MACI Melar Acquisition Corp. I/Cayman

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Executive Summary

Melar Acquisition Corp. I (MACI), a SPAC, issued a $1.5M promissory note from its sponsor at a high 17.5% interest rate to fund working capital. Simultaneously, the sponsor converted 5,621,621 Class B shares into Class A shares, reducing founder share overhang slightly. This is routine SPAC operational activity, signaling the company is funding itself ahead of a potential business combination but does not provide material news on a target.

Key Financial Metrics

Actionable Insight

Key Facts

• Issued promissory note to sponsor for up to $1,500,000 at 17.5% annual interest to fund working capital expenses.
• $223,079.12 has already been advanced under the note as of June 11, 2026.
• Note is repayable upon a business combination or liquidation, and up to $1,500,000 of unpaid principal may convert into warrants at $1.00 per warrant at the sponsor's option.
• Sponsor converted 5,621,621 Class B ordinary shares into Class A ordinary shares, leaving 21,621,621 Class A shares and 1 Class B share outstanding.
• No business combination target has been announced.

Financial Impact

Up to $1.5M in working capital debt at 17.5% interest. Conversion eliminates the Class B share class entirely (post-conversion: 1 Class B share remains), effectively increasing the public float of Class A shares by 5,621,621 shares (approximately 35% of pre-conversion Class A shares).

Risk Factors

• High-interest (17.5%) debt increases cash burn if a business combination is delayed.
• If no deal is reached, the company faces liquidation risk; the trust account is protected from this note via a trust waiver.
• Dilution from conversion of the note into warrants (at $1.00/warrant) would add further overhang if exercised.

Market Snapshot

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

US Market Status

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