Melar Acquisition Corp. I (MACI) sponsor converts 5.62M Class B shares into Class A

Rhea-AI Filing Summary

Melar Acquisition Corp. I/Cayman insiders reported a large internal share conversion. Melar Acquisition Sponsor I LLC elected to convert 5,621,621 Class B ordinary shares into 5,621,621 Class A ordinary shares on a one-for-one basis for no additional consideration.

After the transaction, the sponsor entity holds 5,621,621 Class A ordinary shares and 1 Class B ordinary share. The Class B shares are described as convertible into Class A shares at the holder’s option and having no expiration date. The CEO and COO are indirect beneficiaries through entities that manage the sponsor and disclaim beneficial ownership beyond their economic interests.

Insights

Equity structure analyst

Large sponsor share block moved from Class B to Class A without cash.

The filing shows Melar Acquisition Sponsor I LLC converting 5,621,621 Class B ordinary shares into the same number of Class A shares at $0.00 per share. This is a conversion of derivative security, not an open-market purchase or sale.

The footnotes explain that Class B shares are freely convertible into Class A on a one-for-one basis and have no expiration date. The sponsor now holds 5,621,621 Class A shares and just 1 Class B share, simplifying its position while keeping overall economic exposure unchanged.

Gautam Ivatury and Eric Lifshitz are linked through managing-member roles in entities that control the sponsor and may be deemed to have beneficial ownership, but they disclaim ownership beyond their pecuniary interests. With no change in net share count or cash flow, this looks like a structural reclassification rather than a directional bet.

Insider Trade Summary

5,621,621 shares exercised/converted

Mixed 2 txns

Insider Melar Acquisition Sponsor I LLC, Ivatury Gautam, Lifshitz Eric, Eco Crown Global LLC, Melar Capital SPAC Sponsor I LLC

Role null | CEO | COO | null | null

Type	Security	Shares	Price	Value
Conversion	Class B ordinary shares	5,621,621	$0.00	--
Conversion	Class A ordinary shares	5,621,621	$0.00	--

Holdings After Transaction: Class B ordinary shares — 1 shares (Direct, null); Class A ordinary shares — 5,621,621 shares (Direct, null)

Footnotes (1)

1. The Class B ordinary shares are convertible, at the option of the holder, into Class A ordinary shares on a one-for-one basis, for no additional consideration, and have no expiration date. On June 11, 2026, the Reporting Persons elected to convert 5,621,621 Class B ordinary shares held by them into 5,621,621 Class A ordinary shares. Gautam Ivatury, the Chief Executive Officer and Chairman of the Issuer, is the managing member of Eco Crown Global LLC. Eric Lifshitz, the Chief Operating Officer and director of the Issuer, is the managing member of Melar Capital SPAC Sponsor I LLC. Eco Crown Global LLC and Melar Capital SPAC Sponsor I LLC are the managing members of Melar Acquisition Sponsor I LLC (the "Sponsor") and have voting and investment discretion with respect to the securities held of record by the Sponsor. As such, Gautam Ivatury, Eric Lifshitz, Eco Crown Global LLC and Melar Capital SPAC Sponsor I LLC may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Gautam Ivatury, Eric Lifshitz, Eco Crown Global LLC and Melar Capital SPAC Sponsor I LLC disclaim any beneficial ownership except to the extent of their respective pecuniary interests therein.

Key Figures

Shares converted: 5,621,621 shares Class A shares after conversion: 5,621,621 shares Class B shares after conversion: 1 share +2 more

5 metrics

Shares converted 5,621,621 shares Class B ordinary shares converted into Class A on June 11, 2026

Class A shares after conversion 5,621,621 shares Total Class A ordinary shares held following transaction

Class B shares after conversion 1 share Class B ordinary shares remaining following transaction

Conversion price $0.00 per share Transaction price per share for both Class A and derivative entry

Derivative exercise shares 5,621,621 shares ExerciseShares in transaction summary for derivative conversion

Key Terms

Class B ordinary shares, Class A ordinary shares, Conversion of derivative security, beneficial ownership, +1 more

5 terms

Class B ordinary shares financial

"The Class B ordinary shares are convertible, at the option of the holder, into Class A ordinary shares on a one-for-one basis"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

Class A ordinary shares financial

"convert 5,621,621 Class B ordinary shares held by them into 5,621,621 Class A ordinary shares"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

Conversion of derivative security financial

"transaction_code_description: Conversion of derivative security"

beneficial ownership financial

"may be deemed to have beneficial ownership of the securities held of record by the Sponsor"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interests financial

