Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 45

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;

    ●
    limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

    ●
    increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;

    ●
    limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and

    ●
    other purposes and other disadvantages compared to our competitors who have less debt.

We expect to continue to
incur significant costs in the pursuit of our initial business combination plans. We cannot assure you that our plans to raise capital
or to complete our initial business combination will be successful.

Recent Developments

Business Combination

On July 22, 2024, Trailblazer
entered into a merger agreement, by and among Trailblazer, Trailblazer Merger Sub, Ltd., an Israeli company and a direct, wholly owned
subsidiary of Trailblazer (“Merger Sub”), Trailblazer Holdings, Inc., a Delaware corporation and a direct, wholly owned subsidiary
of Trailblazer (“Holdings”), and Cyabra Strategy Ltd., a private company organized in Israel (“Cyabra”) (as amended
on November 11, 2024 and as it may be further amended and/or restated from time to time, the “Merger Agreement”).

The Merger Agreement provides
that, among other things and upon the terms and subject to the conditions thereof, (a) Trailblazer shall merge with and into Holdings
and Holdings shall be the survivor of such merger (the “Parent Merger” and all references to Trailblazer subsequent to the
Parent Merger shall be intended to refer to Holdings as the survivor of the Parent Merger) and (b) Merger Sub shall merge with and
into Cyabra, with Cyabra being the surviving entity (the “Acquisition Merger” and, together with the Parent Merger and all
other transactions contemplated by the Merger Agreement, the “Business Combination”), following which Merger Sub will cease
to exist and Cyabra will become a wholly owned subsidiary of Holdings (the “Surviving Corporation”). In connection with the
Business Combination, Holdings (at such stage, referred