Alyeska holds 9.9% of MERLIN, Inc. (NASDAQ: BACQ) via convertibles

Rhea-AI Filing Summary

MERLIN, INC. ownership disclosure: Alyeska Investment Group, L.P. and related filers report beneficial ownership of 8,342,026 shares of Common Stock, equal to 9.90% of the class, as of March 31, 2026. The reported shares are issuable upon conversion of Series A preferred stock or exercise of warrants.

Per a cited Form 8-K, total Common Stock outstanding was 84,262,886 shares as of March 20, 2026; a 9.9% beneficial ownership limitation on warrants and Series A preferred restricts exercisable/conversionable shares to 8,342,026.

Insights

Institutional Ownership Analyst

Stake filing shows Alyeska holds a 9.90% economic position via convertible instruments.

The filing states the Reporting Persons beneficially own 8,342,026 shares as of March 31, 2026, comprised of shares issuable upon conversion/exercise of Series A preferred stock and warrants. A stated beneficial ownership limitation of 9.9% caps conversion/exercise to that amount.

Implications depend on holder decisions and the ownership cap; subsequent filings would report any exercises, conversions, or changes in outstanding share count that alter the percent. Cash‑flow treatment and planned transactions are not disclosed in the provided excerpt.

Key Figures

Beneficially owned shares: 8,342,026 shares Percent of class: 9.90% Warrants exercisable: 9,803,922 shares +1 more

4 metrics

Beneficially owned shares 8,342,026 shares Beneficial ownership as of March 31, 2026

Percent of class 9.90% Percent of Common Stock beneficially owned

Warrants exercisable 9,803,922 shares Warrants outstanding referenced in the excerpt

Common shares outstanding 84,262,886 shares Outstanding Common Stock per Form 8-K dated March 20, 2026

Key Terms

beneficial ownership limitation, Series A preferred stock, warrants exercisable

3 terms

beneficial ownership limitation regulatory

"beneficial ownership limitation that prohibits exercise to the extent it would cause the holder's beneficial ownership to exceed 9.9%"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

Series A preferred stock financial

"issuable upon conversion of Series A preferred stock or exercise of warrants"

Series A preferred stock is a type of ownership share in a company that gives investors certain advantages, such as priority in receiving profits or getting their money back if the company is sold or goes bankrupt. It is often issued during early funding stages to attract investors by offering more security than common shares. This stock matters to investors because it provides a safer way to invest while still holding potential for future gains.

warrants exercisable financial

"The Reporting Persons hold warrants exercisable for 9,803,922 shares"

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Accepted by SEC EDGAR 05/15/2026 - 04:38 PM Learn about SEC filing dates

FAQ

What stake does Alyeska report in MERLIN, Inc. (BACQ)?

Alyeska reports beneficial ownership of 8,342,026 shares, equal to 9.90% of the outstanding Common Stock as of March 31, 2026. The shares are issuable upon conversion of Series A preferred or exercise of warrants.

How many MERLIN shares are outstanding used to calculate the 9.9%?

The filing cites 84,262,886 shares of Common Stock outstanding per a Form 8-K dated March 20, 2026, which anchors the 9.9% beneficial ownership limitation applied to warrants and preferred conversions.

Do Alyeska's warrants and preferred shares allow full conversion into MERLIN common stock?

Warrants exercisable for 9,803,922 shares and Series A preferred convertible for the same number exist, but a beneficial ownership limitation of 9.9% restricts exercise/conversion to 8,342,026 shares under the stated cap.

Who is named as reporting persons on the Schedule 13G for BACQ?

The Schedule lists Alyeska Investment Group, L.P., Alyeska Fund GP, LLC, and Anand Parekh as reporting persons, with Alyeska Investment Group acting as investment manager and Mr. Parekh disclaiming beneficial ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

MERLIN, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

590106100

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

Alyeska Investment Group, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,342,026.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,342,026.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,342,026.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.90 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

Alyeska Fund GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,342,026.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,342,026.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,342,026.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.90 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

Anand Parekh

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,342,026.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,342,026.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,342,026.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.90 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MERLIN, INC.
(b)	Address of issuer's principal executive offices: 1345 Avenue of the Americas, Fl 47, New York, NY 10105
Item 2.
(a)	Name of person filing: (i) Alyeska Investment Group, L.P. (ii) Alyeska Fund GP, LLC (iii) Anand Parekh
(b)	Address or principal business office or, if none, residence: (i) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (ii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (iii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601
(c)	Citizenship: (i) Alyeska Investment Group, L.P. - Delaware (ii) Alyeska Fund GP, LLC - Delaware (iii) Anand Parekh - United States of America
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP Number(s): 590106100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 8,342,026
(b)	Percent of class: 9.90%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 8,342,026
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 8,342,026
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Alyeska Investment Group, L.P.

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	05/15/2026

Alyeska Fund GP, LLC

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	05/15/2026

Anand Parekh

Signature:	Anand Parekh
Name/Title:	Anand Parekh | Self
Date:	05/15/2026

Exhibit Information

As of March 31, 2026, the Reporting Persons beneficially own 8,342,026 shares of Common Stock issuable upon conversion of Series A preferred stock or exercise of warrants. The Reporting Persons hold warrants exercisable for 9,803,922 shares and 9,803,922 Series A preferred stock ; however, such warrants and preferred stock contain a beneficial ownership limitation that prohibits exercise to the extent it would cause the holder's beneficial ownership to exceed 9.9% of the outstanding Common Stock. Based on 84,262,886 shares of Common Stock outstanding (per the Form 8-K dated March 20, 2026), the 9.9% limitation permits exercise of only 8,342,026 warrant shares or conversion of the Series A preferred stock. Position held by Alyeska Master Fund, L.P. Alyeska Investment Group, L.P., as investment manager, exercises voting and investment control over the shares held by Alyeska Master Fund, L.P. Anand Parekh, as Chief Executive Officer of Alyeska Investment Group, L.P., may be deemed the beneficial owner of such shares. Mr. Parekh disclaims beneficial ownership of such shares. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.