"disclaim any beneficial ownership except to the extent of their respective pecuniary interests therein"

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Melar Acquisition Sponsor I LLC

(Last) (First) (Middle)

143 WEST 72ND STREET, 4TH FLOOR

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Melar Acquisition Corp. I/Cayman [ MACI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/11/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	06/11/2026		C		5,621,621	A	(1)	5,621,621	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B ordinary shares	(1)	06/11/2026		C			5,621,621	(1)	(1)	Class A ordinary shares	5,621,621	$0	1	D(2)

1. Name and Address of Reporting Person^*

Melar Acquisition Sponsor I LLC

(Last) (First) (Middle)

143 WEST 72ND STREET, 4TH FLOOR

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Ivatury Gautam

(Last) (First) (Middle)

143 WEST 72ND STREET, 4TH FLOOR

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

1. Name and Address of Reporting Person^*

Lifshitz Eric

(Last) (First) (Middle)

143 WEST 72ND STREET, 4TH FLOOR

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	COO

1. Name and Address of Reporting Person^*

Eco Crown Global LLC

(Last) (First) (Middle)

143 WEST 72ND STREET, 4TH FLOOR

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Melar Capital SPAC Sponsor I LLC

(Last) (First) (Middle)

143 WEST 72ND STREET, 4TH FLOOR

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The Class B ordinary shares are convertible, at the option of the holder, into Class A ordinary shares on a one-for-one basis, for no additional consideration, and have no expiration date. On June 11, 2026, the Reporting Persons elected to convert 5,621,621 Class B ordinary shares held by them into 5,621,621 Class A ordinary shares.

2. Gautam Ivatury, the Chief Executive Officer and Chairman of the Issuer, is the managing member of Eco Crown Global LLC. Eric Lifshitz, the Chief Operating Officer and director of the Issuer, is the managing member of Melar Capital SPAC Sponsor I LLC. Eco Crown Global LLC and Melar Capital SPAC Sponsor I LLC are the managing members of Melar Acquisition Sponsor I LLC (the "Sponsor") and have voting and investment discretion with respect to the securities held of record by the Sponsor. As such, Gautam Ivatury, Eric Lifshitz, Eco Crown Global LLC and Melar Capital SPAC Sponsor I LLC may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Gautam Ivatury, Eric Lifshitz, Eco Crown Global LLC and Melar Capital SPAC Sponsor I LLC disclaim any beneficial ownership except to the extent of their respective pecuniary interests therein.

	/s/ Gautam Ivatury, as Managing Member of Eco Crown Global LLC, as Managing Member of Melar Acquisition Sponsor I LLC	06/11/2026
	/s/ Gautam Ivatury, as Managing Member of Eco Crown Global LLC	06/11/2026
	/s/ Gautam Ivatury	06/11/2026
	/s/ Eric Lifshitz, as Managing Member of Melar Capital SPAC Sponsor I LLC	06/11/2026
	/s/ Eric Lifshitz	06/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did MACI report in this Form 4?

Melar Acquisition Sponsor I LLC converted 5,621,621 Class B ordinary shares into 5,621,621 Class A ordinary shares. The conversion was on a one-for-one basis, involved no cash consideration, and did not reflect any open-market buying or selling activity.

How many Melar Acquisition Corp. I Class A shares does the sponsor hold after the conversion?

Following the conversion, Melar Acquisition Sponsor I LLC holds 5,621,621 Class A ordinary shares. It also holds 1 remaining Class B ordinary share, so the transaction mainly changes share class designation rather than total sponsor-controlled equity exposure.

What happened to Melar Acquisition Corp. I Class B ordinary shares in this filing?

The reporting persons elected to convert 5,621,621 Class B ordinary shares into the same number of Class A ordinary shares. Footnotes state Class B shares are convertible into Class A on a one-for-one basis, for no additional consideration, and have no expiration date.

How are MACI’s CEO and COO connected to the reported shares?

Footnotes state CEO Gautam Ivatury manages Eco Crown Global LLC and COO Eric Lifshitz manages Melar Capital SPAC Sponsor I LLC, both managing members of the sponsor. They may be deemed beneficial owners but disclaim ownership beyond their respective pecuniary interests.

Did Melar Acquisition Corp. I insiders buy or sell shares for cash?

The transactions are classified as conversions of derivative securities, not open-market purchases or sales. The 5,621,621 Class B shares converted into Class A at a stated price of $0.00 per share, so there was no cash paid or received in this reported activity.