04:30 PM EDT, 06/20/2024 (MT Newswires) -- Melar Acquisition (MACIU) said it raised $160 million in gross proceeds from an initial public offering of units.

The company sold 16 million units at $10 a piece in the offering, with each unit consisting of one class A ordinary share and one-half of one redeemable warrant

Each whole warrant has an exercise price of $11.50 to purchase one class A ordinary share, according to the company.

Melar Acquisition has granted underwriters an overallotment option to buy up to 1.3 million additional units.