[SCHEDULE 13G/A] Merlin, Inc. Amended Passive Investment Disclosure
Merlin: MC Advisory sells all 1.14M shares
After the sale, Michel Combes, manager of MC Advisory, was reported at 0.00%; Andrew Gundlach, Bleichroeder LP's President and CEO, reported shared power over 100,000 shares.
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Merlin, Inc. (MRLN) reports that MC Advisory sold all 1,143,333 shares it held on October 14, 2026, and presents related beneficial ownership figures.
For the September 30, 2026 ownership date, Bleichroeder Sponsor 1 LLC reported 0 shares. Andrew Gundlach, President and CEO of Bleichroeder LP, reported shared voting and dispositive power over 100,000 shares, equal to 0.10%; Bleichroeder LP held those shares in an investment management account for a third party. Michel Combes, manager of MC Advisory, reported shared voting and dispositive power over 1,143,333 shares, or 1.13%. Following MC Advisory's sale, Combes's reported beneficial ownership percentage was 0.00%. The percentages were based on 101,067,784 shares outstanding, as reported August 14, 2026.
Key Figures
Bleichroeder Sponsor 1 LLC beneficial ownership:0 sharesAndrew Gundlach shared voting and dispositive power:100,000 sharesAndrew Gundlach percentage of class:0.10%+5 more
8 metrics
Bleichroeder Sponsor 1 LLC beneficial ownership0 sharesReported for September 30, 2026
Andrew Gundlach shared voting and dispositive power100,000 sharesReported for September 30, 2026; held by Bleichroeder LP for a third party
Andrew Gundlach percentage of class0.10%Based on 101,067,784 shares outstanding, reported August 14, 2026
Michel Combes shared voting and dispositive power1,143,333 sharesReported for September 30, 2026; held by MC Advisory
Michel Combes percentage of class1.13%Based on 101,067,784 shares outstanding, reported August 14, 2026
MC Advisory shares sold1,143,333 sharesSold October 14, 2026
Michel Combes beneficial ownership percentage after sale0.00%Following MC Advisory's sale on October 14, 2026
Shares outstanding101,067,784 sharesReported August 14, 2026
"Aggregate Amount Beneficially Owned by Each Reporting Person"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerfinancial
"Shared Voting Power 100,000.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 100,000.00"
pecuniary interestfinancial
"other than to the extent of any pecuniary interest"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many MRLN shares did MC Advisory sell?
MC Advisory, whose manager is Michel Combes, sold all 1,143,333 shares it held on October 14, 2026. After the sale, Combes's reported beneficial ownership percentage was 0.00%.
What MRLN shares did Andrew Gundlach and Michel Combes report before the sale?
For September 30, 2026, Andrew Gundlach reported shared voting and dispositive power over 100,000 shares (0.10%), held by Bleichroeder LP for a third party. Michel Combes reported shared voting and dispositive power over 1,143,333 shares (1.13%) held by MC Advisory. The percentages used 101,067,784 shares outstanding, reported August 14, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Merlin, Inc.
(Name of Issuer)
Common stock, par value $0.0001 per share
(Title of Class of Securities)
590106100
(CUSIP Number)
09/30/2026
(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
Bleichroeder Sponsor 1 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
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0.00 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
590106100
1
Names of Reporting Persons
Andrew Gundlach
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
100,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
100,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
100,000.00
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)
0.10 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Consists of 100,000 shares held by Bleichroeder LP in an investment management account for the benefit of a third party. Mr. Gundlach is President and Chief Executive Officer of Bleichroeder LP and has voting and investment control over the securities held directly by Bleichroeder LP. As such, Mr. Gundlach may be deemed to have beneficial ownership of such securities. Mr. Gundlach disclaims any beneficial ownership of the securities held of record by Bleichroeder LP other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
SCHEDULE 13G
CUSIP Number(s):
590106100
1
Names of Reporting Persons
Michel Combes
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
FRANCE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,143,333.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,143,333.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,143,333.00
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)
1.13 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Consists of shares held by MC Advisory L.L.C-FZ, an entity formed in Dubai ("MC Advisory"). Mr. Combes is the manager of MC Advisory and has voting and investment discretion with respect to the Common Stock held of record by MC Advisory. As such, Mr. Combes may be deemed to have beneficial ownership of the securities held of record by MC Advisory. Mr. Combes disclaims any beneficial ownership of the securities held of record by MC Advisory other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Merlin, Inc.
