Merlin, Inc.MRLN
Cash in trust
$262M
$262,235,740
Trust per share
$10.07
Redemption value
IPO
Nov 2024
$250M raised
Combination deadline
—
Not disclosed
Filings on record
171
Latest Oct 27, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Aug 14, 2025
- Closed
- Mar 20, 2026
Overview
Merlin, Inc. is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002028707. It completed its initial public offering in Nov 2024, raising $250M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker MRLN on Nasdaq. The vehicle is sponsored by Bleichroeder through Bleichroeder Sponsor 1 LLC. The mandate targets technology, media & entertainment. Business combination closed; the company trades under a new ticker.
“we intend to focus our efforts on businesses in the technology, media and telecommunications (“TMT”) sector as well as sectors that are being transformed via technology adoption, where we believe our management team’s operational and investment expertise will provide us with a competitive advantage.”
Reading the filings
Arithmetic on what Merlin, Inc. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $10.07 per public share, 0.7% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Sponsor promote
The sponsor's founder block is 5,266,667 shares against 17,381,016 public shares, or 23.3% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Rights, not warrants
Each unit carried one right per unit, convertible into one tenth (1/10) of a share. A right converts automatically on closing rather than needing to be exercised at a strike, so it is dilution that arrives whatever the share price does — unlike a warrant, which only bites if the stock works. For a holder redeeming at the trust it is worth nothing either way; for one staying in, it is a certain claim rather than an option.
Sponsor record
Bleichroeder has launched 3 vehicles. Of the 2 that have resolved, 2 closed a combination and 0 liquidated, a 100% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Cohen & Company led the offering. It has been named on 57 SPAC IPOs, book-running 56 of them, and 100% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
171 filings in all. 18 in the last three months, against a busiest month of 27.
News on Merlin, Inc.
Last 90 days- Neutral
- Neutral
- TD Cowen Maintains Buy on Merlin, Lowers Price Target to $4Neutral
Benzinga · 19d ago
- Merlin, Inc. To Participate in Upcoming Investor ConferencesNeutral
Press releaseGlobeNewswire · 22d ago
- Canaccord Genuity Initiates Coverage On Merlin with Buy Rating, Announces Price Target of $7.5Neutral
Benzinga · 1mo ago
- Maxim Group Initiates Coverage On Merlin with Buy Rating, Announces Price Target of $7Neutral
Benzinga · 1mo ago
News sentiment
NeutralAcross 6 recent stories, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- 8-K
Current report
Item 5.02 · Accession 0001628280-26-067435
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001213900-26-108664
- 4
Statement of changes in beneficial ownership
Accession 0001493152-26-043374
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001493152-26-043375
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-062747
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-062745
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-062744
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-062743
- 424B3
Prospectus supplement
Accession 0001628280-26-058117
- 424B3
Prospectus supplement
Accession 0001628280-26-058115
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001493152-26-038390
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001213900-26-090032
- 10-Q
Quarterly report
Accession 0001628280-26-056882
- 8-K
Current report
Items 2.02, 9.01 · Accession 0001628280-26-056712
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001493152-26-037660
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001860171-26-000006
- 424B3
Prospectus supplement
Accession 0001213900-26-063703
- 424B3
Prospectus supplement
Accession 0001213900-26-063701
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037535
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037532
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037531
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037530
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037529
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037528
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037527
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037526
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037525
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037524
- S-8
REGISTRATION STATEMENT
Accession 0001213900-26-059662
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001104659-26-062841
Pro
2 filings from the last 24 hours are hidden
Pro accounts see every filing minutes after EDGAR publishes it, instead of a day later.
Cancel any time. Billed monthly in USD.
Merlin, Inc.: questions answered
What is Merlin, Inc. (MRLN)?
Merlin, Inc. is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002028707. It completed its initial public offering in Nov 2024, raising $250M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker MRLN on Nasdaq. The vehicle is sponsored by Bleichroeder through Bleichroeder Sponsor 1 LLC. The mandate targets technology, media & entertainment. Business combination closed; the company trades under a new ticker.
How much does Merlin, Inc. hold in trust?
Approximately $262,235,740, or about $10.07 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Merlin, Inc. complete a merger?
No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.
What happens if Merlin, Inc. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Merlin, Inc., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.07 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Merlin, Inc. trade under?
Class A shares trade as MRLN on Nasdaq. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Merlin, Inc.?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.07, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $1.11, a spread to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do Merlin, Inc.'s founder shares and warrants create?
The founder block is 5,266,667 shares against 17,381,016 public shares, so roughly 23.3% of the combined count sits with the sponsor at nominal cost. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Merlin, Inc., and what is their track record?
Bleichroeder Sponsor 1 LLC is the sponsor entity, part of the Bleichroeder franchise. That franchise has launched 3 vehicles in total, of which 2 closed a combination and 0 liquidated, a 100% completion rate on resolved vehicles. Named principals: Andrew Gundlach.
Which banks underwrote the Merlin, Inc. IPO?
Cohen & Company, Seaport Global. Cohen & Company and Seaport Global were credited as book-running managers on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Merlin, Inc. tradeable, and where?
Yes. MRLN returned a live quote of $1.11 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Merlin, Inc. a good investment?
That is not a question this site answers. Merlin, Inc. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Merlin, Inc. data come from?
Filings Merlin, Inc. submitted to the SEC under CIK 0002028707: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 28, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
SPACListing is a reference-data service, not an investment adviser. Nothing here is a recommendation to buy or sell any security.
Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Bleichroeder: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Cohen & Company in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All completed de-spac transactions
Business combination closed; the company trades under a new ticker.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.