Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 101

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 (as defined in the Merger Agreement) and (ii) have a stated value equal to $1,000.

In
addition to the base merger consideration, Cyabra shareholders and holders of Cyabra Options may also receive up to an aggregate of 3,000,000 shares
of Holdings Common Stock in three equal installments (the “Earnout Shares”). The Earnout Shares will be issued to Cyabra
shareholders and holders of Cyabra Options upon occurrence of certain triggering events (based on the achievement of certain price targets
of Holdings Common Stock following the closing of the Business Combination (the “Closing”).

Pursuant
to the Merger Agreement, upon the closing of the Business Combination, the Cyabra Key Employees (as defined below) will receive 400,000 shares
of Holdings Common Stock in the aggregate pursuant to the 2025 Plan (as defined below).

In
addition, the Merger Agreement provides that Trailblazer will enter into subscription agreements with certain investors providing 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