Merlin director gets 262,500 shares in sponsor payout

Merlin, Inc. director Michael Blitzer received 262,500 shares in a sponsor distribution, increasing his direct holdings to 300,000 shares.

Rhea-AI Filing Summary

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.

Insider Trade Summary

Other: 262,500 shares

Other 1 txn

Insider BLITZER MICHAEL

Role Director

Type	Security	Shares	Price	Value
Other	Common stock F1	262,500	--	--

Holdings After Transaction: Common stock — 300,000 shares (Direct)

Footnotes (1)

1. F1. On September 16, 2026, Bleichroeder Sponsor 1 LLC (the "Sponsor") distributed an aggregate of 8,333,333 shares of common stock, par value $0.0001 per share of the Issuer ("Common Stock") to its members as a pro rata distribution for no consideration in accordance with the terms of the Sponsor's limited liability company agreement. 262,500 shares of Common Stock were distributed to Michael Blitzer on such basis.

Key Figures

Shares acquired: 262,500 shares Shares held after transaction: 300,000 shares Total sponsor distribution: 8,333,333 shares +2 more

5 metrics

Shares acquired 262,500 shares Common stock received by director Michael Blitzer on September 16, 2026

Shares held after transaction 300,000 shares Direct holdings of Merlin common stock by Michael Blitzer following the Form 4 transaction

Total sponsor distribution 8,333,333 shares Common stock distributed by Bleichroeder Sponsor 1 LLC to its members on September 16, 2026

Transaction date September 16, 2026 Date of the "other" acquisition transaction reported on Form 4

Transaction type code Code J Classified as "Other acquisition or disposition" of non-derivative common stock

Key Terms

pro rata distribution, limited liability company agreement, Common Stock

3 terms

pro rata distribution financial

"distributed an aggregate of 8,333,333 shares of common stock ... as a pro rata distribution"

A pro rata distribution is when a company or organization shares out money, assets, or benefits evenly among all eligible people based on their size or share. For example, if a company makes a profit and distributes it to shareholders, each person gets a portion proportional to how many shares they own. It ensures everyone gets their fair part based on their ownership or stake.

limited liability company agreement regulatory

"for no consideration in accordance with the terms of the Sponsor's limited liability company agreement"

A limited liability company agreement is the legal contract that lays out who owns a limited liability company, how it is run, how profits and losses are shared, and the rules for major decisions, transfers and exits. For investors it functions like an operating manual or roadmap: it determines control rights, payout priority, dispute resolution and protections against personal liability, so it directly affects risk, governance and how and when investors can realize returns.

Common Stock financial

"shares of common stock, par value $0.0001 per share of the Issuer ("Common Stock")"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Merlin, Inc. (MRLN) disclose for Michael Blitzer?

Merlin, Inc. disclosed that director Michael Blitzer acquired 262,500 shares of common stock on September 16, 2026 in an "other" type transaction, received via a pro rata distribution from Bleichroeder Sponsor 1 LLC rather than a market purchase.

How many Merlin, Inc. (MRLN) shares does Michael Blitzer hold after this Form 4 transaction?

After the reported transaction, Michael Blitzer directly holds 300,000 shares of Merlin, Inc. common stock. These holdings reflect the addition of 262,500 shares received in the sponsor’s pro rata distribution on September 16, 2026.

What was the source of the 262,500 Merlin (MRLN) shares acquired by Michael Blitzer?

The 262,500 shares of Merlin common stock were distributed to Michael Blitzer by Bleichroeder Sponsor 1 LLC as part of a pro rata distribution for no consideration to the Sponsor’s members under its limited liability company agreement.

How many Merlin, Inc. (MRLN) shares did Bleichroeder Sponsor 1 LLC distribute in total?

Bleichroeder Sponsor 1 LLC distributed an aggregate of 8,333,333 shares of Merlin, Inc. common stock to its members on September 16, 2026 as a pro rata distribution for no consideration, of which 262,500 shares went to Michael Blitzer.

Was the Merlin (MRLN) insider transaction by Michael Blitzer under a Rule 10b5-1 trading plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, so the 262,500-share acquisition by Michael Blitzer was not reported as made under a Rule 10b5-1 trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/18/2026 - 04:33 PM Accepted by SEC EDGAR 09/18/2026 - 04:33 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BLITZER MICHAEL

(Last) (First) (Middle)

100 CAUSEWAY STREET

23RD FLOOR

(Street)

BOSTON MASSACHUSETTS 02114

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Merlin, Inc. [ MRLN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock	09/16/2026		J(1)		262,500	A	(1)	300,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On September 16, 2026, Bleichroeder Sponsor 1 LLC (the "Sponsor") distributed an aggregate of 8,333,333 shares of common stock, par value $0.0001 per share of the Issuer ("Common Stock") to its members as a pro rata distribution for no consideration in accordance with the terms of the Sponsor's limited liability company agreement. 262,500 shares of Common Stock were distributed to Michael Blitzer on such basis.

Remarks:

	/s/ Leslie R. Ravestein, Attorney-in-Fact	09/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)