Here are the S-1 registration statements from Inflection Point Acquisition Corp. IV Right (BACQR) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
An S-1 covers the registration statement a company files to sell shares publicly, so if you follow BACQR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BACQR filings page.
Merlin, Inc. is registering up to 13,336,000 shares of common stock for secondary resale by a single selling stockholder. The shares consist of 8,000,000 PIPE Shares already issued and up to 5,336,000 Warrant Shares issuable upon exercise of a PIPE Warrant.
This is a resale registration, so Merlin will not receive any proceeds from stockholder sales. It would receive cash only if the PIPE Warrant is exercised for cash, which could total about $26.7 million. The PIPE Warrant currently carries a $6.67 exercise price per share and expires in 2031.
The registered shares equal roughly 13.5% of Merlin’s common stock on a fully assumed basis, and management warns that actual or anticipated sales could increase share-price volatility or pressure the stock. Merlin’s common stock trades on Nasdaq under “MRLN,” and closed at $8.97 on May 5, 2026. The company is an emerging growth and smaller reporting company developing autonomous flight technology.
Merlin, Inc. is registering a primary offering of 66,813,783 shares of common stock alongside a secondary resale of 157,700,431 common shares, plus 736,744 Series A Preferred shares and 760,232 Series A Warrants. The primary shares include stock issuable from converting 21,711,872 shares of 12.0% Series A Preferred Stock, exercising Series A Warrants and options, and issuing shares to advisers. The resale shares represent about 65.1% of Merlin’s fully diluted common stock, creating substantial potential selling pressure once lock-ups expire. Merlin receives no proceeds from resales but could raise about $253.9 million if all Series A Warrants are exercised for cash at $12.00 per share; this depends on the stock trading above the exercise price. Merlin reported 2025 revenue of $7.55 million and a net loss of $74.78 million and remains an early-stage, loss-making autonomous flight technology company focused on its Merlin Pilot system.