{
 "as_of": "2026-11-08",
 "cmr": "us-cm-kg/NASDAQ/MRLN",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# Merlin, Inc. (NASDAQ: MRLN) — research page\n\nAs of 2026-11-08 · us-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is Merlin, Inc., listed on NASDAQ under ticker MRLN, with ISIN US5901061003. The LEI is not on the record (no GLEIF record with the exact legal name in jurisdiction US-E9). The security type is Corporate, the segment is not on the record, the sector is 7373 Services-Computer Integrated Systems Design, and the jurisdiction is the Cayman Islands. The listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 104 filings in the twelve months from 2025-11-08 to 2026-11-08, on 48 filing days. The median gap between filing days is 3 days. The latest filing is dated 2026-10-27, is of type prospectus, and was 12 days before the record date of 2026-11-08. The NASDAQ median is 52 filings, a median cadence gap of 6.0 days, and a median latency of 5.0 days. The sector median is 67.0 filings, a median cadence gap of 5.8 days, and a median latency of 5.0 days.\n\n## Auditor\n\nThe auditor of record is WithumSmith, located in New York, New York. The record shows one auditor change, dated 2026-03-20.\n\n## Events and halts\n\nThe record shows a delisting dated 2026-03-16 and two listings dated 2026-03-16. No name change is on the record. A domicile change is not on the record, as EDGAR states no dated change of state of incorporation on a filing line. A segment move is not on the record, as the exchanges' tier transfers are not EDGAR filings. The halt flag reads listed, not halted.\n\n## Orderability\n\nThe outcome cannot be determined for this issuer under acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1, as of chapter date 2026-11-04. The chapter's orderability section carries no client categories, so the outcome cannot name its client category.\n\n## Coverage\n\nNo research houses were found on the issuer's own investor-relations page; the count is 0.\n\n## Open research\n\nNo openly published research notes were found; the count is 0.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe issuer is held in sealed years 2024, 2025 and 2026. The market's earliest sealed date is 2021-01-04. The live record began on 2026-09-12.\n\n## Sources\n\n8 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.sec.gov/files/company_tickers_exchange.json (identity.exchange)\n- https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data (identity.isin)\n- https://data.sec.gov/submissions/CIK0002028707.json (identity.jurisdiction)\n- https://mcp.us-cm-kg.ai/events/NASDAQ/MRLN (the disclosure lines)\n- https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts (the halt flag)\n- https://www.sec.gov/Archives/edgar/data/2028707/000121390026027011/ea0279932-10k_inflection4.htm (the auditor)\n- https://mcp.us-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://mcp.us-cm-kg.ai/record/NASDAQ/MRLN (the record)\n",
 "market": "US",
 "node": "us-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [
    "2024",
    "2025",
    "2026"
   ],
   "live_record_began": "2026-09-12",
   "node_history_from": "2021-01-04",
   "node_years_sealed": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ],
   "record_version": 1,
   "sealed": true
  },
  "auditor": {
   "auditor": {
    "read_by": "EDGAR 10-K cover page iXBRL tag (dei:AuditorName, dei:AuditorLocation, dei:AuditorFirmId, dei:DocumentPeriodEndDate)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026027011/ea0279932-10k_inflection4.htm",
    "state": "sourced",
    "value": "WithumSmith"
   },
   "auditor_firm_id": {
    "read_by": "EDGAR 10-K cover page iXBRL tag (dei:AuditorName, dei:AuditorLocation, dei:AuditorFirmId, dei:DocumentPeriodEndDate)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026027011/ea0279932-10k_inflection4.htm",
    "state": "sourced",
    "value": "100"
   },
   "auditor_location": {
