Melar Acquisition Corp. I Announces Pricing of $150 Million Initial Public Offering

Rhea-AI Summary

Melar Acquisition Corp. I announced the pricing of its initial public offering (IPO) of 15,000,000 units at $10.00 per unit, raising $150 million.

The units will be listed on Nasdaq under the symbol 'MACIU' starting June 18, 2024. Each unit consists of one Class A ordinary share and one-half of a warrant, with each whole warrant exercisable at $11.50 per share.

Upon separate trading, shares and warrants will trade under 'MACI' and 'MACIW', respectively. The IPO is expected to close on June 20, 2024, subject to customary conditions.

The offering is led by Cohen & Company Capital Markets and Seaport Global Securities. The Company has granted underwriters a 45-day option to purchase up to 2,250,000 additional units to cover over-allotments.

The leadership team includes CEO Gautam Ivatury, CFO Edward Lifshitz, and COO Eric Lifshitz.

Positive

• Raised $150 million from IPO.
• Listed on Nasdaq under symbol 'MACIU'.
• Each unit includes one Class A share and one-half warrant.
• Potential for additional $22.5 million if over-allotment is exercised.
• Led by experienced leadership team.

Negative

• Warrants exercise price is $11.50, which may be unattractive if the stock price remains below this level.
• IPO subject to customary closing conditions.
• Potential shareholder dilution if over-allotments are exercised.

NEW YORK--(BUSINESS WIRE)-- Melar Acquisition Corp. I (the “Company”) announced the pricing of its initial public offering of 15,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market (“Nasdaq”) under the symbol “MACIU” commencing Tuesday, June 18, 2024. Each unit consists of one Class A ordinary share of the Company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “MACI” and “MACIW,” respectively. The initial public offering is expected to close on Thursday, June 20, 2024, subject to customary closing conditions.

The Company is led by Gautam Ivatury, Chief Executive Officer and Chairman, Edward Lifshitz, Chief Financial Officer, and Eric Lifshitz, Chief Operating Officer and a Director.

The offering is being led by Cohen & Company Capital Markets as the lead book-running manager and Seaport Global Securities as joint book runner. The Company has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price to cover over-allotments, if any.

The initial public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, Suite 1710, New York, NY 10019, Attention: Prospectus Department, Email: capitalmarkets@cohencm.com or Seaport Global Securities LLC, 360 Madison Avenue, 22nd Floor, New York, NY 10017, Attention: Prospectus SPAC Department, Email: SPACCapitalMarkets@seaportglobal.com.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 17, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

About Melar Acquisition Corp. I

Melar Acquisition Corp. I is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination in any business or industry.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240617621419/en/

Melar Acquisition Corp. I

Gautam Ivatury, Chief Executive Officer

Tel: (702) 781-1120

Source: Melar Acquisition Corp. I

FAQ

What is the ticker symbol for Melar Acquisition Corp. I's IPO?

The ticker symbol for Melar Acquisition Corp. I's IPO is 'MACIU'.

How much did Melar Acquisition Corp. I raise from its IPO?

Melar Acquisition Corp. I raised $150 million from its IPO.

When will the IPO for Melar Acquisition Corp. I close?

The IPO for Melar Acquisition Corp. I is expected to close on June 20, 2024.

What do the units of Melar Acquisition Corp. I's IPO consist of?

Each unit consists of one Class A ordinary share and one-half of a warrant.

What is the exercise price for the warrants in Melar Acquisition Corp. I's IPO?

The exercise price for the warrants is $11.50 per share.

Who are the lead managers for Melar Acquisition Corp. I's IPO?

The lead managers are Cohen & Company Capital Markets and Seaport Global Securities.