secwatch.observer — SEC 8-K summary
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Issuer:     Melar Acquisition Corp. I/Cayman (MACI)
CIK:        0002016221
Form:       8-K
Filed at:   2026-09-18T13:10:51+00:00
Accession:  0001213900-26-101166
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.60
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2016221/000121390026101166/0001213900-26-101166-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2016221/000121390026101166/ea0305899-8k425_melar1.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-101166

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer