Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 8

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 8
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 date (subject to certain materiality qualifiers); (ii) Everli having performed in all material respects
its obligations and complied in all material respects with its covenants and agreements under the Merger Agreement required to be performed
or complied with or by it on or prior to the date of the Closing; and (iii) the absence of any Material Adverse Effect with respect to
Everli and its subsidiaries since the date of the Merger Agreement which is continuing and uncured.

Termination

The Merger Agreement may be
terminated under certain customary and limited circumstances at any time prior to the Closing, including: (i) by mutual written consent
of Melar and Everli; (ii) by either Melar or Everli, if any of the conditions to Closing have not been satisfied or waived by March 31,
2026 (with such date being automatically extended in the event Melar obtains an extension of the deadline by which it must complete its
business combination pursuant to its organizational documents); (iii) by either Melar or Everli, if a governmental authority of competent
jurisdiction has issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the Business Combination,
and such order or other action has become final and non-appealable; (iv) by either Melar or Everli in the event of the other party’s
uncured breach, if such breach would result in the failure of the related Closing condition (and so long as the terminating party is not
in breach under the Merger Agreement so as to prevent the conditions to Closing to be satisfied); (v) by Melar if there has been a Material
Adverse Effect on Everli and its subsidiaries following the date of the Merger Agreement, which is uncured and continuing; (vi) by either
Melar or Everli, if Melar holds the extraordinary general meeting of its shareholders to approve the Merger Agreement and the Business
Combination, and the required shareholder approval is not obtained; (vii) by either Melar or Everli, if Everli holds its special meeting,
and the required Everli shareholder approval is not obtained; (viii) by Melar, if Everli has not delivered the GAAP Audited Everli Financials
to Melar on or before November 30, 2025 or if the GAAP Audited Everli Financials show less than $15,000,000 in net revenue for Everli’s
fiscal year ended December