[SCHEDULE 13G/A] Merlin, Inc. Amended Passive Investment Disclosure
Merlin, Inc. holder reports 8.2% ownership
Bleichroeder Sponsor 1 LLC, together with Andrew Gundlach and Michel Combes, reports beneficial ownership of 8,333,333 shares of Merlin, Inc. common stock, representing 8.2% of the outstanding class.
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Bleichroeder Sponsor 1 LLC, together with Andrew Gundlach and Michel Combes, reports beneficial ownership of 8,333,333 shares of Merlin, Inc. common stock, representing 8.2% of the outstanding class. All reported shares are held of record by the Sponsor, with Gundlach and Combes sharing voting and investment discretion through their roles as managing members. Their position stems from securities of Inflection Point Acquisition Corp. IV that converted into Merlin common stock upon the closing of a business combination with Merlin Labs, Inc. Each of Gundlach and Combes disclaims beneficial ownership beyond any pecuniary interest.
Key Figures
Shares beneficially owned:8,333,333 sharesOwnership percentage:8.2%Par value per share:$0.0001 per share+1 more
4 metrics
Shares beneficially owned8,333,333 sharesCommon stock of Merlin, Inc. reported by each Reporting Person
Ownership percentage8.2%Percent of Merlin, Inc. common stock class held by Reporting Persons
Par value per share$0.0001 per sharePar value of Merlin, Inc. common stock
CUSIP590106100CUSIP number for Merlin, Inc. common stock
"may be deemed to have beneficial ownership of the securities held"
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 8,333,333.00"
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 8,333,333.00"
Schedule 13Dregulatory
"previously filed a Schedule 13D on November 12, 2024"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
Business Combinationfinancial
"in connection with the closing (the "Closing") of the business combination"
A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in MRLN does Bleichroeder Sponsor 1 LLC report?
Bleichroeder Sponsor 1 LLC reports beneficial ownership of 8,333,333 shares of Merlin, Inc. (MRLN) common stock, representing 8.2% of the class. All shares are held of record by the Sponsor with shared voting and dispositive power.
Who are the reporting persons in this Merlin, Inc. (MRLN) Schedule 13G/A?
The reporting persons are Bleichroeder Sponsor 1 LLC, Andrew Gundlach, and Michel Combes. Gundlach and Combes are managing members of the Sponsor and share voting and investment discretion over the reported Merlin common shares.
How did Bleichroeder Sponsor 1 LLC obtain its Merlin (MRLN) shares?
The Merlin shares arose from a business combination between Merlin, Inc. and Merlin Labs, Inc. Securities of Inflection Point Acquisition Corp. IV held by the Sponsor converted into Merlin common stock upon the closing of this transaction.
What voting and dispositive powers are reported over Merlin (MRLN) shares?
The reporting persons disclose 0 shares with sole voting or dispositive power and 8,333,333 shares with shared voting and shared dispositive power, all held of record by Bleichroeder Sponsor 1 LLC.
Do Andrew Gundlach and Michel Combes claim full beneficial ownership of MRLN shares?
No. Each of Andrew Gundlach and Michel Combes may be deemed to beneficially own the Merlin shares held by the Sponsor, but each disclaims beneficial ownership except to the extent of any pecuniary interest.
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
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
8,333,333.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,333,333.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,333,333.00
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)
8.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Limited liability company
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
8,333,333.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,333,333.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,333,333.00
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)
8.2 %
12
Type of Reporting Person (See Instructions)
IN
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,333,333.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,333,333.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,333,333.00
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)
8.2 %
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:
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. 1 on Schedule 13G which amends the Schedule 13G filed by the Reporting Persons on March 24, 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 office of each 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. MC Advisory L.L.C-FZ, an entity formed in Dubai (of which Mr. Combes, is the manager), 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.
(b)
Percent of class:
See the response to row 11 of the Cover Page for each Reporting Person. MC Advisory L.L.C-FZ, an entity formed in Dubai (of which Mr. Combes, is the manager), 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.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the response to row 5 of the Cover Page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See the response to row 6 of the Cover Page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See the response to row 7 of the Cover Page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See the response to row 8 of the Cover Page for each Reporting Person.
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.
Bleichroeder Sponsor 1 LLC
Signature:
/s/ Andrew Gundlach
Name/Title:
Andrew Gundlach / Managing Member
Date:
08/14/2026
Andrew Gundlach
Signature:
/s/ Andrew Gundlach
Name/Title:
Andrew Gundlach
Date:
08/14/2026
Michel Combes
Signature:
/s/ Michel Combes
Name/Title:
Michel Combes
Date:
08/14/2026
Exhibit Information
Joint Filing Agreement, November 12, 2024, by and among the Reporting Persons.
sec.gov/Archives/edgar/data/2028707/000121390024096093/ea022041701ex99-1_bleich1.htm
