<SEC-DOCUMENT>0001140361-25-037902.txt : 20251010
<SEC-HEADER>0001140361-25-037902.hdr.sgml : 20251010
<ACCEPTANCE-DATETIME>20251010134633
ACCESSION NUMBER:		0001140361-25-037902
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251010
DATE AS OF CHANGE:		20251010

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Melar Acquisition Corp. I/Cayman
		CENTRAL INDEX KEY:			0002016221
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94536
		FILM NUMBER:		251387502

	BUSINESS ADDRESS:	
		STREET 1:		143 WEST 72ND STREET,
		STREET 2:		4TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10023
		BUSINESS PHONE:		7027811120

	MAIL ADDRESS:	
		STREET 1:		143 WEST 72ND STREET,
		STREET 2:		4TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10023

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WOLVERINE ASSET MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001279891
		ORGANIZATION NAME:           	
		EIN:				020611276

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		175 W. JACKSON
		STREET 2:		SUITE 340
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60064
		BUSINESS PHONE:		3128844400

	MAIL ADDRESS:	
		STREET 1:		175 WEST JACKSON
		STREET 2:		SUITE 340
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001279891</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<securitiesClassTitle>Class A Ordinary Shares, par value $0.0001 per share</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0002016221</issuerCik>
<issuerName>Melar Acquisition Corp. I/Cayman</issuerName>
<issuerCusip>G6004G100</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>143 West 72nd Street, 4th Floor</com:street1>
<com:city>New York</com:city>
<com:stateOrCountry>NY</com:stateOrCountry>
<com:zipCode>10023</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>WOLVERINE ASSET MANAGEMENT LLC</reportingPersonName>
<citizenshipOrOrganization>IL</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>926328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>926328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>926328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.79</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Wolverine Trading Partners, Inc.</reportingPersonName>
<citizenshipOrOrganization>IL</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>926328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>926328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>926328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.79</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Wolverine Holdings, L.P.</reportingPersonName>
<citizenshipOrOrganization>IL</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>926328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>926328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>926328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.79</classPercent>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Christopher L. Gust</reportingPersonName>
<citizenshipOrOrganization>IL</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>926328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>926328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>926328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.79</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Robert R. Bellick</reportingPersonName>
<citizenshipOrOrganization>IL</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>926328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>926328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>926328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.79</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>Melar Acquisition Corp. I/Cayman</issuerName>
<issuerPrincipalExecutiveOfficeAddress>143 West 72nd Street, 4th Floor, New York, New York, 10023</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>Wolverine Asset Management, LLC
Wolverine Holdings, L.P.
Wolverine Trading Partners, Inc.
Christopher L. Gust
Robert R. Bellick</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>c/o Wolverine Asset Management, LLC
175 West Jackson Boulevard, Suite 340
Chicago, IL 60604</principalBusinessOfficeOrResidenceAddress>
<citizenship>Wolverine Asset Management, LLC - Illinois
Wolverine Holdings, L.P. - Illinois
Wolverine Trading Partners, Inc. - Illinois
Christopher L. Gust - U.S. Citizen
Robert R. Bellick - U.S. Citizen</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>Wolverine Asset Management, LLC ("WAM") is an investment manager and has voting and dispositive power over 926,328 Class A Ordinary Shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings.</amountBeneficiallyOwned>
<classPercent>5.79%. WAM may be deemed the beneficial owner of 5.79% of the Issuer's Class A Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.79% of the Issuer's outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 16,000,000 (the number of Class A Ordinary Shares outstanding as of August 13, 2025 according to Issuer's Form 10-Q for June 30, 2025).</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>0</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>926,328</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>926,328</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the Class A Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>WOLVERINE ASSET MANAGEMENT LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Kenneth L. Nadel</signature>
<title>Kenneth L. Nadel, Chief Operating Officer</title>
<date>10/02/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Wolverine Trading Partners, Inc.</reportingPersonName>
<signatureDetails>
<signature>/s/ Christopher L. Gust</signature>
<title>Christopher L. Gust, Authorized Signatory</title>
<date>10/02/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Wolverine Holdings, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Christopher L. Gust</signature>
<title>Christopher L. Gust, Managing Director</title>
<date>10/02/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Christopher L. Gust</reportingPersonName>
<signatureDetails>
<signature>/s/ Christopher L. Gust</signature>
<title>Christopher L. Gust</title>
<date>10/02/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Robert R. Bellick</reportingPersonName>
<signatureDetails>
<signature>/s/ Robert R. Bellick</signature>
<title>Robert R. Bellick</title>
<date>10/02/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
