🅰️pr

Are $MRLN insiders dumping shares? No evidence of that so far. You would know within 2 days (filing). So what’s happening today? Simple: the lock-up expired. A huge block of shares that couldn’t be sold yesterday can now hit the market. And here’s the part people are missing: Most of these holders aren’t management waking up and suddenly deciding the company is doomed. They’re early investors, venture funds and the SPAC sponsor. For some of them, their cost basis is FAR below today’s ~$2.24. Think about it like this: You give someone $1,000 years ago. Today, that investment can be worth $10,000. You don’t necessarily care whether it might eventually be worth $20,000. You’re a fund. You have LPs. You recycle capital. You lock in returns. You move on. That selling has absolutely nothing to do with whether Merlin’s technology works or whether the company’s long-term thesis changed overnight. It’s simply liquidity meeting an unlock. And when a relatively illiquid stock suddenly gets a massive new pool of sellable shares… Price does what price does. The names covered by the Merlin lock-up include: • First Round Capital • Quiet Venture / Quiet Capital • Bling Capital • SnowPoint Ventures • WTI / Venture Lending & Leasing • Floodgate • Harpoon Ventures • BoxGroup • Ahoy Capital • MFCIF • Emerald Bay Ventures • Mark IV Capital • Schox Venture Capital • SV Angel • Stanford / DAPER • The Schiehallion Fund / Baillie Gifford • Boom Capital • Shrug Capital Plus Bleichroeder Sponsor 1, whose 8.33M founder shares were subject to a separate six-month lock-up. That’s the setup. Unlock ≠ insider dumping. Sometimes selling pressure is just selling pressure. And eventually, the forced/liquidity sellers run out of shares.