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Marlin Business Services Corporation is a nationwide provider of capital solutions to small businesses with a mission of helping small businesses fulfill their American dream. Its products and services are offered directly to small businesses and through financing programs with independent equipment dealers and other intermediaries.FR Capital Holdings, L.P., a 10% owner of Merlin, Inc., has filed an initial insider ownership report. The filing shows indirect holdings of common stock, plus positions in 12.0% Series A Cumulative Convertible Preferred Stock and common stock purchase warrants. The preferred stock is convertible at any time into common shares at a price of $12.00 per share, and the warrants are exercisable at $12.00 per share with expirations in 2031. The securities are directly held by affiliated investment funds, and FR Capital may be deemed to beneficially own them through its investment management role while disclaiming beneficial ownership beyond its economic interest.
Merlin, Inc. Schedule 13G filing reports beneficial ownership by SnowPoint-related entities and two managers. The filing shows 84,262,893 shares outstanding as of March 16, 2026 and treats convertible Preferred Stock and exercisable Warrants exercisable within 60 days as share equivalents.
SnowPoint Ventures holds an aggregate of 1,980,701 shares (including convertible/exercisable instruments, 2.3%); SnowPoint Growth I.II holds 6,272,239 shares (7.3%); SnowPoint Ventures GP and managers Alexander Creasey and Douglas Philippone are reported as having shared voting and dispositive power over 8,252,940 shares (9.6%). The Reporting Persons disclaim status as a group.
Merlin, Inc. files an amendment to its Schedule 13D to update beneficial ownership disclosures for Bleichroeder Sponsor 1 LLC, Andrew Gundlach, and Michel Combes, showing 8,800,833 shares equal to 10.4% of common stock.
The amendment explains the post‑business combination share conversions: each former Class B and Class A ordinary share converted one‑for‑one into common stock, and the Sponsor's 425,000 rights converted into 42,500 shares. The filing states Mr. Gundlach resigned as Executive Chairman and the Reporting Persons no longer have board representation.
Merlin, Inc. ownership disclosure: FR Capital Holdings, L.P., as investment manager, reports beneficial ownership of 12,302,060 shares of Merlin common stock, representing approximately 14.55% of the outstanding shares as of March 16, 2026.
The total comprises holdings by First Round Capital VI, L.P. (6,865,338 shares) and First Round Capital VIII-F, L.P. (5,436,722 shares). The filing states the outstanding share base was 84,262,885 shares as of that date. The disclosure is a joint Schedule 13G reporting passive beneficial ownership by related investment vehicles.
Matthew George, Chief Executive Officer of Merlin, Inc., filed a Schedule 13D reporting beneficial ownership of 14,890,622 shares of common stock, representing 17.7% of Merlin’s outstanding shares based on 84,262,886 shares as of the business combination closing date.
His stake arises from a March 16, 2026 business combination in which Legacy Merlin merged into a subsidiary of Inflection Point Acquisition Corp. IV, which was then renamed Merlin, Inc. George received Merlin stock and options under the agreement and entered into a registration rights agreement and a six‑month lock‑up restricting sales of his shares and related securities.
George states he may buy or sell additional shares and, in his roles as CEO, president and director, may discuss or encourage potential corporate actions such as mergers, asset deals, capital structure changes, stock repurchases or board and management changes, depending on future conditions.
Merlin, Inc. completed its business combination with Inflection Point Acquisition Corp. IV, transforming from a SPAC into an operating aerospace technology company focused on autonomous flight. Legacy Merlin became a wholly owned subsidiary through a reverse recapitalization, and the combined company now trades on Nasdaq under the symbol MRLN.
Legacy Merlin equity holders received an aggregate 75,764,313 shares of New Merlin common stock based on an $800,000,000 purchase price and a defined exchange ratio of 3.1015099176506644. Holders of approximately $87.3 million of pre-funded convertible notes were issued 10,244,861 shares of 12.0% Series A Cumulative Convertible Preferred Stock.
Concurrently, PIPE investors purchased 9,803,922 Series A Preferred shares and Series A warrants for $100.0 million, with an additional 1,666,668 Series A Preferred shares and upsized warrants for $20 million, totaling a $120.0 million PIPE. As of closing, 84,262,886 common shares and 21,715,451 Series A Preferred shares were outstanding, with significant ownership concentrated among early venture investors and the sponsor.
The filing also details new governance and compensation structures, including a reconstituted board led by CEO and Chairman Matt George, adoption of a 2026 Incentive Award Plan and Employee Stock Purchase Plan, executive severance and director compensation programs, and lock-up and registration rights agreements for key shareholders. Inflection Point ceased to be a shell company, and BDO was appointed as the new independent registered public accounting firm, with Legacy Merlin’s audited 2025 and 2024 financial statements and pro forma combined financials incorporated by reference.