Merlin (MRLN) 10% Owner FR Capital Holdings Distributes 11.75M Shares

What Happened FR Capital Holdings, L.P. — reported as a 10% owner of Merlin, Inc. (MRLN) — reported two dispositions on Sept 16, 2026 that together moved 11,748,961 shares. The filings show dispositions of 6,651,292 shares and 5,097,669 shares, each reported at $0.00 (no cash value). Footnotes state these shares were distributed pro rata by the underlying funds to their partners for no consideration.

Key Details

• Transaction dates: Sept 16, 2026 (reported on Form 4 filed Sept 18, 2026).
• Reported dispositions: 6,651,292 shares and 5,097,669 shares (total 11,748,961), price reported $0.00 for each line (zero-dollar distributions).
• Who held the shares: securities were directly held by First Round Capital VI, L.P. and First Round Capital VIII F, L.P., as nominees for themselves and their partners.
• Notable footnotes: the two lines reflect pro rata distributions from FRCVI and FRCVIII F to their partners; FR Capital Holdings is the investment manager of those funds and disclaims beneficial ownership except to the extent of any pecuniary interest.
• Shares owned after transaction: not specified in the provided filing details.
• Timeliness: transaction date Sept 16, 2026; Form 4 filed Sept 18, 2026 (within the typical 2-business-day SEC reporting window).

Context These entries reflect institutional fund distributions (transfers of shares from funds to their partners) rather than an open-market sale or an executive sale. Such zero-dollar distributions are administrative/structural moves and do not necessarily signal the manager's view of the company’s prospects. Because FR Capital Holdings is the funds’ investment manager (not an individual executive), this report is about fund-level distributions, not executive trading.