Melar Acquisition Corp. I (NASDAQ: MACI) is a blank-check special purpose acquisition company (SPAC) incorporated on March 11, 2024, that raised capital through an initial public offering to identify and complete a business combination with a target company. The company generates no operating revenue. Its IPO, underwritten by CCM and Seaport, closed June 20, 2024, and included an over-allotment option partially exercised for 1,000,000 Option Units. As of the 10-K filed March 9, 2026, MACI had entered into an Agreement and Plan of Merger with Everli, dated July 30, 2025, and subsequently amended on October 2, 2025, and December 8, 2025. A Form S-4 registration statement in connection with the Everli business combination was submitted confidentially to the SEC on January 23, 2026. MACI must complete a business combination within 36 months of its IPO registration statement effectiveness under Nasdaq Rules. The company holds IPO proceeds in trust and has reported a shareholders' deficit on its consolidated balance sheets as of December 31, 2025 and December 31, 2024.

Revenue model

No operating revenue. MACI holds IPO proceeds in a trust account pending completion of a business combination. It has no commercial revenue streams as a SPAC.

Products and services

Class A and Class B Ordinary Shares, Public Warrants, and Units issued in connection with the IPO (June 2024). Private Placement Warrants sold to CCM and Seaport. Pending business combination with Everli under the Everli Merger Agreement.

Customers and end markets

Not applicable. MACI is a pre-combination SPAC with no commercial customers or end markets. Its shareholders include institutional holders such as Mizuho Securities USA LLC, W. R. Berkley Corporation, Berkley Insurance Company, and Barclays PLC, as disclosed in Schedule 13G filings.

Value-chain role

Acquisition vehicle. MACI sources, evaluates, and executes a business combination with a private target company, providing that target with a path to public listing on Nasdaq.

Geographic exposure

Incorporated as a Cayman Islands entity. IPO and listing on Nasdaq. Target company Everli is referenced in the filing without explicit geographic detail supported by the excerpts.

Source: SEC 10-K, filed 2026-03-09

Industry: Services-Business Services, NEC