Monitor the effectiveness of the S-4 registration statement and shareholder vote timeline. The uncommitted $30M PIPE is a key risk — any delay or reduction in PIPE commitments could jeopardize closing or dilute existing holders.
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Executive Summary
Melar Acquisition Corp. I (MACI) filed an 8-K furnishing an investor presentation for its proposed business combination with Everli Global Inc., an Italian online grocery marketplace. The presentation highlights Everli's asset-light model, ~21% take rate, gross-profit-positive per-order economics, and a pro forma enterprise value of $243.8M. The $30M PIPE is noted as not yet committed, and the deal faces standard SPAC closing risks including shareholder approval and potential redemptions.
Key Facts
- Everli reported FY2025 GTV of $77.9M on 769,000 orders, with net revenues of $16.7M and gross profit of $1.1M.
- Pro forma enterprise value is $243.8M, based on 31,295,545 pro forma shares at $10.00 per share and net cash of $69.2M.
- The $30M PIPE investment is not yet committed and is illustratively priced at $10.00 per share.
- Everli's take rate is ~21%, and it operates with a union agreement covering shoppers, while rival delivery platforms in Italy face labor claims and judicial administration.
- Only 2.5% of Italian grocery sales were online in 2024, and Everli projects the Italian e-grocery market could reach $12.1B by 2030.
Financial Impact
Pro forma enterprise value of $243.8M; FY2025 net revenues of $16.7M and gross profit of $1.1M.
Risk Factors
- The $30M PIPE is not yet committed, creating financing risk for the business combination.
- Shareholder redemptions from Melar's trust could reduce cash available to the combined company.
- Everli has a small gross profit base ($1.1M) and is pre-scale profitability, with significant execution risk in scaling its platform and white-label offering.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-101166 |
| Document: ea030589901ex99-1.htm | 0001213900-26-101166 |
| Document: 0001213900-26-101166-index-headers.html | 0001213900-26-101166 |
| Document: 0001213900-26-101166-index.html | 0001213900-26-101166 |
| Document: 0001213900-26-101166.txt | 0001213900-26-101166 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $11.00 | awaiting T+20 | — | $11.00 (0.00%) |
Oct 15, 2026 11d ago | 425 | $11.10 | awaiting T+20 | — | $11.00 (−0.90%) |
Oct 15, 2026 11d ago | 8-K | $11.10 | awaiting T+20 | — | $11.00 (−0.90%) |
Oct 6, 2026 20d ago | 425 | $11.06 | awaiting T+20 | — | $11.00 (−0.54%) |
Oct 6, 2026 20d ago | 8-K | $11.06 | awaiting T+20 | — | $11.00 (−0.54%) |
Sep 18, 2026 5w ago | 425 | $11.02 $11.10 | ▲ +0.73% | ▲ +0.52% | $11.00 (−0.18%) |
Sep 18, 2026 5w ago | 8-K | $11.02 $11.10 | ▲ +0.73% | ▲ +0.52% | $11.00 (−0.18%) |
Jun 11, 2026 19w ago | 8-K | $10.79 $10.89 | ▲ +0.93% | ▼ −0.85% | $11.00 (+1.95%) |
Jun 11, 2026 19w ago | 8-K | $10.79 $10.89 | ▲ +0.93% | ▼ −0.85% | $11.00 (+1.95%) |
US Market Status
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