<SEC-DOCUMENT>0001493152-26-022307.txt : 20260511
<SEC-HEADER>0001493152-26-022307.hdr.sgml : 20260511
<ACCEPTANCE-DATETIME>20260511174750
ACCESSION NUMBER:		0001493152-26-022307
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260511
DATE AS OF CHANGE:		20260511

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merlin, Inc.
		CENTRAL INDEX KEY:			0002028707
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94682
		FILM NUMBER:		26964757

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		9177692999

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFLECTION POINT ACQUISITION CORP. IV
		DATE OF NAME CHANGE:	20251021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bleichroeder Acquisition Corp. I
		DATE OF NAME CHANGE:	20240627

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ayrton Capital LLC
		CENTRAL INDEX KEY:			0001698148
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		55 POST RD WEST
		STREET 2:		2ND FLOOR
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880
		BUSINESS PHONE:		646-793-9056

	MAIL ADDRESS:	
		STREET 1:		55 POST RD WEST
		STREET 2:		2ND FLOOR
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Ayrton Capital LLC -->
          <cik>0001698148</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002028707</issuerCik>
        <issuerName>MERLIN, INC.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>590106100</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>129 South Street</com:street1>
          <com:city>Boston</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>02111</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Ayrton Capital LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2029440.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2029440.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2029440.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.39</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2029440.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2029440.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2029440.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.39</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Waqas Khatri</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2029440.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2029440.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2029440.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.39</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>MERLIN, INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>129 South Street Boston MA 02111</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>(i) Ayrton Capital LLC; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B; and (iii) Waqas Khatri</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>(i) Ayrton Capital LLC, 55 Post Rd West, 2nd Floor Westport, CT 06880; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, Suite #7 Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O. Box 10250, Cayman Islands; and (iii) Waqas Khatri 55 Post Rd West, 2nd Floor Westport, CT 06880</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(i) Ayrton Capital LLC: United States; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: Cayman Islands; and (iii) Waqas Khatri: United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Ayrton Capital LLC:  2,029,440; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 2,029,440; and (iii) Waqas Khatri: 2,029,440. Represents (i)  2,029,440 shares of Common Stock issuable on the exercise of certain warrants (the "Warrants") and conversion of certain convertible preferred equity shares (the "Notes") held by the Reporting Persons. The issuable shares of Common Stock related to the exercise of the Warrants and conversion of the  preferred equity shares are both subject to a 9.99% beneficial ownership blocker. The shares reported herein represent Common Stock of MERLIN, INC. (the "Issuer") held by Alto Opportunity Master Fund, SPC- Segregated Master Portfolio B, a Cayman Islands exempted company (the "Fund"). The Fund is a private investment vehicle for which Ayrton Capital LLC, a Delaware limited liability company (the "Investment Manager"), serves as the investment manager. Waqas Khatri serves as the managing member of the Investment Manager (all of the foregoing, collectively, the "Reporting Persons").</amountBeneficiallyOwned>
        <classPercent>The percentages below are based on (i) 25,425,000 shares of Class A Common Stock of the Issuer that were outstanding as of March 11, 2026; and (ii)  2,029,440 shares of Common Stock issuable on the exercise of the Warrants and conversion of preferred equity shares held by the Reporting Persons. The amount of shares outstanding was based upon a statement in the Issuer's 10-K filed on March 12, 2026. For the sake of clarity, the holdings of the Reporting Persons reported herein are as of March 31, 2026. (i) Ayrton Capital LLC: 7.39%; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 7.39%; and (iii) Waqas Khatri: 7.39%.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>(i) Ayrton Capital LLC:   2,029,440; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B:   2,029,440; and (iii) Waqas Khatri:   2,029,440</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>(i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; and (iii) Waqas Khatri: 0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>(i) Ayrton Capital LLC:   2,029,440; Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B:   2,029,440; Waqas Khatri:  2,029,440</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>(i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; (iii) Waqas Khatri: 0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Ayrton Capital LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Waqas Khatri</signature>
        <title>Waqas Khatri / Managing Member</title>
        <date>05/11/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Waqas Khatri</signature>
        <title>Waqas Khatri / Director</title>
        <date>05/11/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Waqas Khatri</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Waqas Khatri</signature>
        <title>Waqas Khatri</title>
        <date>05/11/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
