Shareholders Approve Everli SPAC Merger; Combined Company to Trade as EVRL
MACI sits 25% above its 52-week low of $9.06 on elevated volume (4.1× avg).
Summary
Melar shareholders approved the business combination with Everli Global at today's extraordinary general meeting, clearing the last major vote hurdle, though holders of 3,852,564 Melar Class A shares redeemed for trust funds, leaving approximately $0.8 million in the trust account. The combined company will operate as Everli Global Holdings Inc., with Class A common stock and warrants expected to trade on Nasdaq under EVRL and EVRLW. Closing is expected promptly once remaining conditions are satisfied or waived. The vote follows the definitive proxy mailed October 2 that set today's meeting and the SEC's October 6 effectiveness declaration. The target remains a distressed profile — the amended S-4 disclosed $56.1M of total debt, a $9.7M default, and a $5.6M overdue loan — so the post-closing balance sheet and any additional financing are the real story. Watch for the 8-K with full voting results and the redemption tally, which determines how much trust cash actually reaches Everli.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Holders of 3,852,564 Melar Class A shares redeemed for trust funds, leaving approximately $0.8 million in the trust account.
At the time of this announcement, MACI was trading at $11.37 on NASDAQ in the Finance sector, with a market capitalization of approximately $108.5M. The 52-week trading range was $9.06 to $14.92. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BusinessWire.