Company: MACIW
Filing Date: 2025-08-05
Form Type: 425
Source: 0001104659-25-074244
Chunk: 6

Company: Melar Acquisition Corp. I/Cayman
Filing Date: 2025-08-05
Form: 425
Chunk 6
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 of Nasdaq. Four directors will be designated by Everli prior to the Closing and one director will be designated
by Melar prior to the Closing.

Melar
agreed to use its reasonable best efforts during the Interim Period to enter into financing agreements with potential investors (whether
structured as a private placement of common equity, convertible preferred equity, convertible debt or other securities convertible into
or that have the right to acquire common equity, as trust account non-redemption or backstop arrangements or otherwise), in each case
on terms mutually agreeable to Everli and Melar, in an aggregate amount of up to $30,000,000 (the “PIPE Investment”).
Melar also agreed to use its reasonable best efforts to introduce Everli to investors to enter into financing agreements for senior secured
convertible debt investments into Everli, on terms mutually agreeable to Everli and Melar, for an aggregate amount equal to at least $10,000,000
(the “Bridge Financing”).

Everli
agreed to use its reasonable best efforts during the Interim Period to enter into financing agreements with potential investors, for equity
investments in Everli on terms mutually agreeable to Everli and Melar, in an aggregate amount to be determined by Melar and Everli (a
“Everli Equity Investment”; and together with the Bridge Financing, and the PIPE Investment, the “Transaction Financing”).

Everli
agreed to use its reasonable best efforts to deliver to Melar as promptly as reasonably practicable following the date of Merger Agreement,
but in any event no later than November 30, 2025 (the “GAAP Audit Delivery Date”), its GAAP audited financial
statements for the fiscal years ended December 31, 2023 and December 31, 2024 (the “GAAP Audited Everli Financials”).

Melar
also agreed to use its commercially reasonable efforts to obtain, as promptly as practicable after the date of the Merger Agreement, a
written opinion from a reputable investment bank or valuation expert, reasonably acceptable to Everli, that the consideration provided
by Melar to the Everli shareholders under the Merger Agreement is fair to Melar and its shareholders (the “Fairness Opinion”).

Conditions to Closing

The Merger
Agreement contains customary conditions to Closing, including the following mutual conditions of the parties (unless waived): (i) approval
of the shareholders of Melar; (ii) approval of the shareholders of