Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 42

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 42
---
 the product of the conversion
price of the Series B Preferred Shares of Cyabra multiplied by 1 divided by the Conversion Ratio (as defined in the Merger Agreement)
and (ii) have a stated value equal to $1,000.

In addition to the base merger
consideration, Cyabra shareholders and holders of Cyabra Options may also receive up to an aggregate of 3,000,000 shares of Holdings
Common Stock in three equal installments (the “Earnout Shares”). The Earnout Shares will be issued to Cyabra shareholders
and holders of Cyabra Options upon occurrence of certain triggering events (based on the achievement of certain price targets of Holdings
Common Stock following the closing of the Business Combination (the “Closing”).

Pursuant to the Merger Agreement,
upon the closing of the Business Combination, the Cyabra Key Employees (as defined below) will receive 400,000 shares of Holdings
Common Stock in the aggregate pursuant to the 2025 Plan (as defined below).

In addition, the Merger Agreement
provides that Trailblazer will enter into subscription agreements with certain investors providing for aggregate investments in the amount
of no less than $6,000,000 in Holdings Common Stock in a private placement that will close concurrently with the closing of the Business
Combination (the “PIPE Investment”). Notwithstanding the foregoing, in the event that in excess of $3,500,000 remains in the
Trust Account (defined below) after redemption of the Trailblazer Common Stock in connection with the Business Combination, the PIPE Investment
shall be reduced by the amount by which the Trust Account exceeds $3,500,000.

Contemporaneously with the
execution of, and as a condition and an inducement to Trailblazer and Cyabra, entering into the Merger Agreement, Alpha Capital Anstalt,
a Liechtenstein Anstalt (“Alpha”), an affiliate of Trailblazer Sponsor Group, LLC, a Delaware limited liability corporation
(the “Sponsor”), provided Cyabra with a loan in an aggregate amount of $3.4 million in the form of convertible promissory
notes (collectively, the “2024 Convertible Notes”). Cyabra subsequently raised an additional $2.6 million (for a total
of $6.0 million) from additional purchasers pursuant to the terms of the 2024 Convertible Notes. On February 28, 2025, Alpha provided
Cyabra with a loan in an aggregate