BOSTON--(BUSINESS WIRE)--Merlin Labs, Inc. ("Merlin†), a leading developer of assured, autonomous flight technology for defense customers, and Inflection Point Acquisition Corp. IV (Nasdaq: BACQ) ("Inflection Point†) today announced a significant increase to their previously disclosed private investment in public equity ("PIPE†). The increase comes from both new investors and existing investors increasing their commitments, bringing total PIPE commitments to more than $200 million, of which ove. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Inflection Point Acquisition Corp. IV (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1797826 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | 1345 Avenue of the America, Fl 47 New York, NY 10105 For the quarterly period ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42392 Bleichroeder Acquisition Corp. I (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1797826 | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or Commission File Number: 001-42392 Bleichroeder Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands 98-1797826 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1345 Avenue of the America, Fl 4 ...

IPO and Fundraising - The company completed its Initial Public Offering on November 4, 2024, raising gross proceeds of $250 million from the sale of 25 million Units at $10.00 per Unit[20]. - An additional $4.25 million was generated from the private sale of 425,000 Private Placement Units at the same price[21]. - A total of $250 million from the IPO and private placement proceeds, including $9.75 million of the underwriter's deferred discount, was placed in a Trust Account[22]. - The company has approximately $251.76 million available for a Business Combination as of December 31, 2024, after accounting for $8.75 million in deferred underwriting fees and taxes payable[57]. - Following the IPO, a total of $250,000,000 was placed in the Trust Account, with total offering costs amounting to $11,403,592[150]. - The company has estimated offering expenses of $750,000, which could affect the funds available outside the Trust Account if actual expenses are lower[108]. - The underwriters received a cash underwriting discount of $0.08 per unit, totaling $2,000,000[159]. Business Combination Strategy - The company must complete its initial Business Combination by November 4, 2026, which is 24 months from the IPO closing date[23]. - The company intends to structure its initial Business Combination to acquire at least 50% of the voting securities of the target business, potentially resulting in existing shareholders owning a minority interest post-transaction[46]. - The company is focusing on sectors undergoing technological transformation, including AI, digital infrastructure, and fintech, among others[28][33]. - The company is focusing on TMT industries for its initial Business Combination, although it has not yet selected a specific target[60]. - The investment criteria include seeking businesses that generate stable free cash flow or have the potential to do so in the near term[39]. - The company aims to leverage its management team's extensive network to identify attractive Business Combination opportunities[36]. - The management team has developed a broad network of contacts that is expected to provide a substantial number of potential Business Combination targets[51]. - The company may pursue Business Combinations with affiliated entities, provided an independent valuation opinion confirms the fairness of the transaction[47]. - The company may seek additional financing to complete its initial Business Combination if the cash portion of the purchase price exceeds available funds from the Trust Account[61]. - The company may engage finders to identify potential Business Combination opportunities, with fees typically tied to the completion of a transaction[64]. - The company faces competition from other SPACs, private equity groups, and public companies, which may limit its ability to acquire larger target businesses[112]. - The company has not initiated substantive discussions with any potential Business Combination targets as of now[60]. - The company may not complete the initial Business Combination if the cash consideration required exceeds the available cash[80]. Shareholder Rights and Redemption - Shareholders will have the opportunity to redeem their Class A ordinary shares at a per-share price equal to the aggregate amount in the Trust Account divided by the number of outstanding Public Shares[79]. - The company will provide Public Shareholders with redemption opportunities either through a general meeting or a tender offer[81]. - Public Shareholders may redeem their shares for a pro rata share of the Trust Account, which includes interest earned, subject to certain conditions[100]. - If the initial Business Combination is not completed, the per-share redemption amount is expected to be approximately $10.07 as of December 31, 2024, net of taxes payable[104]. - A public shareholder can redeem shares irrespective of their voting decision on the proposed transaction[85]. - The company intends to require Public Shareholders to deliver share certificates or electronically transfer shares to exercise redemption rights[90]. - The redemption process may incur a nominal fee of approximately $100, which brokers may pass on to redeeming holders[95]. - The company requires at least 8,120,834 (32.5%) of the 25,000,000 Public Shares sold in the Initial Public Offering to be voted in favor of the initial Business Combination for approval[85]. - If the initial Business Combination is structured as a statutory