Company: TBMC
Filing Date: 2025-11-03
Form Type: 425
Source: 0001213900-25-105285
Chunk: 2

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-03
Form: 425
Chunk 2
---
 closing of the Business Combination.

On October 28, 2025, Holdings
entered into an advisory agreement (the “Ladenburg Advisory Agreement”) with Cyabra and Ladenburg pursuant to
which Ladenburg will provide financial advisory and investment banking services to Cyabra. In connection with such engagement, Ladenburg
will receive an advisory fee of $1,050,000 paid in PubCo Shares 90 days after the closing of the Business Combination.

A copy of the Deferred Fee
Agreement is attached as Exhibit 10.1 to this Current Report and is incorporated herein by reference. A copy of the Amendment to Advisory
Agreement is attached as Exhibit 10.2 to this Current Report and is incorporated herein by reference. A copy of the LifeSci Advisory Agreement
is attached as Exhibit 10.3 to this Current Report on Form 8-K and is incorporated herein by reference. A copy of the Ladenburg Advisory
Agreement is attached as Exhibit 10.4 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

| EXHIBIT 
 NO.     
 10.1    
 10.2    |     | DESCRIPTION                                                                 
 Deferred Fee Agreement dated October 28, 2025                               
 Amendment to Advisory Agreement dated October 28, 2025                      |
|:--------|:----|:----------------------------------------------------------------------------|
| 10.3    |     | LifeSci Advisory Agreement dated October 28, 2025                           |
| 10.4    |     | Ladenburg Advisory Agreement dated October 28, 2025                         |
| 104     |     | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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SIGNATURES</div>

Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

| Dated: November 3, 2025          |                         |
|:---------------------------------|:------------------------|
| TRAILBLAZER MERGER CORPORATION I |                         |
| By:                              | /s/ Arie Rabinowitz     |
| Name:                            | Arie Rabinowitz         |
| Title:                           | Chief Executive Officer |

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