Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 124

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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 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 Trailblazer Merger Corporation
I References to our “management” or our “management team” refer to our officers and directors, and references
to the “Sponsor” refer to Trailblazer Sponsor Group, LLC. The following discussion and analysis of the Company’s
financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained
elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking
statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially
from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including,
without limitation, statements in this “Management