---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-101166"
form_type: "8-K"
ticker: "MACI"
cik: "0002016221"
company_name: "Melar Acquisition Corp. I/Cayman"
filed_at: "2026-09-18T13:10:51+00:00"
generated_at: "2026-09-18T13:13:19.482666+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Melar/Everli investor deck: $313M pro forma equity, $243.8M EV; FY25 gross profit only ~7% margin

## Summary
- Everli FY2025: GTV $77.9M, net revenues $16.7M, gross profit $1.1M (~7% margin) on 769k orders; 104,543 active customers.
- Pro forma equity value $313.0M ($10.00/share on 31.3M shares); enterprise value $243.8M after $69.2M net cash.
- $30M PIPE is not yet committed (illustrative $10.00 price); $10M bridge converts to 750k shares at close.
- Italy online grocery at only 2.5% penetration (2024), projected €12.1B by 2030; Everli claims 95 retail partners, ~21% take rate.
- Everli cites only union agreement in Italian gig delivery (Nidil CGIL 2024); Glovo/Foodinho and Deliveroo Italy under judicial administration since 2026.

## SEC filing metadata
- accession: 0001213900-26-101166
- form_type: 8-K
- ticker: MACI
- cik: 0002016221
- company_name: Melar Acquisition Corp. I/Cayman
- filed_at: 2026-09-18T13:10:51+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2016221/000121390026101166/0001213900-26-101166-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2016221/000121390026101166/ea0305899-8k425_melar1.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-101166
- JSON: https://secwatch.observer/filing/0001213900-26-101166.json
- Plain text: https://secwatch.observer/filing/0001213900-26-101166.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.