BACQ SEC filings, in plain English
Everything INFLECTION POINT ACQUISITION CORP. IV has filed with the SEC that we hold — 40 filings, newest first, 2 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
The feed
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What changed: Post-merger Merlin, Inc. (formerly BACQ) filed its first 10-Q showing $183.6M cash as of June 30, 2026, a May 2026 PIPE raising $80M gross, zero outstanding debt, but a $148.8M net loss for the six months and $700M accumulated deficit. Revenue declined to $3.2M (6M YTD) from $4.0M prior year, with >90% from the U.S. government. Why it matters: The deal closed March 16, 2026, and this is the first look at post-combination financials: cash burn is heavy (~$50.9M operating cash outflow in 6M), warrant liabilities ballooned to $130.1M, and a $60.8M deemed dividend on Series A Preferred reflects a down-round. The company asserts 12-month liquidity sufficiency, but revenue is minimal and declining.
What changed: Merlin, Inc. (Nasdaq: MRLN) furnished a press release dated August 13, 2026 reporting second quarter 2026 results. Total revenue was $2.2 million against $1.0 million in the first quarter of 2026; GAAP net loss was $(58.4) million against $(90.4) million in the first quarter; Adjusted EBITDA loss was $(27.8) million against $(23.3) million. Why it matters: Cash rose $60.8 million in the quarter while the company burned $27.8 million on an Adjusted EBITDA basis, so the increase is financing rather than operations. The IAI arrangement is expressly a non-binding memorandum of understanding, and the $100 million-plus figure is a contract ceiling — the maximum orderable under an IDIQ vehicle, not awarded revenue.
- What changed vs 2025-11-12going concern RESOLVED
going-concern doubt, trust account, sponsor loans outstanding +11 moved · 3 with no prior record of ours
- Going-concern doubt
- statednot stated
- Trust account
- $259.7Mnot matched in this filing
- Sponsor loans outstanding
- $400Knot matched in this filing
- Redeemable shares
- 25.0Mnot matched in this filing
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
pipenothing moved · 1 with no prior record of ours
- PIPE
- $20.0M · unchanged
The clause …“in a private placement, on substantially the same terms as the Closing PIPE Subscription Agreement, for an aggregate purchase price of $20 million (the “Additional Closing PIPE Investment,” together with the Initial Closing PIPE”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
pipenothing moved · 1 with no prior record of ours
- PIPE
- not previously extracted$20.0M
The clause …“in a private placement, on substantially the same terms as the Closing PIPE Subscription Agreement, for an aggregate purchase price of $20 million (the “Additional Closing PIPE Investment,” together with the Initial Closing PIPE”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.