Bleichroeder Acquisition Corp. I (BACQ) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 259.29% of current shares
Recent Dilution: 783.38% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
97M
Potential Supply
250M
Additional shares possible
Splits
None
Past 2 years

Summary

BACQ currently has 96.5M outstanding shares. with significant dilution risk as 250M authorized shares could dilute existing holders by 259.3%. The company has significantly diluted shareholders by 783.38% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 96.5M shares outstanding

97M 250M
Apr 15, 2026

S-1 filing: This S-1 filing outlines a primary and secondary offering of common stock, preferred stock, and investor warrants by Merlin, Inc.

85M 250M
Mar 12, 2026

10-K filing | 25.4M shares outstanding

25M 25M
Nov 17, 2025

8-K filing: Inflection Point and Merlin Labs amended the Closing PIPE Subscription Agreement to increase the Closing PIPE Investment to $100,000,000 for 9,803,922 shares of New Merlin Labs Preferred Stock and a Closing Warrant and also entered into Additional Closing PIPE Subscription Agreements for 1,666,668 shares of New Merlin Labs Preferred Stock and Closing Warrants. ($100.0M proceeds)

25M 25M
Aug 14, 2025

8-K filing: Bleichroeder Acquisition Corp. I (Inflection Point) entered into a Business Combination Agreement with Merlin Labs, Inc., involving a merger of Merger Sub with Merlin Labs, with Merlin Labs continuing as the surviving company, and includes provisions for share conversions, preferred stock investments, and lock-up agreements. ($50.0M proceeds)

25M 25M
Aug 08, 2025

10-Q filing | 25.0M shares outstanding

25M 25M
May 01, 2025

10-Q filing | 25.0M shares outstanding

25M 25M
Mar 10, 2025

10-K filing | 25.4M shares outstanding

25M 25M
Dec 09, 2024

10-Q filing | 25.4M shares outstanding

25M 25M
Oct 23, 2024

S-1/A filing: Initial public offering of 25,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination.

9.6M 25M
Oct 07, 2024

S-1/A filing: Initial public offering of 25,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination by Bleichroeder Acquisition Corp. I, a blank check company.

34M 25M
Aug 21, 2024

S-1/A filing: This is an S-1/A filing for an initial public offering of units of Bleichroeder Acquisition Corp. I, a blank check company, with each unit consisting of one Class A ordinary share and one-quarter of one redeemable warrant, and a concurrent private placement of warrants.

7.2M 28M
Jul 12, 2024

S-1 filing: Initial public offering of 25,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-quarter of one redeemable warrant. The underwriter has a 45-day option to purchase up to an additional 3,750,000 units to cover over-allotments. Sponsor committed to purchase 2,000,000 warrants at $1.00 per warrant in a private placement.

7.2M 27M
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