Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 7

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 and Restricted Cash, end of period 

    Cash 
    $19,183  
    $108,520 
  
    Cash – restricted 
     —  
     353,388 
  
    Cash and Restricted Cash, end of period 
    $19,183  
    $461,908 

    Supplementary cash flow information: 

    Cash paid for income taxes 
    $1,037,918  
    $— 

    Non-Cash investing and financing activities: 

    Remeasurement of carrying value to redemption value 
    $1,162,753  
    $3,558,853 
  
    Excise tax payable 
    $239,504  
    $497,749 
  
    Pending redemptions of Class A common stock 
    $23,950,427  
    $49,774,936 

The accompanying notes are an integral part of
the unaudited condensed consolidated financial statements.

4

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 September 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