Financing ·
Melar Acquisition Corp. I issued a $1,500,000 promissory note to its sponsor, Melar Acquisition Sponsor I LLC, to…
MACIMelar Acquisition Corp. I/Cayman
Melar Acquisition Corp. I issued a $1,500,000 promissory note to its sponsor, Melar Acquisition Sponsor I LLC, to cover working capital advances, with $223,079.12 already advanced. The note is interest-bearing at 17.5% per annum and includes an option for the sponsor to convert up to $1,500,000 of unpaid principal into warrants at a $1.00 conversion price. Additionally, the company issued 5,621,621 Class A Ordinary Shares to the sponsor via a conversion of Class B ordinary shares. Melar Acquisition Corp. I is a blank check company operating in the SPAC sector.