Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 602

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 4
Chunk 602
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    may adversely affect prevailing market prices for our common stock, rights and/or warrants.

Similarly, if we issue debt
securities or otherwise incur significant debt, it could result in:

    ●
    default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;

    ●
    acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

    ●
    our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

    ●
    our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;

    ●
    using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;

    ●
    limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

    ●
    increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;

    ●
    limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and

    ●
    other purposes and other disadvantages compared to our competitors who have less debt.

We expect to continue to incur
significant costs in the pursuit of our initial business combination plans. We cannot assure you that our plans to raise capital or to
complete our initial business combination will be successful.

10

Recent Developments

Business Combination

On July 22, 2024, Trailblazer
entered into a merger agreement, by and among Trailblazer, Trailblazer Merger Sub, Ltd., an Israeli company and a direct, wholly owned
subsidiary of Trailblazer (“Merger Sub”), Trailblazer Holdings, Inc., a Delaware corporation and a direct, wholly owned subsidiary
of Trailblazer (“Holdings”), and Cyabra Strategy Ltd., a private company organized in Israel (“Cyabra”) (as amended
on November 11, 2024 and as it may be further amended and/or restated from time to time, the “Mer