Company: MACIW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001104659-25-111661
Chunk: 6

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2M
Chunk 6
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 currently require SPACs (such as us) to complete our initial Business Combination in accordance with the requirement pursuant to the Nasdaq Rules that a SPAC must complete one or more Business Combinations within 36 months following the effectiveness of its initial public offering registration statement (the “Nasdaq 36-Month Requirement”). If we do not meet the Nasdaq 36-Month Requirement, our will likely be subject to a suspension of trading and delisting from Nasdaq. Our Sponsor may also, in its discretion, explore transactions under which it would sell its interest in our Company to another sponsor entity, which may result in a change to our management team.

Everli Note

On May 30, 2025, the Company entered into the Original Everli Note with Everli and the Pledging Stockholder for a principal amount of up to $300,000. The Original Everli Note bore interest at an annual compounded rate of 17.5% and was secured by a continuing security interest in all of Everli’s and its subsidiaries’ property and assets, and a pledge of equity interests by the Pledging Stockholder as collateral.

The principal and accrued interest of the Original Everli Note was due and payable on the earliest of: (i) July 29, 2025, if the Term Sheet was terminated by the Company in its sole discretion; (ii) five (5) business days after any other termination of the Term Sheet in accordance with the terms thereof; (iii) five (5) business days after the termination of a definitive agreement for a Business Combination transaction involving Everli and the Company; and (iv) five (5) business days after Everli’s receipt of at least an aggregate of $5,000,000 in proceeds under a $10 million senior secured convertible loan as contemplated under the Term Sheet.

On August 18, 2025, the Company, Everli and the Pledging Stockholder entered into the Amended Everli Note to amend the principal amount of the Original Everli Note to $1,000,000, including an OID of 10%.