Merlin, Inc. filings document the company’s securities registrations, material-event reports, governance matters, capital structure, and operating disclosures as a public aerospace and defense technology issuer. Registration statements and related disclosures cover common stock, warrants, risk factors, business descriptions, and the company’s autonomous flight software operations.
Merlin’s 8-K filings cover material agreements, shareholder voting matters, SPAC and security-structure disclosures, financing activity, and operating and financial results. Because the company became public through a completed business combination, its filing record also includes disclosure categories tied to SPAC-combination history, public-company governance, and post-combination capital structure.
Merlin, Inc. shares were reported as beneficially owned by Inflection Point Fund I, LP, its general partner Inflection Point GP I LLC, and investment manager Inflection Point Asset Management LLC. Each reported beneficial ownership of 10,473,478 shares, or 9.9%. The reported ownership includes common stock and shares issuable through preferred-stock conversion and warrant exercise.
Voting and dispositive power over the fund’s securities is vested in a three-member investment committee that includes Merlin director Michael Blitzer and Kevin Shannon, who assisted Merlin with its business combination with Merlin Labs, Inc. The fund may not convert preferred stock or exercise the warrant if doing so would cause it, its affiliates, or persons acting as a group to exceed the 9.9% beneficial ownership blocker. The reported amount excludes 1,395,000 shares deemed not convertible or exercisable within 60 days under the blocker.
Merlin, Inc. (MRLN) disclosed that reporting person FR Capital Holdings, L.P., a ten percent owner, reported two restructuring-type dispositions of Merlin common stock on September 16, 2026. These were classified as other acquisitions or dispositions and reflect internal fund distributions rather than open-market trades.
First Round Capital VI, L.P. distributed 6,651,292 Merlin shares to its partners on a pro rata basis for no consideration, and First Round Capital VIII F, L.P. distributed 5,097,669 shares on a pro rata basis for no consideration. FR Capital Holdings is the investment manager to these funds and may be deemed to have beneficial ownership but disclaims beneficial ownership except to the extent of its pecuniary interest. No Rule 10b5-1 trading plan is reported.
Merlin, Inc. (MRLN) received an amended Schedule 13G/A from FR Capital Holdings, L.P. and affiliated funds reporting their current ownership of Merlin common stock. As of September 16, 2026, the investment manager, FR Capital Holdings, L.P., may be deemed to beneficially own 1,025,554 shares of common stock, representing about 1.0% of the class, held through First Round Capital VI, L.P. and First Round Capital VIII-F, L.P.
On September 16, 2026, each of First Round Capital VI and First Round Capital VIII-F made an in‑kind distribution for no consideration of all Merlin common shares they then held to their partners. After this distribution, First Round Capital VI’s reported position consists of preferred stock and warrants convertible or exercisable into 396,883 shares, and First Round Capital VIII-F’s position consists of preferred stock and warrants convertible or exercisable into 628,671 shares, all at a $6.67 conversion or exercise price.
Merlin, Inc. (MRLN) reported that director Michael Blitzer acquired 262,500 shares of common stock on September 16, 2026 through an "other" transaction. The shares were received as part of a pro rata distribution for no consideration from Bleichroeder Sponsor 1 LLC, bringing his directly held stake to 300,000 shares.
The Sponsor distributed a total of 8,333,333 shares of common stock to its members under its limited liability company agreement, and the filing indicates the transaction was not made under a Rule 10b5-1 trading plan.
Merlin, Inc. (MRLN) reported that officer Leslie Renee Ravestein, CLO and Secretary, had 1,101 shares of common stock withheld on September 16, 2026 to satisfy tax withholding obligations tied to vesting restricted stock units. The withholding price was $2.21 per share, and Ravestein now holds 197,935 shares of common stock directly.
Merlin, Inc. (MRLN) reported that its CFO & Treasurer, Ryan Michael Carrithers, had 1,073 shares of common stock withheld on September 16, 2026 to satisfy tax withholding obligations arising from the vesting of restricted stock units. The shares were valued at the $2.21 closing price, and Carrithers now directly holds 255,343 shares of Merlin common stock.
Merlin, Inc. (MRLN) reported that Chief Executive Officer and director George Matthew Spencer had 1,468 shares of common stock withheld on September 16, 2026 to satisfy tax withholding obligations arising from the vesting of restricted stock units. The shares were valued at $2.21 per share, based on the closing price on the vesting date, solely to determine the number of shares withheld. After this tax-withholding disposition, Spencer directly holds 15,420,961 common shares. No Rule 10b5-1 trading plan is reported for this transaction.
Merlin, Inc. (MRLN) filed a prospectus supplement that incorporates its Form 10‑Q for the quarter ended June 30, 2026 into its existing S‑1 registration statement. The company develops AI-based autonomous flight software and completed a SPAC merger with Inflection Point in March 2026.
Merlin reported Q2 2026 revenue of $2.2 million, down from $3.1 million a year earlier, and a Q2 net loss of $58.4 million. For the first six months, revenue was $3.2 million with a net loss of $148.8 million, driven by large increases in research and development and general and administrative expenses, as well as fair‑value impacts from financing instruments.
At June 30, 2026, Merlin held $183.6 million in cash and cash equivalents, largely from the SPAC-related PIPE financing and a May 2026 PIPE that raised $80 million. Operating cash outflow was $50.9 million for the first half. The company reported warrant liabilities of $130.1 million and a stockholders’ deficit of $99.9 million, but states its liquidity is sufficient to fund operations for at least 12 months. Most revenue comes from U.S. government contracts, with remaining performance obligations of $0.6 million expected to be recognized within a year.
Merlin, Inc. (MRLN) filed a prospectus supplement to its Form S-1 to incorporate its Quarterly Report for the period ended June 30, 2026. Merlin develops AI-powered autonomous flight software for military and civil aircraft and is listed on Nasdaq under the symbol MRLN.
For Q2 2026, Merlin generated $2.2 million of revenue, primarily from U.S. government customers, and reported a net loss attributable to common stockholders of $127.5 million, including significant Series A preferred dividends and a deemed down-round dividend. For the first half of 2026, the net loss attributable to common stockholders was $219.3 million.
As of June 30, 2026, Merlin held $183.6 million in cash and cash equivalents and reported total assets of $207.0 million against warrant liabilities of $130.1 million and a stockholders’ deficit of $99.9 million. Operating cash outflows were $50.9 million for the first six months of 2026, but merger- and PIPE-related financings provided $181.5 million of cash, and management concluded liquidity is sufficient for at least 12 months from issuance.
FR Capital Holdings and affiliated First Round Capital funds report a significant ownership position in Merlin, Inc. As of June 30, 2026, the investment manager FR Capital Holdings, L.P. may be deemed to beneficially own 12,761,228 shares of Merlin common stock, representing approximately 12.6% of the outstanding shares, through First Round Capital VI, L.P. and First Round Capital VIII-F, L.P.
FRCVI holds 7,043,033 shares of common stock on an as-converted/as-exercised basis, while FRCVIII-F holds 5,718,195 shares. Each fund’s position includes common shares, shares of 12.0% Series A Cumulative Convertible Preferred Stock convertible at $12.00 per share, and warrants exercisable at $12.00 per share. Voting and dispositive power over these shares is reported as sole, with no shared power.