Melar Acquisition Corp. I Reports $5.54 Million Net Income, Plans $180 Million Merger with Everli Global Inc.

Melar Acquisition Corp. I, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, reported a net income of $5.54 million for the fiscal year ending December 31, 2025, compared to a net income of $4.21 million for the previous year. The increase in profitability was primarily driven by interest and dividends earned on marketable securities and cash held in the Trust Account, which amounted to approximately $7.00 million. General and administrative costs rose to $1.48 million from $0.37 million in the prior year, reflecting the company's ongoing operational expenses as it prepares for its initial business combination.

The company has made significant strides in its strategic development, particularly with the proposed acquisition of Everli Global Inc. The Everli Merger Agreement, signed on July 30, 2025, outlines a transaction valued at $180 million, with the potential for additional financing. Amendments to the agreement were made in October and December 2025 to extend deadlines related to financing and audit deliverables. As of December 31, 2025, Melar Acquisition Corp. had $171.41 million in marketable securities held in its Trust Account, which is intended to fund the business combination.

Operationally, Melar Acquisition Corp. has maintained a steady headcount with three executive officers and no full-time employees, as the company is still in the pre-business combination phase. The company has also reported a working capital deficit of $386,183 as of December 31, 2025, raising concerns about its ability to continue as a going concern without successfully completing the business combination by the deadline of June 20, 2026. The company has indicated that it may seek shareholder approval to extend this deadline if necessary.

Looking ahead, Melar Acquisition Corp. is focused on finalizing the Everli Business Combination, which is expected to enhance its market position and provide growth opportunities. The company has filed a draft registration statement with the SEC for the transaction, which includes a proxy statement for its shareholders. However, there is no assurance that the business combination will be completed within the specified timeframe, and the company has acknowledged the risks associated with its ability to continue operations if the merger does not proceed as planned.