Loan & DebtJun 11, 2026, 04:12 PM
Melar Acquisition I Issues $1.5M Promissory Note to Sponsor
AI Summary
Melar Acquisition Corp. I issued a promissory note for up to $1,500,000 to its sponsor, Melar Acquisition Sponsor I LLC, to cover working capital expenses. The note carries a 17.5% annual interest rate and is repayable upon the earlier of a business combination or liquidation, with an option for the sponsor to convert up to $1,500,000 into warrants. Concurrently, the company issued 5,621,621 Class A Ordinary Shares to the sponsor through the conversion of an equal number of Class B Ordinary Shares, resulting in 21,621,621 Class A shares and 1 Class B share outstanding.
Key Highlights
- Issued a promissory note for up to $1,500,000 to its sponsor.
- The note bears interest at 17.5% per annum.
- As of June 11, 2026, $223,079.12 has been advanced under the note.
- The note is convertible into warrants at $1.00 per warrant, at the sponsor's option.
- Issued 5,621,621 Class A Ordinary Shares to the Sponsor upon conversion of Class B shares.
- Following conversion, 21,621,621 Class A Ordinary Shares are outstanding.
- One Class B Ordinary Share remains outstanding after the conversion.
Price Impact
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