Melar Acquisition I, a blank check company targeting the emerging finance sector, filed to offer 15 million units at $10 each. A unit consists of one Class A share and one-half of a redeemable warrant. Each whole warrant entitles the holder to purchase a share at $11.50. The sponsor and Cohen have agreed to buy 5 million warrants at $1 each.
The sponsor currently owns 6,060,811 Class B shares, up to 790,541 of which will be surrendered to Melar I for no consideration after the closing of the IPO, depending on the exercise of the underwriters’ over-allotment option. Those shares will automatically convert into Class A shares.
Melar I said it expects to focus on a target in retail finance, specialty finance, or financial technology that are positioned to benefit directly from the growth of economic stability and financial technologies in their target markets, a sector which the SPAC refers to as “emerging finance.”
CEO and Chairman Gautam Ivatury has been a co-founder and managing partner of ALMA Sustainable Finance, a debt investment firm active in the global inclusive finance and carbon finance sectors, since May 2020, and has been a senior advisor and investment committee member for Encourage Capital, a New York-based private equity firm that invests in specialty finance lenders in India among other sectors, since October 2016.
The new SPAC intends to apply for a listing on the Nasdaq under the symbol MACIU.
Cohen is sole book-runnig manager on this deal. Read more.
