Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 42

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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visory Agreement”), the Company agreed to pay LifeSci
a fee equal to one and one half percent (1.5%) of the total consideration in connection with the initial business combination in the form
of equity interests in the surviving entity. On October 28, 2025, the Company, the Sponsor, and LifeSci entered into an amendment (the
“Amendment”) to the Advisory Agreement pursuant to which LifeSci agreed to waive its advisory fee.

On October 28, 2025, the Company entered into
an advisory agreement (the “LifeSci Advisory Agreement”) with Cybra and LifeSci pursuant to which LifeSci will provide certain
financial advisory and investment banking services to Cyabra. In connection with such engagement, LifeSci will receive a retainer fee
of ordinary shares of Cyabra which will convert into 105,000 PubCo Shares upon the closing of the Business Combination and an advisory
fee of $1,050,000 paid in PubCo Shares 90 days after the closing of the Business Combination.

On October 28, 2025, Holdings entered into an
advisory agreement (the “Ladenburg Advisory Agreement”) with Cyabra and Ladenburg pursuant to which Ladenburg will provide
financial advisory and investment banking services to Cyabra. In connection with such engagement, Ladenburg will receive an advisory fee
of $1,050,000 paid in PubCo Shares 90 days after the closing of the Business Combination.

On November 4, 2025, the Sponsor deposited $11,649
into the Company’s Trust Account to extend the Termination Date from October 31, 2025 to November 30, 2025.

On November 6, 2025, the Merger Agreement has
been amended in order to, among other things; (i) amend the provision related to the PIPE Investment to reflect that the PIPE Investors
will receive Holdings Series B Preferred Stock and not Holdings Common Stock; (ii) amend the Base Purchase Price from $70,000,000 to $106,000,000;
(iii) amend the First Calculation Period from December 31, 2025 to December 31, 2026; and (iv) amend the Outside Date to February 1, 2026.

20

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

References in this report
(the “Quarterly Report”) to “we,” “us” or the “Company” refer to Trail