Merlin, Inc. ownership update: Quiet Capital Management, LLC reported beneficial ownership of 13,839,884 shares of Common Stock, representing 16.24% of the class.
The filing breaks the position into 12,896,007 direct common shares, 464,534 shares issuable on conversion of 12.0% Series A Preferred Stock, and 479,343 shares issuable upon exercise of Series A Warrants. The percent is calculated using 84,262,886 shares outstanding as of March 16, 2026.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed; ownership is concentrated across Quiet-managed funds.
Quiet Capital Management reports aggregate beneficial ownership of 13,839,884 shares (including convertible and warrant-linked shares). The position is held across three Quiet-managed entities: Quiet ML, Quiet V1, and Quiet V2.
Key dependencies include the one-for-one conversion/exercise terms and the adjusted $6.67 conversion/exercise price; future realized voting or disposition activity depends on the Quiet funds' discretion and any holder actions.
Convertible preferred and warrants create potential common-share economic exposure.
The filing specifies 464,534 shares issuable on conversion of 12.0% Series A Preferred Stock and 479,343 shares issuable upon exercise of Series A Warrants, each at a one-for-one ratio.
The conversion/exercise price was adjusted to $6.67 after a PIPE on May 1, 2026; cash‑flow treatment and actual future conversions are driven by holder decisions.
Key Figures
Beneficial ownership:13,839,884 sharesPercent of class:16.24%Common shares (direct):12,896,007 shares+4 more
7 metrics
Beneficial ownership13,839,884 sharesAggregate reported holdings by Quiet Capital
Percent of class16.24%Calculated using 84,262,886 shares outstanding as of March 16, 2026
Common shares (direct)12,896,007 sharesDirectly held common stock across Quiet-managed entities
Convertible preferred464,534 sharesShares issuable upon conversion of 12.0% Series A Preferred Stock
Warrants exercisable479,343 sharesShares issuable upon exercise of Series A Warrants
Shares outstanding84,262,886 sharesOutstanding as of March 16, 2026
Adjusted conversion/exercise price$6.67Post‑PIPE adjustment to Series A Preferred and Warrant price
Key Terms
12.0% Series A Cumulative Convertible Preferred Stock, Series A Warrants, PIPE transaction, beneficially own
4 terms
12.0% Series A Cumulative Convertible Preferred Stockfinancial
"12.0% Series A Cumulative Convertible Preferred Stock ("Series A Preferred Stock")"
Series A Warrantsfinancial
"479,343 shares of Common Stock issuable upon exercise of Series A Warrants"
Series A warrants are financial tools that give the holder the right to buy shares of a company at a specific price within a certain period. They are often issued alongside investments to provide additional potential profit if the company's value increases. For investors, they can offer a chance to benefit from future growth without committing immediate capital to buying shares.
PIPE transactionmarket
"in connection with a PIPE transaction effected by the Issuer on May 1, 2026"
A PIPE transaction is when a publicly traded company sells new shares or convertible securities directly to a select group of private investors, rather than through a public offering. It’s essentially a quick way for a company to raise cash, but it can dilute existing shareholders and often involves a price discount, so investors watch PIPEs for their potential impact on share value and ownership stakes—like a private top-up that changes the size of everyone’s slice of the pie.
beneficially ownregulatory
"may be deemed to beneficially own, the reported securities"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Merlin, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
590106100
(CUSIP Number)
03/16/2026
(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
Quiet Capital Management, 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
13,839,884.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
13,839,884.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,839,884.00
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)
16.24 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: The reported securities represent (i) 12,896,007 shares of Common Stock, (ii) 464,534 shares of Common Stock issuable upon conversion of 12.0% Series A Cumulative Convertible Preferred Stock ("Series A Preferred Stock") and (iii) 479,343 shares of Common Stock issuable upon exercise of Series A Warrants.
