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Melar Acquisition Corp. I Unit (MACIU-2.74%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Melar Acquisition Corp. I is a blank check company formed to effect a Business Combination, with no specific target identified as of the filing date. The company completed its Initial Public Offering on June 20, 2024, raising $160 million through the sale of 16 million units at $10.00 per unit.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. The proceeds from the IPO were placed in a trust account, with the funds intended for use in completing a Business Combination.
The company has until June 20, 2026, to complete a Business Combination, failing which it will liquidate and distribute the funds held in the trust account to public shareholders.
Melar Acquisition Corp. I has not commenced operations and will not generate operating revenues until after the completion of a Business Combination. The company reported net income of $4,209,339 for the period from March 11, 2024 (inception) through December 31, 2024, primarily from interest earned on the trust account.
The management team, led by CEO Gautam Ivatury, is focused on identifying a target in the emerging finance sector, including retail finance, specialty finance, and financial technology.
The filing outlines potential risks, including the possibility of not completing a Business Combination within the specified timeframe, which would result in liquidation. It also highlights the competitive environment for acquiring target businesses.
Melar Acquisition Corp. I's directors and officers have agreed to certain restrictions, including waiving redemption rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination.
The company has also filed a Registration Statement on Form 8-A to register its securities under the Exchange Act, subjecting it to the rules and regulations promulgated under the Exchange Act.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Melar Acquisition Corp. I Unit annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.