merger, it will require a special resolution with at least two-thirds of the votes cast in favor[85]. - The company has a completion window to finalize the initial Business Combination, failing which it will cease operations and redeem Public Shares[100]. - The Sponsor, officers, and directors have waived their rights to liquidating distributions from the Trust Account for founder shares if the initial Business Combination is not completed[101]. - Shareholders can only receive funds from the Trust Account under specific conditions, including redemption rights upon the completion of the initial Business Combination[110]. Financial Performance and Condition - For the period from June 24, 2024, through December 31, 2024, the company reported a net income of approximately $1.5 million, primarily from interest earned on investments held in the Trust Account[146]. - Net income for the same period was $1,519,663, influenced by interest earned on investments of $1,756,198[151]. - As of December 31, 2024, investments held in the Trust Account totaled $251,756,198, intended for a Business Combination[153]. - The company had cash of $2,107,309 available for working capital purposes as of December 31, 2024[154]. - The company does not have any long-term debt or capital lease obligations as of December 31, 2024[158]. - Management does not anticipate needing additional funds for operating expenditures prior to the Business Combination[156]. - There have been no off-balance sheet arrangements or long-term liabilities reported as of December 31, 2024[157]. - The company has not generated any revenues to date and only engaged in organizational activities and identifying a target company for a Business Combination since its inception on June 24, 2024[145]. Management and Governance - Nazim Cetin has been appointed as a director since November 2024, bringing extensive experience from Allianz X GmbH and Bertelsmann SE & Co. KGaA[179]. - Pierre Weinstein joined as a director in November 2024, previously serving as Partner and Portfolio Manager at Saba Capital Management, focusing on credit and equity strategies[180]. - Kathy Savitt has been a director since November 2024, with a background in senior executive roles at Boom Supersonic and Yahoo, and experience in marketing at Amazon[182]. - The audit committee consists of independent directors, including Ms. Savitt and Messrs. Weinstein and Cetin, ensuring compliance with Nasdaq and SEC rules[186]. - The audit committee is chaired by Mr. Cetin, who is recognized as an "audit committee financial expert" under SEC rules[187]. - The company has adopted a Clawback Policy to recover erroneously awarded incentive-based compensation in case of financial restatements, applicable to the last three fiscal years[201]. - No cash compensation has been paid to executive officers or directors prior to the completion of the initial Business Combination, with potential fees disclosed to shareholders post-combination[202]. - The compensation committee is responsible for determining executive compensation, ensuring that all members are independent directors[189]. - The company has established insider trading policies to promote compliance with relevant laws and Nasdaq standards[197]. - There are no material legal proceedings involving any director or executive officer that could adversely affect the company[184]. - The company does not plan to take actions to ensure management team retention post-initial Business Combination, although some may negotiate arrangements[205]. Risks and Challenges - The lack of business diversification may expose the company to significant risks associated with the performance of a single business post-transaction[65]. - The company may face challenges in completing an initial Business Combination due to economic uncertainties, including inflation and geopolitical instability[147]. - The company is subject to risks related to cybersecurity incidents, which could adversely affect its operations and financial condition[126]. - Financial statements of prospective target businesses will need to comply with GAAP or IFRS, which may limit potential acquisition candidates[115]. Ownership and Share Structure - As of March 10, 2025, the company has 33,758,333 Ordinary Shares outstanding, consisting of 25,425,000 Class A and 8,333,333 Class B shares[208]. - The company’s Sponsor holds 9,583,333 Founder Shares, purchased at approximately $0.003 per share, with 1,250,000 shares subject to forfeiture based on underwriters' over-allotment option[213]. - The company’s Sponsor purchased 425,000 Private Placement Units at $10.00 per unit, totaling $4,250,000, which are identical to IPO units but have transfer restrictions[214]. - Inflection Point indirectly purchased all 425,000 Private Placement Units for $4,250,000, reflecting its interest in 5,266,667 Founder Shares held by the Sponsor[215]. - Prior to the IPO, the company received a non-interest bearing loan of up to $750,000 from its Sponsor, which was repaid at $399,760 upon IPO closing[217]. - The company may pay fees to its Sponsor or affiliates for services related to the initial Business Combination, which will be sourced from working capital[216]. - The company has no equity compensation plans authorized for issuance[211]. - There are no changes in control reported[212]. - The beneficial ownership table indicates that the largest shareholders include Healthcare of Ontario Pension Plan Trust Fund with 2,475,000 shares, representing 9.7% of ownership[210].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42392 Bleichroeder Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands 98-1797826 (St ...