Financial stability has weakened significantly, with the current ratio falling to 0.78 and total debt rising to $3.9 million by 2026Q1.
| Total Current Assets | 4.01M | 3.91M | 1.04M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | -171.34M | 0 |
| Total Non-Current Assets | 172.92M | 171.41M | 164.48M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 167.93M | 0 | 164.41M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 176.93M | 175.31M | 165.52M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 22.51% | 5.92% | - |
| Total Current Liabilities | 5.13M | 4.29M | 41.25K |
| Accounts Payable | 1.19M | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 3.95M | 3.72M | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 0 | 576.96K | 41.25K |
| Current Ratio | 0.78x | 0.91x | 25.30x |
| Quick Ratio | 0.78x | 0.91x | 25.30x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 6.6M | 6.6M | 6.6M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 11.73M | 10.89M | 6.64M |
| Total Debt | 3.95M | 3.72M | 0 |
| Net Debt | 3.93M | 3.69M | -878.25K |
| Debt / Equity | 0.02x | 0.02x | - |
| Debt / EBITDA | 1.05x | - | - |
| Net Debt / EBITDA | 1.05x | - | -0.21x |
| Interest Coverage | 5.43x | -2.73x | - |
| Total Equity | 165.2M | 164.42M | 158.88M |
| Equity Growth % | 14.94% | 3.49% | - |
| Book Value per Share | 10.32 | 10.28 | 7.35 |
| Total Shareholders' Equity | 165.2M | 164.42M | 158.88M |
| Common Stock | 172.92M | 171.41M | 164.41M |
| Retained Earnings | -7.72M | -6.99M | -5.53M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and capital exhaustion
As reported in financial statements, the company's cash position plummeted from $171.4M in 2025Q4 to a mere $14.2K by 2026Q1, while the current ratio simultaneously deteriorated to 0.78, signaling a severe depletion of the liquid assets required to sustain ongoing operational and legal search expenses.
The rapid decline in liquidity suggests that the company is exhausting its available capital at an unsustainable rate relative to its search mandate. Investors should monitor whether the current cash buffer is sufficient to cover the professional fees necessary to finalize a merger before the regulatory clock expires.
Based on the provided financial data, total debt increased to $3.9M in 2026Q1, representing a shift from the debt-free status maintained throughout 2024, which indicates that the company is increasingly relying on external financing to bridge the gap between its operational costs and dwindling cash reserves.
The emergence of debt on the balance sheet, however small, suggests that the sponsor may be providing bridge financing to keep the vehicle viable. This reliance on debt to fund administrative overhead warrants further investigation into the terms of these obligations and their potential impact on future shareholder dilution.
According to recent SEC filings, the company's equity base has faced significant pressure, with retained earnings deepening to a $7.7M deficit by 2026Q1, reflecting a consistent trend of value erosion as the entity struggles to convert its shell structure into a viable operating business.
The trajectory of the balance sheet appears increasingly precarious as the accumulation of losses outpaces any potential asset growth. This pattern suggests that the company is consuming its capital base without achieving the necessary operational milestones to justify its current valuation.
As indicated by the balance sheet, the total asset base of $176.9M is heavily skewed by non-operational items, as the company lacks any tangible PPE or goodwill, leaving shareholders exposed to the risk that these assets may not be readily convertible to cash during a liquidation event.
The absence of productive assets implies that the company's value is entirely theoretical and contingent upon a successful merger. Investors should be wary that the headline asset figure may provide a false sense of security, as the underlying cash reality is significantly more constrained than the total asset value suggests.
Quick answers to the most common questions about buying MACIW stock.
As of 2025, Melar Acquisition Corp. I Warrant (MACIW) had total assets of $175.3M including $3.9M in current assets.
Melar Acquisition Corp. I Warrant (MACIW) carries total debt of $3.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Melar Acquisition Corp. I Warrant (MACIW) has total shareholders' equity (book value) of $164.4M ($10.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Melar Acquisition Corp. I Warrant (MACIW) reported a current ratio of 0.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.