Company: MACIW
Filing Date: 2025-10-24
Form Type: 425
Source: 0001104659-25-102193
Chunk: 2

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-10-24
Form: 425
Chunk 2
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18,
2025 and amended on September 12, 2025 (the “Everli Note”), with Everli, and a certain stockholder of Everli (the “Pledging
Stockholder”) for the aggregate principal amount of up to $1,250,000. On September 29, 2025, the parties to the Everli Note entered
into Second Amendment to Amended and Restated Secured Promissory Note and Pledge Agreement (the “Second Amendment to Everli Note”)
to increase the principal amount to up to $3,250,000.

As
previously disclosed, Melar issued an Amended and Restated Promissory Note, dated as of August 18, 2025 and amended on September 12, 2025
(the “Sponsor Note”), in the aggregate principal amount of up to $1,250,000 to the Sponsor. On September 29, 2025, Melar issued
Second Amendment to Amended and Restated Promissory Note (the “Second Amendment to Sponsor Note”) to the Sponsor to amend
the Sponsor Note to increase the principal amount to up to $3,250,000.

Everli Convertible Note

On
October 21, 2025, Everli entered into a Secured Promissory Note and Pledge Agreement, dated as of October 21, 2025, with Melar Capital
Group LLC (“MCG”), for the aggregate principal amount of $7,500,000, which includes a $750,000 original issue discount (the
“Everli Convertible Note”). The Everli Convertible Note is interest bearing at 17.5% per annum and is secured by the assets
of Everli and its subsidiaries. MCG is an affiliate of the Sponsor.

The
principal and accrued interest of the Everli Convertible Note shall be due and payable on the twelfth-month anniversary of the issuance
date of the note. MCG has a right to convert any outstanding balance under the Everli Convertible Note into fully paid and nonassessable
shares of Melar Class A Common Stock at a rate set forth in the Everli Convertible Note at any time or times on or after the Business
Combination.

Melar
was a signatory to the Everli Convertible Note to acknowledge, among other things, the conversion right and the parity of the security
interest granted under the Everli Note and the security interest granted under the Everli Convert