Bleichroeder Sponsor 1 LLC - 13 Mar 2026 Form 4 Insider Report for Merlin, Inc. (BACQ)

Reporting relationship: 10%+ Owner
Issuer ticker: BACQ
Reported as of: 13 Mar 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 18 Mar 2026, 09:08:35 UTC
Prior SEC filing: 06 Nov 2024
Source filing: View source filing
Reporting owner signature: /s/ Michel Combes, Managing Member of Bleichroeder Sponsor 1 LLC

Key filing fact

Bleichroeder Sponsor 1 LLC filed Form 4 for Merlin, Inc. (BACQ) on 18 Mar 2026.

Key facts

This page summarizes Bleichroeder Sponsor 1 LLC's Form 4 filing for Merlin, Inc. (BACQ).
4 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 18 Mar 2026, 09:08.

Change

Previous filing in this sequence was filed on 06 Nov 2024.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (3)

CIK 0002031321 Primary reporting owner

Bleichroeder Sponsor 1 LLC

Relationship: 10%+ Owner
Address: 1345 AVENUE OF THE AMERICAS, FLOOR 47, NEW YORK
Signature: /s/ Michel Combes, Managing Member of Bleichroeder Sponsor 1 LLC
Signature date: 17 Mar 2026

CIK 0002031329

Gundlach Andrew

Relationship: Former Director, 10%+ Owner
Address: 1345 AVENUE OF THE AMERICAS, FLOOR 47, NEW YORK
Signature: /s/ Michel Combes
Signature date: 17 Mar 2026

CIK 0001708849

Combes Michel

Relationship: 10%+ Owner
Address: 101 WEST 24TH STREET, NEW YORK
Signature: /s/ Andrew Gundlach
Signature date: 17 Mar 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

BACQ transaction

Class A ordinary shares

Options Exercise

Transaction value
Shares: +8,333,333
Change %: +1961%
Price
Shares after: 8,758,333
Date: 13 Mar 2026
Ownership: Direct
Footnotes: F1, F2

BACQ transaction

Class A ordinary shares

Options Exercise

Transaction value
Shares: +42,500
Change %: +0.49%
Price
Shares after: 8,800,833
Date: 16 Mar 2026
Ownership: Direct
Footnotes: F2, F3

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

BACQ transaction Derivative

Class B ordinary shares

Options Exercise

Transaction value
Shares: -8,333,333
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 13 Mar 2026
Ownership: Direct
Underlying class: Class A ordinary shares
Underlying amount: 8,333,333
Exercise price
Footnotes: F1, F2

BACQ transaction Derivative

Rights

Options Exercise

Transaction value
Shares: -425,000
Change %: -100%
Price
Shares after: 0
Date: 16 Mar 2026
Ownership: Direct
Underlying class: Rights
Underlying amount: 42,500
Exercise price
Footnotes: F2, F3

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 3 footnotes

Footnote F1

In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as Inflection Point Acquisition Corp. IV or "Inflection Point") and Merlin Labs, Inc., immediately prior to the domestication of the Issuer as Delaware corporation, among other things, each of Inflection Point's Class B ordinary shares converted into one Class A ordinary share of Inflection Point as described under the heading "Description of Securities" in Inflection Point's Registration Statement on Form S-1 (File No. 333-280777). Immediately after such conversion, each Class A ordinary share of Inflection Point converted into one share of the Issuer's common stock (the "Common Stock") on a one-for-one basis.

Footnote F2

Bleichroeder Sponsor 1 LLC (the "Sponsor") is the record holder of such securities. MC Advisory L.L.C-FZ, an entity formed in Dubai (of which Michel Combes, one of the Issuer's Co-Founders, is the manager), as well as Andrew Gundlach, the former Executive Chairman of the Issuer, are the managing members of the Sponsor and hold voting and investment discretion with respect to the shares 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.

Footnote F3

In connection with the Closing of the Business Combination, the 425,000 rights held by the Sponsor, each entitling the holder to receive one-tenth (1/10) of one share upon the closing of the Issuer's initial business combination, converted into 42,500 shares of Common Stock as described under the heading "Description of Securities" in Inflection Point's Registration Statement on Form S-1 (File No. 333-280777).

SEC remarks

Prior to Closing, the Sponsor may be deemed a director by deputization by virtue of its representation on the board of directors of the Issuer. Andrew Gundlach was Executive Chairman of the board of directors of the Issuer prior to Closing.