Alyeska Investment Group Reports New 9.9% Stake in Merlin, Inc. via Warrants and Preferred Stock

On May 15, 2026, Alyeska Investment Group, L.P., along with Alyeska Fund GP, LLC and Anand Parekh, filed a Schedule 13G disclosing a new 9.9% stake in Merlin, Inc. (ticker: BACQ). The reporting persons acquired beneficial ownership of 8,342,026 shares of common stock. These shares are issuable upon the conversion of Series A preferred stock or the exercise of warrants. While the reporting persons technically hold warrants and preferred stock exercisable for significantly more shares (9,803,922 each), the securities contain a beneficial ownership limitation that prevents the holder from exceeding a 9.9% ownership threshold based on the 84,262,886 shares outstanding. Alyeska Investment Group, L.P. serves as the investment manager for Alyeska Master Fund, L.P., which directly holds the position. The filing indicates the securities were acquired in the ordinary course of business and not for the purpose of influencing or changing the control of the issuer. This represents a significant new position for the investment group in the New York-based company.