Completed · 16 Mar 2026BACQU · NasdaqCIK 2028707Sponsor at IPO: Bleichroeder Sponsor 1 LLC

Bleichroeder Acquisition Corp. I

Now Merlin, Inc. · formerly Inflection Point Acquisition Corp. IV · Name history

$250MTrust raised at IPO · 10% of public shares left after its last counted vote

Merged with Merlin, Inc. (MRLN) · Technology and telecoms

IPO31 Oct 2024
Searching24 months
Deal announcedAgreement signed
Closed16 Mar 2026

Tavia Read What stands out, from the filings · snapshot 14

01
Larger than 84% of 2024’s SPAC IPOs.
$250M raised, against a median of $184M for the 55 SPACs that priced in 2024.
02
90% of public shares redeemed across 1 vote.
The merger vote, counted from the SPAC’s 8-Ks. 10% of the public shares remained after the last one.
03
Closed its merger 16 months after its IPO.
The combined company is Merlin, Inc. (MRLN). Sector: Technology and telecoms.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2024 SPAC IPOs →

IPO priced: 31 Oct 2024
IPO closed: 4 Nov 2024
Raised: $250M¹
Units sold: 25,000,000²
Trust raised: $250M³
Trust per unit: $10.00⁴
Unit: 1 sh + 1 right (1/10)⁵
Months to complete: 24⁶
Deadline before extensions: 4 Nov 2026
Over-allotment: Not exercised

Each unit: “one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share”

Name history

The same company under every name it has filed with the SEC, tracked by its CIK, 2028707. This page keeps its IPO name; the others lead here.

Bleichroeder Acquisition Corp. IAt IPO12 Jul 2024 – 14 Oct 2025
Inflection Point Acquisition Corp. IV21 Oct 2025 – 16 Mar 2026
Merlin, Inc.Now16 Mar 2026 – today

Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.

How it compares

Bleichroeder Acquisition Corp. I against the 55 SPACs that priced in 2024.

Raised: $250M; 84% of 2024 SPACs are below it; 2024 median: $184M
Trust per unit: $10.00; 51% of 2024 SPACs match it; 2024 median: $10.00
Months to complete: 24; 56% of 2024 SPACs match it; 2024 median: 24
Redeemed across its votes: 90%; 67% of 2024 SPACs are below it; 2024 median: 75%

Trust and redemptions

Merger vote · 12 Mar 202622,550,551 of 25,000,000 redeemed (90%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Bookrunners

Other SPACs from Bleichroeder

Bleichroeder’s track record →

Bleichroeder has brought 3 SPACs to market since 1 January 2019, $883M in all: 2 completed, 1 with a deal announced. 2 of the 2 that reached an end completed a merger.

SPAC	IPO	Raised	Status	Outcome	Months
Bleichroeder Acquisition Corp. III	6 Jul 2026	$345M	Deal announced	—	—
Bleichroeder Acquisition Corp. II	7 Jan 2026	$288M	Completed	Pasqal Holding SA (PSQL)	8
Bleichroeder Acquisition Corp. I This SPAC	31 Oct 2024	$250M	Completed	Merlin, Inc. (MRLN)	16

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2024 SPAC IPOs with Cohen & Company Capital Markets as bookrunner.

SPAC	IPO	Raised	Unit	Status
FACT II Acquisition Corp.	25 Nov 2024	$175M	1 sh + ½ warrant	Searching
Dynamix Corp	20 Nov 2024	$166M	1 sh + ½ warrant	Searching
Black Spade Acquisition II Co	27 Aug 2024	$153M	1 sh + ⅓ warrant	Completed
Melar Acquisition Corp. I/Cayman	17 Jun 2024	$160M	1 sh + ½ warrant	Deal announced
Chenghe Acquisition II Co.	7 Jun 2024	$86.3M	1 sh + ½ warrant	Completed

Sources

PFinal prospectus: 0001213900-24-093200
1Gross proceeds: 0001213900-24-095980The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $250,000,000.
2Units sold: 0001213900-24-095980Pursuant to the Initial Public Offering, on November 4, 2024, the Company sold 25,000,000 Units at a price of $10.00 per Unit.
3Trust raised: 0001213900-24-095980As of November 4, 2024, the assets held in the Trust Account, amounting to $250,000,000, were held in cash.
4Trust per unit: 0001213900-24-093200$250.0 million, or $287.5 million if the underwriter’s overallotment option is exercised in full ($10.00 per unit in either case), will be placed into a U.S.-based trust account with Continental Stock Transfer & Trust Company acting as trustee.
5Unit composition: 0001213900-24-093200Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination
6Months to complete: 0001213900-24-093200We have until the date that is 24 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve, to consummate our initial business combination.

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled

Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
Dated by. The date of the final prospectus.
Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.

Larger than 84% of 2024’s SPAC IPOs.

90% of public shares redeemed across 1 vote.

Closed its merger 16 months after its IPO.