Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 132

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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 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 Note”).
The 2025 Note bears no interest and is due upon the earlier to occur of (i) April 30, 2025 and (ii) one calendar day prior to the consummation
of the Business Combination.

Upon
the closing of the Business Combination, subject to approval by Trailblazer’s stockholders and other customary closing conditions,
Holdings will change its name to “Cyabra, Inc.” and is expected to list on The Nasdaq Stock Market, LLC (“Nasdaq”).

The
Extension of the Completion Window

On
February 29, 2024, the board of directors approved the exercise by the Company of the automatic extension of the time the Company
has to complete a business combination by an additional