Merlin, Inc. (MRLN) AI Dilution Summary

Estimated cash was $183,550,000 as of 2026-06-30, matching the cash at that balance-sheet date, against estimated monthly burn of $8,482,667. Dilution here is driven primarily by the 12.0% Series A Cumulative Convertible Preferred Stock: 18,649,567 preferred shares with a $12 stated value per share and a $162,497,000 aggregate liquidation preference as filed. They convert at $6.67, which yields 33,552,444 shares at that conversion price.