Merlin raises $80M in PIPE from existing institutional investor; pro forma cash $183M

Merlin, Inc.

Issued 8M shares at $10 each and warrants for 4M shares at $6.67 strike, 5-year expiry.
Existing cash $107M; pro forma cash $183M to accelerate platform development and regulatory approvals.
Closing expected on or about May 1, 2026; Cantor Fitzgerald & Co. led placement.
Anti-dilution adjustments triggered to conversion price of 12% Series A Preferred and certain warrants.
Company agreed to file registration statement for resale of the issued shares and warrant shares.

item 1.01 item 3.02 item 7.01 item 9.01

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