Merlin, Inc.

Develops AI-powered software that performs the functions of a pilot, for reduced-crew and unmanned flight in military and civil aircraft.

Frontier robotics and autonomy Defense enablers and dual-use technologyAerospace & Defense ·Nasdaq: MRLN · merged with Inflection Point Acquisition Corp. IV (BACQ) · closed 16 Mar 2026, listed

$146MCash at closing, before expenses

90%Redemptions

$7.6MRevenue at closing, FY2025

—Share price vs $10, not yet tracked

Merlin went public through its combination with Inflection Point Acquisition Corp. IV, which closed on 16 March 2026 after holders of 22,550,551 public shares redeemed at the closing vote, with $145.9 million in cash at closing, from the trust and a Series A convertible preferred PIPE. For 2025 it reported revenue of $7.6 million and a net loss of $74.8 million, and it held $183.6 million of cash and cash equivalents at 30 June 2026.

As announced, illustrative

Pre-money equity value: $800M⁷
Pro forma equity value: $1.33B⁸
Pro forma enterprise value: $1B⁸
Capital committed, PIPE: $78M prefunded convertible notes funded at signing plus $50M committed PIPE funded at close (initial $12.00 conversion price, with warrants): $128M⁸
Assuming: Assumes 0% redemptions; trust values as of 06/30/25; no cash burn from announcement to close⁸
Press release: Read it⁷
Investor presentation: Read it⁸

At closing

Revenue, FY2025: $7.6M¹
SPAC trust at IPO: $250M²
Redemptions: 90%^2,3
Public shares redeemed: 22,550,551 of 25,000,000^2,3
Trust cash kept at closing: $25.9M⁴
Financing funded at closing, PIPE (Series A convertible preferred stock with warrants): $120M⁴
Cash at closing, before expenses: $146M⁴
Transaction costs, all parties: $23.2M⁴
Net cash at closing, after costs: $123M⁶
Financing funded before closing (not in cash at closing), Convertible notes (with warrants): $78M⁵
Committed, not funded at closing: Not disclosed
Equity value at closing, common shares at $10.00: $843M⁵
Preferred stock: 12.0% Series A Cumulative Convertible Preferred Stock, convertible into common; issued to PIPE investors (incl. additional closing) and to holders of Pre-Funded Convertible Notes on conversion⁵
Warrants: New Merlin Series A Warrants to purchase common stock issued alongside Series A Preferred in the PIPE (and as consideration for Pre-Funded Warrants originally at $12.00); total count and exercise price at closing not stated⁵
Other instrument: Stock options: Legacy Merlin options assumed and converted into New Merlin options at the Exchange Ratio (3.1015); post-conversion total not stated⁵

Latest filings

Revenue, FY2025: $7.6M¹
Change vs FY2025: 0%¹
Cash and cash equivalents, 30 Jun 2026: $184M⁴
Net income (loss), FY2025: −$74.8M¹
Share price: Not yet tracked

Sources and uses, as announced

Line	Sources	Uses
Merlin Equity Rollover⁸	$800M
Cash in Trust⁸	$257M
Total PIPE⁸	$128M
Total Sources⁸	$1.19B
Merlin Equity Rollover⁸		$800M
Cash to Balance Sheet⁸		$330M
Paydown of Existing Debt⁸		$35.5M
Estimated Expenses⁸		$20M
Total Uses⁸		$1.19B

Pro forma ownership at close, as announced

Holder	Shares	Ownership
Merlin Equity Rollover⁸	80.0M	61.8%
Inflection Point Public Shareholders⁸	27.5M	21.3%
PIPE Investors⁸	13.1M	10.1%
Inflection Point Sponsor⁸	8.8M	6.8%
Pro Forma Total Share Outstanding⁸	129.4M	100.0%

This record is for informational purposes only. It is compiled from SEC filings and, for share prices, the named market-data provider, with the assistance of AI. Although checked against its sources, it may contain errors or omissions and has not been audited; where it differs from the original filings, the filings prevail. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Past performance does not indicate future results.

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