$MRLN: Merlin's Clock After the Pivot: What Moved, What Didn't, What We're Watching

A timelines update on Merlin as of October 2, 2026. The C-130J date keeps walking, the flight-test fleet just had its busiest month, and the next eight weeks are about financing, not airplanes.

$MRLN traded at $1.765 at 2:20 pm ET on Friday, October 2, 2026 (intraday, down about 2.5% from the $1.81 close on October 1). On 101,067,784 basic shares (10-Q cover, August 11) that is roughly $178M of common equity. The 52-week low is $1.70, set intraday on September 24.

THIS IS NOT FINANCIAL ADVICe