Merlin, Inc. (MRLN): SnowPoint investors report 9.6% beneficial stake

Rhea-AI Filing Summary

Merlin, Inc. has received an updated ownership report from SnowPoint-affiliated investors as of June 30, 2026. The filing shows that SnowPoint Ventures, LP holds 2,302,221 shares of Merlin common stock on a beneficial basis, or 2.4% of the class, with shared voting and dispositive power over all of those shares. SnowPoint Growth I.II, LLC reports beneficial ownership of 7,290,385 shares, representing 7.4% of the common stock, also with shared voting and dispositive power.

Through their control of these entities, SnowPoint Ventures GP, LLC and individuals Alexander Creasey and Douglas Philippone each report beneficial ownership of 9,592,606 shares, or 9.6% of Merlin’s common stock, all with shared voting and dispositive power. These percentages are based on 96,524,052 shares outstanding as of May 13, 2026 and include shares issuable from Preferred Stock and warrants held by the SnowPoint entities.

Key Figures

SP Ventures beneficial ownership: 2,302,221 shares (2.4%) SP Growth I.II beneficial ownership: 7,290,385 shares (7.4%) Aggregate SnowPoint-related beneficial ownership: 9,592,606 shares (9.6%) +5 more

8 metrics

SP Ventures beneficial ownership 2,302,221 shares (2.4%) Common stock of Merlin beneficially owned by SnowPoint Ventures, LP as of June 30, 2026

SP Growth I.II beneficial ownership 7,290,385 shares (7.4%) Common stock of Merlin beneficially owned by SnowPoint Growth I.II, LLC as of June 30, 2026

Aggregate SnowPoint-related beneficial ownership 9,592,606 shares (9.6%) Common stock of Merlin beneficially owned by SP Ventures GP, Creasey and Philippone

Shares outstanding baseline 96,524,052 shares Merlin common shares outstanding as of May 13, 2026, from Form 10-Q

SP Ventures common stock 1,593,002 shares Common shares held directly by SnowPoint Ventures, LP

SP Ventures preferred stock conversion 355,183 shares Common shares issuable from 190,914 Preferred Stock shares held by SP Ventures

SP Ventures warrants 354,036 shares Common shares issuable upon exercise of warrants held by SP Ventures

SP Growth I.II preferred stock conversion 1,124,746 shares Common shares issuable from 604,560 Preferred Stock shares held by SP Growth I.II

Key Terms

beneficially owned, shared voting power, dispositive power, Preferred Stock, +2 more

6 terms

beneficially owned regulatory

"sets forth the aggregate number of shares of common stock of the Issuer beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power regulatory

"Shared Voting Power 9,592,606.00"

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.

dispositive power regulatory

"Shared Dispositive Power 9,592,606.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Preferred Stock financial

"shares of Series A preferred stock ("Preferred Stock") convertible, as of June 30, 2026"

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

warrants financial

"warrants (the "Warrants") exercisable for up to 354,036 shares of common stock"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Schedule 13G regulatory

"Exhibit 99.1 Joint Filing Agreement to the Reporting Persons' filed"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

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

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Available on EDGAR 08/12/2026 - 06:54 PM Accepted by SEC EDGAR 08/12/2026 - 06:53 PM Learn about SEC filing dates

FAQ

How much of Merlin, Inc. (MRLN) does SnowPoint Ventures, LP beneficially own?

SnowPoint Ventures, LP beneficially owns 2,302,221 Merlin common shares, representing 2.4% of the class. This stake includes common stock and shares issuable from preferred stock conversions and warrants, all held with shared voting and dispositive power.

What is SnowPoint Growth I.II, LLC’s ownership percentage in Merlin, Inc. (MRLN)?

SnowPoint Growth I.II, LLC reports beneficial ownership of 7,290,385 Merlin shares, or 7.4% of the common stock. The figure reflects common shares plus shares issuable from preferred stock and warrants, calculated against 96,524,052 shares outstanding.

How many Merlin (MRLN) shares do SnowPoint Ventures GP, LLC and its managers report owning?

SnowPoint Ventures GP, LLC and managers Alexander Creasey and Douglas Philippone each report beneficial ownership of 9,592,606 Merlin shares, equal to 9.6% of the common stock. All such shares are subject to shared voting and shared dispositive power.

How were the Merlin (MRLN) ownership percentages in this Schedule 13G/A calculated?

