Company: TBMC
Filing Date: 2025-11-12
Form Type: 425
Source: 0001213900-25-109314
Chunk: 1

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-12
Form: 425
Chunk 1
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 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Amendment to Merger Agreement

As
previously disclosed, on July 22, 2024, Trailblazer Merger Corporation I (“Parent”), a Delaware corporation,
entered into a merger agreement, by and among Parent, Trailblazer Merger Sub, Ltd., an Israeli company and a direct, wholly owned subsidiary
of Parent (“Merger Sub”), Trailblazer Holdings, Inc., a Delaware corporation and a direct, wholly owned subsidiary
of Parent (“Holdings”), and Cyabra Strategy Ltd., a private company organized in Israel (the “Company”)
(as amended on November 11, 2024 and as it may be further amended and/or restated from time to time, the “Merger Agreement”).
Capitalized terms used in this Current Report on Form 8-K but not otherwise defined herein have the meanings given to them in the Merger
Agreement.

On
November 6, 2025, the parties thereto entered into an amendment to the Merger Agreement (the “Amendment”) in
order to, among other things:

| ● | 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;                             |
| ● | amend the Base Purchase Price from $70,000,000 to $106,000,000;                              |

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of
which is filed as Exhibit 2.1 to this Current Report on Form 8-K, and incorporated herein by reference.

Important Information About the Business Combination and Where to Find It

On
July 22, 2024, Trailblazer Merger Corporation I (“Parent”), a Delaware corporation, entered into a merger agreement, by and
among Parent, Trailblazer Merger Sub, Ltd., an Israeli company and a direct, wholly owned subsidiary of Parent