Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 89

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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TRAILBLAZER MERGER CORPORATION I

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Trailblazer Merger Corporation I (the “Company”,
“we”) is a blank check company incorporated in Delaware on November 12, 2021. The Company was formed for the purpose
of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination
with one or more businesses (the “Business Combination”).

As of September 30, 2025, the Company has two
subsidiaries, Trailblazer Merger Sub Ltd, an Israeli company and a direct, wholly owned subsidiary of the Company incorporated on June
25, 2024, and Trailblazer Holdings, Inc. (“Holdings”), a Delaware corporation and a direct, wholly owned subsidiary of the
Company incorporated on July 16, 2024. On July 22, 2024, the Company entered into a merger agreement, by and among Company, Trailblazer
Merger Sub, Ltd., Holdings, and Cyabra Strategy Ltd., a private company organized in Israel (“Cyabra”) (as it may be amended
and/or restated from time to time, the “Merger Agreement”). In the Merger Agreement. the Business Combination transaction
is structured as follows: (a) the Company shall merge with and into Holdings and Holdings shall be the survivor of such merger and (b)
the merger subsidiary of the Company shall merge with and into the target, Cyabra, with Cyabra being the surviving entity, following which
the merger subsidiary will cease to exist and Cyabra will become a wholly owned subsidiary of Holdings. Holdings will be the public company
following the closing of the Business Combination. 

As of September 30, 2025, the Company has not
yet commenced any operations. All activity for the period November 12, 2021 (inception) through September 30, 2025 relates to the
Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below. The Company
will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates
non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected
December 31 as its fiscal year