The percent of class is calculated based on 84,262,886 shares of Common Stock outstanding as of March 16, 2026, as reported in the Issuer's Current Report on Form 8-K filed with the Securities & Exchange Commission on March 20, 2026, as increased by (i) 464,534 shares of Common Stock issuable upon conversion of Series A Preferred Stock and (ii) 479,343 shares of Common Stock issuable upon exercise of Series A Warrants.
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:
This statement is filed by Quiet Capital Management, LLC, also referred to herein as the "Reporting Person."
(b)
Address or principal business office or, if none, residence:
548 Market Street PMB 72966
San Francisco, CA 94104.
(c)
Citizenship:
See response to row 4 on the cover page.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP Number(s):
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 response to row 9 on the cover page.
The reported securities represent (i) 12,896,007 shares of Common Stock, (ii) 464,534 shares of Common Stock issuable upon conversion of Series A Preferred Stock and (iii) 479,343 shares of Common Stock issuable upon exercise of Series A Warrants. The Series A Preferred Stock and Series A Warrants are convertible into Common Stock on a one-for-one basis at any time at the option of the holder at a conversion price or exercise price, as applicable, of $6.67, subject to adjustments. In connection with a PIPE transaction effected by the Issuer on May 1, 2026, the conversion price of the Series A Preferred Stock and exercise price of the Series A Warrants, which originally was $12, was automatically adjusted pursuant to the terms of the Certificate of Designation of Preferences, Rights and Limitations of 12.0% Series A Cumulative Convertible Preferred Stock and the terms of the Warrants, in each case as in effect on the original date of acquisition of the Series A Preferred Stock and Series A Warrants.
The reported securities are directly held as follows: 495,590 shares of Common Stock by Quiet ML, L.P. ("Quiet ML"), 3,497,280 shares of Common Stock by Quiet Venture I, LP ("Quiet V1"); 8,903,137 shares of Common Stock by Quiet Venture II, L.P. ("Quiet V2," and together with Quiet ML and Quiet V1, the "Quiet Direct Holders"); 47,676 shares of Series A Preferred Stock by Quiet ML, 35,450 shares of Series A Preferred Stock by Quiet V1; 381,408 shares of Series A Preferred Stock by Quiet V2; 49,195 Series A Warrants by Quiet ML; 36,579 Series A Warrants by Quiet V1; and 393,569 Series A Warrants by Quiet V2. Each of the Quiet Direct Holders is managed by Quiet Capital Management, LLC, whose investment committee exercises voting and investment discretion of, and therefore may be deemed to beneficially own, the reported securities. The filing of this statement shall not be construed as an admission that the Reporting Person or any of the foregoing is the beneficial owners of any of the reported securities covered by this statement.
(b)
Percent of class:
See response to row 11 on the cover page.
(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.
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.
What stake does Quiet Capital report in Merlin, Inc. (BACQ)?
Quiet Capital reports beneficial ownership of 13,839,884 shares, equal to 16.24% of the class. The total includes direct common shares plus convertible preferred and warrant exercises, using 84,262,886 shares outstanding as of March 16, 2026.
How is the 13,839,884-share position composed?
The position comprises 12,896,007 common shares, 464,534 shares issuable on conversion of Series A Preferred, and 479,343 shares issuable on Series A Warrant exercise. Conversion/exercise are one‑for‑one per the filing.
What conversion and exercise terms are disclosed?
The Series A Preferred and Series A Warrants convert/exercise on a one‑for‑one basis at a $6.67 price after an automatic adjustment tied to a May 1, 2026 PIPE transaction. Original terms referenced a $12 price prior to adjustment.
Which entities hold the reported securities for Quiet Capital?
Holdings are split across Quiet ML, L.P.; Quiet Venture I, LP; and Quiet Venture II, L.P. Each Quiet Direct Holder is managed by Quiet Capital Management, LLC, whose investment committee exercises discretion.
How was the percent of class calculated?
The 16.24% figure is calculated using 84,262,886 shares outstanding as of March 16, 2026, increased by the convertible and warrant‑issuable shares specified in the filing.
