Melar Acquisition Corp. I/Cayman

Melar Acquisition Corp. I reported its Q2 2026 financial results, including a net income of $720,170 for the three months ended June 30, 2026. A significant corporate action occurred with the redemption of 12,076,077 Public Shares, totaling approximately $131.5 million, following a shareholder vote to extend the Business Combination Period. This redemption substantially reduced the Trust Account balance and total assets, impacting the company's financial position as it continues to pursue the Everli Business Combination.

Melar Acquisition Corp. I shareholders approved an amendment to extend the business combination period from June 20, 2026, to December 20, 2026, allowing up to six additional months to complete a merger or similar business combination. Shareholders also ratified WithumSmith+Brown, PC as the independent registered public accounting firm for 2026. In connection with the extension vote, holders of 12,076,077 Class A Ordinary Shares redeemed their shares for approximately $131.5 million, leaving 3,923,923 Public Shares outstanding.

Melar Acquisition Corp. I announced an update to the terms of its proposed extension, ahead of an extraordinary general meeting on June 16, 2026. The company's sponsor, Melar Acquisition Sponsor I LLC, has agreed to increase its monthly contribution to the Trust Account from a maximum of $40,000 to $80,000. This increased contribution is intended to support the extension period needed to complete an initial business combination, while the per-share contribution of $0.02 for each unredeemed public share remains unchanged.

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.

Melar Acquisition Corp. I is holding an extraordinary general meeting on June 16, 2026, to vote on extending the deadline for its business combination. The company seeks to extend the current June 20, 2026 deadline monthly, up to December 20, 2026, to complete its proposed merger with Everli Global Inc. Shareholders can redeem their public shares for approximately $10.852 per share from the $173.6 million trust account if the extension is approved. The Board also recommends ratifying WithumSmith+Brown, PC as the independent auditor for 2026.

Melar Acquisition Corp. I reported a net income of $0.78 million for Q1 2026, a decrease from $1.58 million in Q1 2025, primarily due to increased general and administrative costs. The company also disclosed a working capital deficit of $1.12 million as of March 31, 2026, raising substantial doubt about its ability to continue as a going concern, especially with the Business Combination deadline of June 20, 2026. The company is actively pursuing the Everli Business Combination, with Everli's pre-money equity valued at $180 million.

Melar Acquisition Corp. I, as part of the Melar Lender group, has entered into an Intercreditor Agreement with YA II PN, Ltd. (YA Lender) and Everli Global Inc. The agreement establishes that indebtedness owed to both Melar Lender and YA Lender by Everli will rank pari passu, ensuring equal rights to payment and security. Key provisions include pro rata distribution of principal payments, shared first-priority security interests in Everli's assets, and a bailment structure for collateral once YA Lender funds $5,000,000. This arrangement supports the previously disclosed business combination between Melar Acquisition Corp. I and Everli.

Melar Acquisition Corp. I announced an extraordinary general meeting in lieu of an annual general meeting of shareholders to be held on Tuesday, June 16, 2026. The meeting will take place at the offices of Ellenoff Grossman & Schole LLP in New York. Shareholders wishing to submit proposals must do so by May 14, 2026. The meeting aims to satisfy Nasdaq's annual meeting requirement, though it does not technically expire the terms of Class I directors under Cayman Islands law.