The percentages are based on 96,524,052 Merlin common shares outstanding as of May 13, 2026. The figures are adjusted under SEC rules to include shares issuable upon conversion of Preferred Stock and exercise of warrants held by each reporting person.

What types of Merlin, Inc. (MRLN) securities do the SnowPoint entities hold?

The SnowPoint entities hold Merlin common stock, Series A preferred stock convertible into common shares, and warrants exercisable for additional common shares. These instruments together form the basis of the reported beneficial ownership stakes.

Do the SnowPoint reporting persons file as a group regarding Merlin (MRLN)?

The filing identifies SnowPoint Ventures, SnowPoint Growth I.II, SnowPoint Ventures GP, Alexander Creasey, and Douglas Philippone as “Reporting Persons,” but they expressly disclaim status as a group for ownership-reporting purposes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Merlin, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

590106100

(CUSIP Number)

06/30/2026

(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

SnowPoint Ventures, LP

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 2,302,221.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,302,221.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,302,221.00

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)

2.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

SnowPoint Growth I.II, 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 7,290,385.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,290,385.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,290,385.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

SnowPoint Ventures GP, 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 9,592,606.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,592,606.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,592,606.00

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)

9.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

Alexander Creasey

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 9,592,606.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,592,606.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,592,606.00

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)

9.6 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 590106100

1

Names of Reporting Persons

Douglas Philippone

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 9,592,606.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,592,606.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,592,606.00

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)

9.6 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Merlin, Inc.
(b)	Address of issuer's principal executive offices: 100 Causeway St., Floor 23, Boston, MA, 02114.
Item 2.
(a)	Name of person filing: The names of the persons filing this report (collectively, the "Reporting Persons") are: SnowPoint Ventures, LP ("SP Ventures") SnowPoint Growth I.II, LLC ("SP Growth I.II") SnowPoint Ventures GP, LLC ("SP Ventures GP") Alexander Creasey ("Creasey") Douglas Philippone ("Philippone") The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)	Address or principal business office or, if none, residence: 440 Royal Palm Way Suite 201 Palm Beach, FL 33480
(c)	Citizenship: SP Ventures Delaware SP Growth I.II Delaware SP Ventures GP Delaware Creasey United States Philippone United States
(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: Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of common stock of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference. The Reporting Persons' ownership of the Issuer's securities consists of (i) 1,593,002 shares of common stock, 190,914 shares of Series A preferred stock ("Preferred Stock") convertible, as of June 30, 2026, into an aggregate of 355,183 shares of common stock, and warrants (the "Warrants") exercisable for up to 354,036 shares of common stock, in each case held directly by SP Ventures; and (ii) 5,044,528 shares of common stock, 604,560 shares of Preferred Stock convertible, as of June 30, 2026, into an aggregate of 1,124,746 shares of common stock, and Warrants exercisable for up to 1,121,111 shares of common stock, in each case held directly by SP Growth I.II. SP Ventures GP is the general partner of SP Ventures and the manager of SP Growth I.II and Messrs. Creasey and Philippone are the managers of SP Ventures GP. Each of SP Ventures GP, and Messrs. Creasey and Philippone shares voting and investment authority over the shares held by each of SP Ventures and SP Growth I.II.
(b)	Percent of class: Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the shares of common stock of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference. The percentage set forth in each row 11 is based upon 96,524,052 shares of common stock outstanding as of May 13, 2026 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on May 15, 2026, adjusted in accordance with the rules of the SEC to give effect to the conversion of Preferred Stock and exercise of Warrants held by such Reporting Person.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

SnowPoint Ventures, LP

Signature:	/s/ Alexander Creasey
Name/Title:	By SnowPoint Ventures GP, LLC, Its General Partner, By Alexander Creasey, Manager
Date:	08/12/2026

SnowPoint Growth I.II, LLC

Signature:	/s/ Alexander Creasey
Name/Title:	By SnowPoint Ventures GP, LLC, Its Manager, By Alexander Creasey, Manager
Date:	08/12/2026

SnowPoint Ventures GP, LLC

Signature:	/s/ Alexander Creasey
Name/Title:	By Alexander Creasey, Manager
Date:	08/12/2026

Alexander Creasey

Signature:	/s/ Alexander Creasey
Name/Title:	Alexander Creasey
Date:	08/12/2026

Douglas Philippone

Signature:	/s/ Douglas Philippone
Name/Title:	Douglas Philippone
Date:	08/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Reporting Persons' Schedule 13G filed with the SEC on March 24, 2026).