Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 148

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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 limitation, indebtedness secured by the assets of the target,
capital leases or preferred stock obligations; provided, that for the avoidance of doubt, any funds in the trust account (as may be applicable
in the case of a Transaction) or financing proceeds raised in connection with the closing of the transaction (including by way of an offering,
the compensation to underwriters for which is provided for below), in either case, that are not paid to the target’s stockholders
as consideration in the transaction will not be included as part of the Total Consideration.

For purposes of this section,
the market value of any publicly traded common stock, whether already outstanding or newly-issued, will be equal to the greater of: (i) the
value of such common stock issued to the target upon the closing of a transaction at a price equal to $10.00 per share; and (ii) the
dollar volume-weighted average price (VWAP) for such security on the principal securities exchange or securities market on which such
security is then traded during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg through its “HP” function (set to weighted average) for the first five (5) trading days following
the consummation of the transaction.

Additionally, we agreed to
reimburse the underwriters for all out-of-pocket documented costs and expenses (including fees and expenses of counsel) incurred by the
underwriters in connection with provision of such services, up to $50,000 in the aggregate, and, upon the consummation of the initial
business combination, to reimburse the underwriters for any such expenses incurred in excess of $50,000.

30

LifeSci Advisory Agreement

On October 28, 2025, the
Company entered into an advisory agreement with Cybra and LifeSci pursuant to which LifeSci will provide certain financial advisory and
investment banking services to Cyabra. In connection with such engagement, LifeSci will receive a retainer fee of ordinary shares of Cyabra
which will convert into 105,000 PubCo Shares upon the closing of the Business Combination and an advisory fee of $1,050,000 paid in PubCo
Shares 90 days after the closing of the Business Combination.

Ladenburg Advisory Agreement

On October 28, 2025, Holdings
entered into an advisory agreement with Cy