prior to the Closing,
Melar, the SPAC Representative, the Escrowed Seller and Continental Stock Transfer & Trust Company, as escrow agent (or another mutually
acceptable escrow agent) (the “Escrow Agent”), shall enter into an Escrow Agreement, effective as of the Closing,
in a form to