Melar shareholders approve Everli merger at $180 million pre-money valuation
Key Facts
Melar Acquisition shareholders approved the merger with Everli at an extraordinary general meeting held on 22 October 2026, according to an announcement published on Everli's investor relations website. Shareholders approved all transaction-related proposals, paving the way for the Italian grocery platform to go public. The vote followed the U.S. Securities and Exchange Commission's declaration that the transaction's registration statement was effective on 2 October 2026, according to the company's published timeline. The two parties signed the merger agreement on 30 July 2025. The agreement set Everli's pre-money equity valuation at $180 million, according to the announcement of the agreement.
The equity valuation may be increased to reflect certain financing transactions completed by Everli before closing, under the terms set out in the agreement announcement. The original agreement valued each Melar share used as merger consideration at $10.00. This is the contractual value of each share included in the transaction consideration. When the agreement was announced, Jonathan Hannestad, Everli's chief operating officer, linked the merger to securing the resources needed to expand the company's business. He said the transaction "provides us with the capital and strategic support to scale our platform, strengthen our innovation pipeline, and accelerate expansion into new markets," according to the statement filed with the U.S. Securities and Exchange Commission.
On the operating front, Everli fulfilled about 769,000 orders during 2025, according to the merger prospectus filed with the U.S. Securities and Exchange Commission. Those orders generated gross transaction value of nearly $78 million during the year. The company's net revenue was about $16.7 million over the same period. In its risk disclosures, Everli reported a net loss of $20 million for the year ended 31 December 2025, highlighting the profitability challenge accompanying its move to the public market. As part of a technology update ahead of shareholder approval, the company launched an entirely new platform in the second quarter of 2026, according to an investor presentation filed with the SEC.
Everli's business relies on a network of more than 95 retail partners, according to the company's statement on its business model in October 2026. This network provides access to more than 1,150 stores. The platform also offers more than 300,000 products across more than 60 Italian provinces. The company said it operates without warehouses, fleets or additional staff at participating retailers. Everli's stated model thus combines access to retail partners' products through the platform with grocery shopping and delivery services for customers.
In the platform's target market, online grocery sales accounted for 2.5% of grocery sales in Italy during 2024, according to market indicators Everli presents to investors. Italian online grocery sales totaled $3.2 billion that year, according to the company. Everli generates revenue from grocery shopping and delivery fees paid by customers, according to its company overview. Its revenue model also includes subscriptions to the "Everli Plus" service. It also charges fees for services provided to retailers, calculated as a percentage of each order, alongside fees and subscriptions paid by customers.
Following the vote on 22 October 2026, Melar said it expected to complete the transaction promptly once the remaining conditions were satisfied or waived. The company will file a current report with the U.S. Securities and Exchange Commission containing the full shareholder voting results, according to the approval announcement. Everli expects the combined company's Class A ordinary shares to trade on Nasdaq under the symbol EVRL, with the company to be named Everli Global Holdings. Its warrants are expected to trade under the symbol EVRLW, according to the investor FAQ page. Everli plans to publish financial results announcements and supplementary materials after the merger closes, according to its investor relations website.