NEW YORK, June 20, 2024--(BUSINESS WIRE)--Melar Acquisition Corp. I (the "Company") announced today the closing of its initial public offering of 16,000,000 units, which includes 1,000,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $160,000,000. The underwriters retain their right to exercise their over-allotment option to purchase up to 1,250,000 additional units.

The Company’s units began trading on June 18, 2024 on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "MACIU." Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant, with 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 Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "MACI" and "MACIW," respectively.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants (as well as the partial exercise of the over-allotment option), $160,000,000 (or $10.00 per unit sold in the public offering) was placed in the Company’s trust account.

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.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the lead book-running manager and Seaport Global Securities acted as joint book runner. The initial public offering is being made only by means of a prospectus. 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: [email protected] or Seaport Global Securities LLC, 360 Madison Avenue, 22nd Floor, New York, NY 10017, Attention: Prospectus SPAC Department, Email: [email protected].

A registration statement relating to the securities was 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 offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.