    "read_by": "EDGAR 10-K cover page iXBRL tag (dei:AuditorName, dei:AuditorLocation, dei:AuditorFirmId, dei:DocumentPeriodEndDate)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026027011/ea0279932-10k_inflection4.htm",
    "state": "sourced",
    "value": "New York, New York"
   },
   "changes": [
    {
     "date": "2026-03-20",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026032329/ea0282574-8k_merlin.htm",
     "title": "8-K — CURRENT REPORT (items 1.01,2.01,3.02,3.03,4.01,5.01,5.02,5.03,5.06,8.01,9.01)"
    }
   ]
  },
  "cmr": "us-cm-kg/NASDAQ/MRLN",
  "coverage": {
   "count": 0,
   "houses": [],
   "pages_checked": [],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-11",
   "since": null,
   "state": "none_found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 4359,
     "median_cadence_gap_days": 6,
     "median_filings": 52,
     "median_latency_days": 5,
     "name": "NASDAQ"
    },
    "sector": {
     "issuers": 60,
     "median_cadence_gap_days": 5.8,
     "median_filings": 67,
     "median_latency_days": 5,
     "name": "7373 Services-Computer Integrated Systems Design"
    }
   },
   "by_type": {
    "agm_egm": 1,
    "corporate_news": 4,
    "director_change": 1,
    "directors_dealings": 31,
    "halt_suspension": 1,
    "prospectus": 15,
    "regulatory_filing": 45,
    "results": 6
   },
   "cadence_median_gap_days": 3,
   "filing_days": 48,
   "filings": 104,
   "latency_days": 12,
   "latest": [
    {
     "category": "424B3",
     "date": "2026-10-27",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000162828026067655/merlinpipeprospectussupple.htm",
     "title": "424B3 — 424B3",
     "type": "prospectus"
    },
    {
     "category": "424B3",
     "date": "2026-10-27",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000162828026067654/merlinpipeprospectussupple.htm",
     "title": "424B3 — 424B3",
     "type": "prospectus"
    },
    {
     "category": "8-K",
     "date": "2026-10-27",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000162828026067435/mrln-20261027.htm",
     "title": "8-K — 8-K (items 5.02)",
     "type": "director_change"
    },
    {
     "category": "SCHEDULE 13G",
     "date": "2026-10-13",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026108664/xslSCHEDULE_13G_X02/primary_doc.xml",
     "title": "SCHEDULE 13G",
     "type": "regulatory_filing"
    },
    {
     "category": "4",
     "date": "2026-09-18",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000162828026062747/xslF345X06/wk-form4_1789763581.xml",
     "title": "4 — FORM 4",
     "type": "directors_dealings"
    }
   ],
   "latest_filing_date": "2026-10-27",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.us-cm-kg.ai/events/NASDAQ/MRLN",
   "window": {
    "from": "2025-11-08",
    "to": "2026-11-08"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "EDGAR company_tickers_exchange.json (SEC list of exchange-listed filers)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/files/company_tickers_exchange.json",
    "state": "sourced",
    "value": "NASDAQ"
   },
   "isin": {
    "read_by": "SEC Fails-to-Deliver data (CUSIP for the symbol) · ISIN = US + CUSIP + ISO 6166 check digit",
    "read_date": "2026-10-14",
    "read_date_basis": "last_seen",
    "source": "https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data",
    "state": "sourced",
    "value": "US5901061003"
   },
   "jurisdiction": {
    "read_by": "EDGAR submissions API (issuer header as filed) (stateOfIncorporation)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0002028707.json",
    "state": "sourced",
    "value": "Cayman Islands"
   },
   "lei": {
    "market": "US",
    "reason": "no GLEIF record with the exact legal name in jurisdiction US-E9",
    "state": "not_on_record"
   },
   "name": {
    "read_by": "EDGAR submissions API (issuer header as filed)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0002028707.json",
    "state": "sourced",
    "value": "Merlin, Inc."
