Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 174

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 2
Chunk 174
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”), following which Merger Sub will cease
to exist and Cyabra will become a wholly owned subsidiary of Holdings (the “Surviving Corporation”). In connection with the
Business Combination, Holdings (at such stage, referred to herein as the “Combined Company”) will be renamed “Cyabra,
Inc.”

At the effective time of
the Parent Merger, (i) each then issued and outstanding share of Trailblazer Class A Common Stock, par value $0.0001 per share
(the “Trailblazer Class A Common Stock”), shall convert automatically into one share of common stock of Holdings, $0.0001
par value per share (the “Holdings Common Stock”) and (ii) each then issued and outstanding right to acquire one tenth
of one share of Trailblazer Class A Common Stock upon the consummation of an initial business combination (a “Trailblazer Right”
or “Right”), shall convert automatically into one right to acquire one tenth of one share of Holdings Common Stock. The one
share of Trailblazer Class B Common Stock issued and outstanding will automatically be canceled at the time of the Parent Merger.

22

At the effective time of
the Acquisition Merger (the “Effective Time”), (i) each Cyabra ordinary share, NIS 0.01 par value per share (the “Cyabra
Ordinary Shares”) issued and outstanding immediately prior to the Effective Time, in accordance with Cyabra’s Amended and
Restated Articles of Association (the “Articles of Association”), shall be converted into the right to receive a number of
shares of Holdings Common Stock equal to the quotient obtained by dividing (a) the Aggregate Merger Consideration by Cyabra’s
outstanding shares, on a fully-diluted basis (the “Conversion Ratio”), (ii) each Cyabra Preferred Share issued and
outstanding immediately prior to the Effective Time (other than the Series B Preferred Shares of Cyabra issued to the holders upon
conversion of the 2024 Convertible Notes as described below) shall be converted into the right to receive a number of shares of Holdings
Common Stock equal to (A) the Conversion Ratio multiplied by (B) the number of Cyabra Ordinary Shares issuable upon conversion
of such Cyabra preferred shares as of immediately prior to the Effective Time, (iii) each Cyabra Option shall be exchanged for an
equivalent award under the Cyabra, Inc.