Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 12

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 12
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 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”).

Employees

We currently have two officers.
These individuals are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their time
as they deem necessary, in the exercise of their respective business judgement, to our affairs until we have completed our initial business
combination. The amount of time they will devote in any time period will vary based on whether a target business has been selected for
our initial business combination and the stage of the initial business combination process we are