Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 142

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 142
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 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 amount of $1.0 million in the form of a promissory note (the “2025 Note”). The 2025 Note
bears no interest and is due upon the earlier to occur of (i) April 30, 2025 and (ii) one calendar day prior to the consummation of the
Business Combination.

Upon the closing of the Business
Combination, subject to approval by Trailblazer’s stockholders and other customary closing conditions, Holdings will change its
name to “Cyabra, Inc.” and is expected to list on The Nasdaq Stock Market, LLC (“Nasdaq”).

The Extension of the Completion Window

On February 29, 2024,
the board of directors approved the exercise by the Company of the automatic extension of the time the Company has to complete a business
combination by an additional three months from March 31, 2024 to June 30, 2024. On June 25, 2024, the board of directors approved the
exercise by the Company of the automatic extension of the time the Company has to complete a business combination by an