Inflection Point Acquisition Corp. IV is a SPAC that raised $250M in its November 2024 IPO and placed those proceeds in a trust account invested in U.S. government securities. Its sole purpose is to merge with a private company and take it public. Inflection Point identified Merlin Labs as its merger target and signed a Business Combination Agreement in August 2025. Shareholders approved the deal in March 2026, and upon closing, the combined company will operate as Merlin, Inc. and trade on Nasdaq under the ticker "MRLN." Merlin Labs develops aircraft-agnostic autonomy technology, primarily for national security applications, with a parallel civil aviation certification program. Merlin Labs claims to be on track to be the first company to certify an AI skill on a commercial aircraft. To fund the merger, Inflection Point arranged roughly $78M in pre-funded convertible notes and warrants from accredited investors, an additional $9.3M in convertible notes raised in November 2025, and a $120M PIPE in the form of 12.0% Series A Cumulative Convertible Preferred Stock. Merlin Labs equity holders receive shares in the combined company valued at $800M in aggregate consideration, while holders of the pre-funded convertible notes receive Series A Preferred Stock rather than common shares.