BACQ
Bleichroeder Acquisition Corp. I Class A Ordinary Shares
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Disappointed CEPT & BACQ don't have warrants. Why Rights??? Keeping an eye on if/when options begin trading. Also watching FCRS (Tom Lee) & TLNC (possibly +EBITDA in energy). No hurry. For newly listed options... https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/New-Listings
Highest conviction for me, BACQ Merlin Labs Merlin Labs is a technology company specializing in autonomous flight systems for fixed-wing aircraft. Here is a due diligence summary based on publicly available information: 1. Core Technology and Product Product: The company's main product is the Merlin Pilot, an integrated hardware and software solution that provides "takeoff-to-touchdown" autonomy for aircraft. Functionality: It's designed to manage all phases of flight, including aviate, navigate (following complex paths, obstacle/terrain avoidance), and communicate (with air traffic control using voice/natural language processing). Aircraft Agnostic: The system is designed to be installed on and retrofit both existing (legacy) and next-generation aircraft across different types and sizes, from small cargo planes to large military transport aircraft. Phased Approach: Merlin describes its philosophy as "Crawl, Walk, Fly," indicating a phased introduction of autonomy, initially assisting human pilots, then enabling reduced crews, and eventually leading to fully uncrewed operations. 2. Market Focus and Contracts Dual-Track Strategy (Civilian and Defense): Merlin is actively pursuing both civil and national security applications. Defense: They have significant awarded contracts (over $100 million total) with military customers, including a partnership with the U.S. Air Force to integrate the Merlin Pilot onto C-130J Super Hercules and KC-135 aircraft. They aim to be a leading defense contractor for AI in aviation. Civilian/Commercial: Early commercial partnerships have been with cargo airlines like Ameriflight and aviation companies like Dynamic Aviation Group (for their fleet of Beechcraft King Airs). The technology aims to help mitigate the global pilot shortage. Testing and Operations: Merlin has conducted hundreds of autonomous flights, with a new flight test hub at Hanscom Field and ongoing certification flight testing, particularly in New Zealand. 3. Financial and Corporate Status Funding: Merlin Labs has raised significant funding, including a $105 million Series B round (July 2022). Total funding is reported to be around $134 million. Key Investors: Notable institutional investors include Baillie Gifford, Snowpoint Ventures, and Google Ventures (GV). Going Public (Planned): The company has announced a plan to go public through a business combination with a Special Purpose Acquisition Company (SPAC), Inflection Point-led SPAC. This transaction is reported to value Merlin at $800 million pre-money and is intended to accelerate capability delivery and strategic acquisitions. 4. Safety and Regulatory/Certification Certification Focus: Certification is arguably the most critical and challenging aspect of autonomous flight. Merlin is pursuing a dual-track civil certification program with the U.S. Federal Aviation Administration (FAA) and the Civil Aviation Authority of New Zealand (CAA). Milestones: They achieved approval of their certification basis for the takeoff-to-touchdown autonomy system in collaboration with the FAA and CAA in 2021. They achieved an organizational Part 135 Air Operators Certificate in New Zealand (February 2024) to support operational freight routes, leveraging the country as a "sandbox" for their technology. They are in the process of certifying the Merlin Pilot on a Cessna Caravan (a Part 23 aircraft). Safety Integration: The technology is built around the principles of certified software and dual redundancy, aiming to meet high-level safety standards (e.g., those found in Part 25 air transport category aircraft).
Check out $BACQ - called out by Citron research. Thing could easily 3x over the coming weeks
Not a penny, but BACQ is getting loaded…
\> be me \> sell HOND/CCCX at yesterday’s lows \> roll the sale cash into a near-NAV SPAC \> cry as quantum names moon overnight \> stare at my measly +0.6% portfolio gain as the market opens \> Citron tweets — my SPAC purchase rips, turns out it’s BACQ \> just when I think I’m out, they pull me back in
It in fact was not too early. Hope $BACQ runs to 30
BACQ news, Citron posted. Up on big volume at $12 now
# Cirtron Research Posts On X "$BACQ. consider. DoD flies 4 million hours per year and Merlin's building the autonomy layer for it. $105M SOCOM contract for C-130J. GE Aerospace deal covering 14,000+ aircraft integration. They're on track to be first to certify AI on military aircraft...."
I’m in HOND, CCCX, BACQ, WLAC, and I have AMRC who is building for NKLR. So I am a SPAC fan. What do you have to say about the CEO? https://x.com/WagieCapital/status/1975971710768959642
BACQ doing well ! Good call from a week ago or so
Can someone explain how the valuation works on this? $BACQ jumped to a $361m market cap, which is currently 45% of the targeted $800m IPO. Is the valuation gap based on… A) the risk that the deal doesn’t go through (some don’t). Or… B) dilution caused by the existing of warrents? Apologize if this has been asked before. If there’s a primer on SPAC valuation I’ll love to read it.
[Merlin to Go Public via Business Combination with Inflection Point-led SPAC as Leading Defense Prime Contractor for AI in Aviation](https://www.businesswire.com/news/home/20250814418852/en/Merlin-to-Go-Public-via-Business-Combination-with-Inflection-Point-led-SPAC-as-Leading-Defense-Prime-Contractor-for-AI-in-Aviation) \- BACQ BACQR *As the leading defense prime contractor for AI in aviation, the deal values Merlin at $800 million pre-money, and has over $125 million in committed PIPE capital, $78 million of which has been funded at the BCA signing to further accelerate growth.*