SEC: First Round-managed funds distribute Merlin common shares in kind, retain preferred securities and warrants

An SEC Schedule 13G/A signed September 18, 2026 reports that First Round Capital VI and VIII-F vehicles distributed all directly held Merlin common shares to their limited partners in kind on September 16 without consideration. The funds retained convertible preferred securities and warrants; their investment manager FR Capital Holdings reported approximately 1.0% beneficial ownership on an as-converted basis as of the event date. This does not establish a complete exit or sale proceeds.