Melar Acquisition Corp. I Reports Q3 2025 Financial Results, Plans Merger with Everli Global Inc.

Melar Acquisition Corp. I reported its financial results for the third quarter of 2025, revealing a net income of $1.1 million for the three months ended September 30, 2025, compared to $2.4 million for the same period in 2024. For the nine months ended September 30, 2025, the company recorded a net income of $4.2 million, an increase from $2.5 million during the corresponding period in the previous year. The company’s revenue primarily stemmed from dividends and interest earned on marketable securities and cash held in its Trust Account, totaling $1.8 million for the quarter and $5.3 million for the nine-month period.

The financial performance reflects a significant increase in general and administrative costs, which rose to $712,021 for the third quarter of 2025, compared to $130,378 in the same quarter of 2024. This increase is attributed to the company's ongoing efforts to identify and evaluate potential business combinations. The company also reported a working capital deficit of $17,424 as of September 30, 2025, with cash reserves decreasing to $286,258 from $878,254 at the end of 2024.

In terms of strategic developments, Melar Acquisition Corp. I is in the process of completing a merger with Everli Global Inc., which was formalized through a merger agreement on July 30, 2025. The pre-money equity value of Everli in this transaction is set at $180 million, subject to adjustments based on certain financings. The merger is expected to result in Melar transitioning from a Cayman Islands entity to a Nevada corporation, with Everli becoming a wholly-owned subsidiary upon completion.

Operationally, the company has not yet commenced any business operations, as it was formed for the purpose of effecting a business combination. As of September 30, 2025, Melar had 16 million Class A ordinary shares and 5.6 million Class B ordinary shares outstanding. The company has until June 20, 2026, to complete its initial business combination, failing which it will face automatic liquidation. The management has expressed concerns regarding its ability to continue as a going concern, given the working capital deficit and the anticipated costs associated with pursuing its acquisition plans.

Looking ahead, Melar Acquisition Corp. I aims to finalize the merger with Everli and is actively seeking to address its liquidity challenges. The company plans to utilize the funds held in its Trust Account primarily for the business combination and related operational expenses. However, there is no assurance that the merger will be completed within the stipulated timeframe, which could significantly impact the company's financial stability and operational viability.