Inflection Point Acquisition Corp. IV Reports $6.01M Net Income for 2025, Enters Business Combination with Merlin Labs

Bleichroeder Acquisition Corp. I, now Inflection Point Acquisition Corp. IV, a blank check company, reported a net income of $6.01 million for the year ended December 31, 2025. This is primarily attributed to $10.48 million in interest earned on investments held in the Trust Account and $56,002 in interest earned on the bank account, offset by $3.86 million in general and administrative expenses and $670,000 in compensation expense. In comparison, for the period from June 24, 2024 (inception) through December 31, 2024, the company reported a net income of $1.52 million, consisting of $1.76 million in interest earned on investments held in the Trust Account and $14,609 in interest income earned on the bank account, offset by $251,144 in formation and operating costs.

As of December 31, 2025, the company held $703,596 in cash outside of the Trust Account and had a working capital deficit of $2.42 million. The investments held in the Trust Account totaled $262.24 million. In contrast, as of December 31, 2024, the company held $2.11 million in cash outside of the Trust Account and had working capital of $1.23 million, with investments held in the Trust Account totaling $251.76 million. The company has until November 4, 2026, to complete an initial business combination.

A significant strategic development was the entry into a Business Combination Agreement with Merlin Labs, Inc. on August 13, 2025. The shareholders approved the Proposed Business Combination at the EGM held on March 12, 2026. The Proposed Business Combination is expected to be consummated on March 16, 2026. The agreement outlines a merger process where a subsidiary of Inflection Point will merge with Merlin, with Merlin continuing as the surviving entity. In connection with the Business Combination, the company will change its name to Merlin, Inc. The aggregate consideration to be paid to the holders of securities of Merlin is the number of shares of New Merlin Common Stock equal to the quotient of $800,000,000 divided by the price at which each Public Share may be redeemed in connection with the EGM.

Key operational developments include the approval of the Domestication Proposal at the EGM held on March 12, 2026, which will change the company's jurisdiction of incorporation from the Cayman Islands to Delaware. In connection with the Domestication, each of the then issued and outstanding Class A Ordinary Shares will convert automatically, on a one-for-one basis, into a share of New Merlin Common Stock. Additionally, the parties have received the approval of Nasdaq to list the securities of New Merlin under “MRLN” following the consummation of the Proposed Business Combination. Public Shareholders holding 22,550,551 Public Shares, representing approximately 90.3% of the outstanding Public Shares, exercised their redemption rights with respect to the Proposed Business Combination.