(b)
Address of issuer's principal executive offices:
129 South Street Boston, MA 02111
Item 2.
(a)
Name of person filing:
Bleichroeder Sponsor 1 LLC (the "Sponsor"), Andrew Gundlach, and Michel Combes (collectively, the "Reporting Persons") are filing this Amendment No. 2 on Schedule 13G which amends the Schedule 13G originally filed by the Reporting Persons on March 24, 2026, as amended on August 14, 2026. The Reporting Persons previously filed a Schedule 13D on November 12, 2024 (the "Schedule 13D") with respect to the Class A ordinary shares of the Issuer (which was formerly known as Inflection Point Acquisition Corp. IV or "Inflection Point"). In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer and Merlin Labs, Inc., the securities of Inflection Point held by the Sponsor became shares of the Issuer's common stock (the "Common Stock") and the Reporting Persons became eligible to report on Schedule 13G pursuant to Rule 13d-1(c).
(b)
Address or principal business office or, if none, residence:
The principal business address of the Reporting Person is 1345 Avenue of the Americas, Floor 47, New York, NY 10105
(c)
Citizenship:
The Sponsor is a Delaware limited liability company. Mr. Gundlach is a citizen of the United States. Mr. Combes is a citizen of France
(d)
Title of class of securities:
Common stock, par value $0.0001 per share
(e)
CUSIP No.:
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:
See the response to row 9 of the Cover Page for each Reporting Person. With respect to the Sponsor, MC Advisory L.L.C.-FZ, an entity formed in Dubai (of which Mr. Combes, is the manager) ("MC Advisory"), as well as Mr. Gundlach, are the managing members of the Sponsor and hold voting and investment discretion with respect to the Common Stock held of record by the Sponsor. As such, each of Mr. Combes and Mr. Gundlach may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Each of Mr. Combes and Mr. Gundlach disclaims any beneficial ownership of the securities held of record by the Sponsor other than to the extent of any pecuniary interest they may have therein, directly or indirectly.
With respect to Mr. Gundlach, consists of 100,000 shares held by Bleichroeder LP in an investment management account for the benefit of a third party. Mr. Gundlach is President and Chief Executive Officer of Bleichroeder LP and has voting and investment control over the securities held directly by Bleichroeder LP. As such, Mr. Gundlach may be deemed to have beneficial ownership of such securities. Mr. Gundlach disclaims any beneficial ownership of the securities held of record by Bleichroeder LP other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
With respect to Mr. Combes, consists of shares held by MC Advisory. Mr. Combes is the manager of MC Advisory and has voting and investment discretion with respect to the Common Stock held of record by MC Advisory. As such, Mr. Combes may be deemed to have beneficial ownership of the securities held of record by MC Advisory. Mr. Combes disclaims any beneficial ownership of the securities held of record by MC Advisory other than to the extent of any pecuniary interest he may have therein, directly or indirectly. Subsequent to September 30, 2026, but prior to the filing of this Amendment No. 2 to Schedule 13G, on October 14, 2026, MC Advisory sold all 1,143,333 shares held by it. Following such sale, Mr. Combes's beneficial ownership percentage was 0.00%.
(b)
Percent of class:
See response to row 11 on the cover page. Percentage ownership was based on 101,067,784 shares of Common Stock outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See response to row 5 on the cover page.
(ii) Shared power to vote or to direct the vote:
See response to row 6 on the cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to row 7 on the cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to row 8 on the cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
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 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.
