X0202 SCHEDULE 13G/A 0001776703 XXXXXXXX LIVE 2 Common Stock, par value $0.0001 per share 09/16/2026 0002028707 Merlin, Inc. 590106100 129 South Street Boston MA 02111 Rule 13d-1(c) FR Capital Holdings, L.P. DE 1025554.00 0.00 1025554.00 0.00 1025554.00 N 1.0 IA See Item 2 for additional information. First Round Capital VI, L.P. DE 396883.00 0.00 396883.00 0.00 396883.00 N 0.4 PN See Item 2 for additional information. First Round Capital VIII-F, L.P. DE 628671.00 0.00 628671.00 0.00 628671.00 N 0.6 PN See Item 2 for additional information. Merlin, Inc. 129 South Street Boston MA 02111 This report on Schedule 13G is being filed by (i) FR Capital Holdings, L.P., a Delaware limited partnership (the "Management Company"), (ii) First Round Capital VIII-F, L.P., a Delaware limited partnership ("FRCVIII-F"), and (iii) First Round Capital VI, L.P., a Delaware limited partnership ("FRCVI", and, collectively with the Management Company and FRCVIII-F, the "Reporting Persons"). FRCVI is the nominee of FRCVI and First Round Capital VI Partners Fund, L.P. ("FRCVI Partners") with respect to the securities reported herein. First Round Capital Management VI, L.P. is the general partner of FRCVI and FRCVI Partners, and First Round Capital Management VI, LLC is the general partner of First Round Capital Management VI, L.P. FRCVIII-F is the nominee of FRCVIII-F and First Round Capital VIII-F Partners Fund, L.P. ("FRCVIII-F Partners") with respect to the securities reported herein. First Round Capital Management VIII-F, L.P. is the general partner of FRCVIII-F and FRCVIII-F Partners, and First Round Capital Management VIII-F, LLC is the general partner of First Round Capital Management VIII-F, L.P. The Management Company is the investment manager of FRCVI, FRCVI Partners, First Round Capital Management VI, L.P., First Round Capital Management VI, LLC, FRCVIII-F, FRCVIII-F Partners, First Round Capital Management VIII-F, L.P. and First Round Capital Management VIII-F, LLC. The Management Company is managed by an investment committee comprised of three individuals. On September 16, 2026, each of FRCVI and FRCVIII-F distributed to its partners, in-kind for no consideration, all of the shares of common stock, par value $0.0001 per share (the "Common Stock"), of Merlin, Inc. (the "Issuer") held by each of FRCVI and FRCVIII-F (the "Distribution"). After the Distribution, the 396,883 shares of Common Stock reported as directly held by FRCVI consist of the following: (i) shares of 12.0% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share (the "Preferred Stock"), convertible into 201,317 shares of Common Stock at a conversion price of $6.67 per share, subject to adjustment, and (ii) warrants to purchase 195,566 shares of Common Stock at an exercise price of $6.67 per share. After the Distribution, the 628,671 shares of Common Stock reported as directly held by FRCVIII-F consist of the following: (i) shares of Preferred Stock convertible into 318,889 shares of Common Stock at a conversion price of $6.67 per share, subject to adjustment, and (ii) warrants to purchase 309,782 shares of Common Stock at an exercise price of $6.67 per share. Accordingly, as of September 16, 2026, the Management Company, as the investment manager to FRCVI and FRCVIII-F, may be deemed to beneficially own the 1,025,554 shares of Common Stock of the Issuer directly held in the aggregate by FRCVI and FRCVIII-F for a beneficial ownership percentage of approximately 1.0%. Beneficial ownership percentages are based upon 101,067,784 shares of Common Stock issued and outstanding as of August 11, 2026, based on information reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2026. The address for the Reporting Persons is 2400 Market Street, Suite 237, Philadelphia, PA 19103. The Reporting Persons are organized under the laws of the State of Delaware. Y Management Company - 1,025,554.00 FRCVI - 396,883.00 FRCVIII-F - 628,671.00 Management Company - 1.0% FRCVI - 0.4% FRCVIII-F - 0.6% Management Company - 1,025,554.00 FRCVI - 396,883.00 FRCVIII-F - 628,671.00 Management Company - 0.00 FRCVI - 0.00 FRCVIII-F - 0.00 Management Company - 1,025,554.00 FRCVI - 396,883.00 FRCVIII-F - 628,671.00 Management Company - 0.00 FRCVI - 0.00 FRCVIII-F - 0.00 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. Exhibit 1 - Joint Filing Agreement, dated March 23, 2026, by and among FR Capital Holdings, L.P., First Round Capital VI, L.P. and First Round Capital VIII-F, L.P. (incorporated by reference to Exhibit 1 to the Schedule 13G filed with the Securities and Exchange Commission on March 23, 2026). FR Capital Holdings, L.P. /s/ Jeffrey Donnon 09/18/2026 First Round Capital VI, L.P. /s/ Jeffrey Donnon 09/18/2026 First Round Capital VIII-F, L.P. /s/ Jeffrey Donnon 09/18/2026