   },
   "sector": {
    "read_by": "EDGAR submissions API (issuer header as filed) (SIC code as assigned by the SEC)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0002028707.json",
    "state": "sourced",
    "value": "7373 Services-Computer Integrated Systems Design"
   },
   "security_type": {
    "read_by": "EDGAR submissions API (issuer header as filed)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://data.sec.gov/submissions/CIK0002028707.json",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "market": "US",
    "state": "not_on_record"
   },
   "ticker": {
    "read_by": "EDGAR company_tickers_exchange.json (SEC list of exchange-listed filers)",
    "read_date": "2026-11-08",
    "read_date_basis": "the record version as_of",
    "source": "https://www.sec.gov/files/company_tickers_exchange.json",
    "state": "sourced",
    "value": "MRLN"
   },
   "website": {
    "market": "US",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": [
    {
     "date": "2026-03-16",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000135445726000257/xslF25X02/primary_doc.xml",
     "title": "25-NSE"
    }
   ],
   "domicile_change": {
    "market": "US",
    "reason": "EDGAR states no dated change of state of incorporation on a filing line",
    "state": "not_on_record"
   },
   "listing": [
    {
     "date": "2026-03-16",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026028219/ea0281875-8a12b_merlin.htm",
     "title": "8-A12B — FOR REGISTRATION OF CERTAIN CLASSES"
    },
    {
     "date": "2026-03-16",
     "source": "https://www.sec.gov/Archives/edgar/data/2028707/000135445726000258/MRLN_8A_Cert_2028707.pdf",
     "title": "CERT"
    }
   ],
   "name_change": [],
   "segment_move": {
    "market": "US",
    "reason": "the exchanges' tier transfers are not EDGAR filings",
    "state": "not_on_record"
   }
  },
  "market": "US",
  "node": "us-cm-kg",
  "numbers_hash": "sha256:7152030842bc039b01ad9d62d71a6563a0face89fa6b069383eedd428f13989a",
  "open_research": {
   "read_date": "2026-11-11",
   "rows": [],
   "state": "none_found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [],
   "determinable": false,
   "read": {
    "chapter": "https://mcp.us-cm-kg.ai/book/aio.json",
    "door": "https://mcp.us-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "reason": "the chapter's orderability section carries no client_categories: the outcome cannot name its client category",
   "rule_version": "acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1",
   "section": "us.aio.v8"
  },
  "record": {
   "as_of": "2026-11-08",
   "url": "https://mcp.us-cm-kg.ai/record/NASDAQ/MRLN",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-08",
   "source": "https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:7152030842bc039b01ad9d62d71a6563a0face89fa6b069383eedd428f13989a",
 "path": "/us/NASDAQ/MRLN",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is Merlin, Inc., listed on NASDAQ under ticker MRLN, with ISIN US5901061003. The LEI is not on the record (no GLEIF record with the exact legal name in jurisdiction US-E9). The security type is Corporate, the segment is not on the record, the sector is 7373 Services-Computer Integrated Systems Design, and the jurisdiction is the Cayman Islands. The listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 104 filings in the twelve months from 2025-11-08 to 2026-11-08, on 48 filing days. The median gap between filing days is 3 days. The latest filing is dated 2026-10-27, is of type prospectus, and was 12 days before the record date of 2026-11-08. The NASDAQ median is 52 filings, a median cadence gap of 6.0 days, and a median latency of 5.0 days. The sector median is 67.0 filings, a median cadence gap of 5.8 days, and a median latency of 5.0 days.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is WithumSmith, located in New York, New York. The record shows one auditor change, dated 2026-03-20.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "The record shows a delisting dated 2026-03-16 and two listings dated 2026-03-16. No name change is on the record. A domicile change is not on the record, as EDGAR states no dated change of state of incorporation on a filing line. A segment move is not on the record, as the exchanges' tier transfers are not EDGAR filings. The halt flag reads listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome cannot be determined for this issuer under acm-68000/us/reasonable-basis-suitability-finra-rule-2111/r1, as of chapter date 2026-11-04. The chapter's orderability section carries no client categories, so the outcome cannot name its client category.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "No research houses were found on the issuer's own investor-relations page; the count is 0.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found; the count is 0.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The issuer is held in sealed years 2024, 2025 and 2026. The market's earliest sealed date is 2021-01-04. The live record began on 2026-09-12.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "8 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.sec.gov/files/company_tickers_exchange.json"
  },
  {
   "for": "identity.isin",
   "source": "https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://data.sec.gov/submissions/CIK0002028707.json"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.us-cm-kg.ai/events/NASDAQ/MRLN"
  },
  {
   "for": "the halt flag",
   "source": "https://www.nasdaqtrader.com/rss.aspx?feed=tradehalts"
  },
  {
   "for": "the auditor",
   "source": "https://www.sec.gov/Archives/edgar/data/2028707/000121390026027011/ea0279932-10k_inflection4.htm"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.us-cm-kg.ai/book/aio.json"
  },
  {
   "for": "the record",
   "source": "https://mcp.us-cm-kg.ai/record/NASDAQ/MRLN"
  }
 ],
 "title": "Merlin, Inc. (MRLN) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}