Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 71

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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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 June 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 June 30, 2025, the Company has not yet commenced
any operations. All activity for the period November 12, 2021 (inception) through June 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 end.