Welcome to our dedicated page for Trailblazer Merger I-A SEC filings (Ticker: TBMC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings page for Trailblazer Merger Corporation I (NASDAQ: TBMC) provides direct access to the company’s regulatory disclosures as a special purpose acquisition company. As a blank check company in the Financial Services sector, Trailblazer Merger Corporation I uses its SEC reports to describe its SPAC structure, trust account arrangements, proposed business combination, and key governance actions.
Among the most significant documents for TBMC are its Forms 8-K, which report material events such as the entry into a merger agreement with Cyabra Strategy Ltd., amendments to its amended and restated certificate of incorporation, and amendments to its investment management trust agreement. These filings explain the structure of the proposed business combination, the planned renaming of the public company to Cyabra, Inc., and the multi-step merger involving Trailblazer Merger Sub, Ltd. and Trailblazer Holdings, Inc. They also detail stockholder votes on extension and trust amendment proposals, the number of shares tendered for redemption, and the mechanics of extending the business combination deadline through monthly deposits into the trust account.
Trailblazer’s SEC filings also include a Form 12b-25 (Notification of Late Filing), in which the company explains why it was unable, without unreasonable effort or expense, to file a Quarterly Report on Form 10-Q by the prescribed due date and indicates its intention to file within the extension period allowed under SEC rules. Additional 8-K filings describe advisory and underwriting agreements, including deferred underwriting commissions payable in shares of the public company and advisory fee arrangements with LifeSci Capital LLC and Ladenburg related to the Cyabra transaction.
Through Stock Titan, users can review these TBMC filings as they are made available from the SEC’s EDGAR system and use AI-powered summaries to understand the key terms and implications. AI analysis can help highlight how extension provisions work, how redemption rights are structured, what the merger agreement with Cyabra entails, and how advisory and underwriting fees are arranged, allowing investors to navigate complex SPAC documentation more efficiently.
Trailblazer Merger Corporation I, a SPAC targeting a merger with Cyabra, reported a net loss of $3.7 million for the quarter and $4.4 million for the nine months ended September 30, 2025, reversing prior-year profits. Results were heavily affected by a $6.2 million loss on extinguishment of a related-party promissory note, partly offset by a $2.9 million gain from remeasuring the new note, plus interest income from the trust.
Total assets were $28.1 million, including $27.9 million in the trust account. Class A common stock subject to possible redemption was $3.8 million (332,816 shares), following large redemptions in 2024 and 2025. The second amended and restated promissory note to the sponsor had a fair value of $7.4 million, contributing to a stockholders’ deficit of $11.9 million. Cash outside the trust was only $19,183.
Management extended the SPAC’s deadline multiple times and can now push the termination date to as late as March 30, 2026. The company discloses substantial doubt about its ability to continue as a going concern because of limited liquidity and the risk it may not complete the Cyabra business combination before the mandatory liquidation date.
Trailblazer Merger Corporation I (TBMC) filed a Form 12b-25, notifying a late filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. The company says it needs additional time to finalize financial statements and related disclosures and anticipates filing within the extension period provided by Rule 12b-25.
The notice lists contact information for Chief Executive Officer Arie Rabinowitz at (212) 586-8224.
Trailblazer Merger Corporation I amended its agreement to combine with Cyabra Strategy Ltd. The update raises the transaction’s Base Purchase Price from $70,000,000 to $106,000,000 and changes the PIPE security so that PIPE investors will receive Holdings Series B Preferred Stock instead of common stock.
The business combination structure remains the same: Parent will merge into Trailblazer Holdings, Inc. and Merger Sub will merge into Cyabra, making Cyabra a wholly owned subsidiary. After closing, Parent will be renamed Cyabra, Inc. The deal will be put to a shareholder vote, with materials provided via a Form S‑4 registration statement containing a proxy statement/prospectus once effective.
Trailblazer Merger Corporation I extended the time to complete its initial business combination to November 30, 2025. The company funded this one-month extension by depositing $11,648.56 into its Trust Account, moving the deadline from October 31, 2025 to November 30, 2025.
The SPAC continues to pursue its proposed merger with Cyabra Strategy Ltd. under the previously announced Merger Agreement. A Form S-4 registration statement, including a preliminary proxy statement/prospectus, has been filed. Once declared effective, a definitive proxy statement/prospectus will be mailed to shareholders of record for a vote on the transaction.
Trailblazer Merger Corporation I extended its business combination deadline to November 30, 2025 after depositing $11,648.56 into its trust account, moving the prior date from October 31, 2025.
The company previously signed a merger agreement involving Cyabra Strategy Ltd., under which Parent will merge into Holdings and Merger Sub will merge into Cyabra, with Cyabra becoming a wholly owned subsidiary and the combined Parent to be renamed “Cyabra, Inc.” The transaction will be submitted to shareholders, and a Form S-4 registration statement including a proxy statement/prospectus has been filed and will become effective before definitive materials are mailed.
Trailblazer Merger Corporation I disclosed new fee arrangements tied to its proposed business combination with Cyabra. The company amended its underwriting and advisory obligations, shifting several payments into stock and aligning others with the deal’s closing.
For deferred underwriting commissions under the 2023 agreement, the company will issue 103,500 PubCo shares to each underwriter in lieu of cash against a previously agreed $2,070,000 deferred commission. Separately, LifeSci waived its prior advisory fee equal to 1.5% of total consideration that was to be paid in equity interests.
New advisory mandates were signed: LifeSci will receive a retainer of Cyabra ordinary shares that will convert into 105,000 PubCo Shares at closing, plus an advisory fee of $1,050,000 paid in PubCo Shares 90 days after closing. Ladenburg will receive an advisory fee of $1,050,000, also paid in PubCo Shares 90 days after closing.
Trailblazer Merger Corporation I detailed fee arrangements tied to its proposed business combination with Cyabra. The company’s earlier deferred underwriting compensation of $2,070,000 will be settled in stock, with each underwriter receiving 103,500 PubCo Shares upon closing. This changes a cash obligation into equity.
The company amended its 2022 advisory agreement with LifeSci, and LifeSci waived its prior fee of 1.5% of total consideration. Separately, LifeSci will now advise Cyabra and receive a retainer that converts into 105,000 PubCo Shares at closing, plus an advisory fee payable in PubCo Shares 90 days post‑closing. Ladenburg will provide advisory services to Cyabra and receive an advisory fee of $1,050,000 payable in PubCo Shares 90 days after closing.
Overall, these agreements shift multiple fees from cash to equity, contingent on the closing of the business combination.
Trailblazer Merger Corporation I filed a Form 8-K reporting a material event: an Amendment to the Second Amended and Restated Promissory Note dated September 30, 2025.
The filing references the company’s securities — Common Stock (TBMC) and Rights (TBMCR) listed on The Nasdaq Stock Market LLC — and includes a cover page interactive data file. The Form 8-K is dated October 6, 2025 and is signed by Arie Rabinowitz, Chief Executive Officer. The excerpt provides the existence and timing of the amendment but does not disclose the amendment’s specific economic terms or impact on debt balances.
Trailblazer Merger Corporation I filed an 8-K reporting corporate actions tied to its deadline to complete a business combination. The company amended its Amended and Restated Certificate of Incorporation to permit the board, by resolution and without another stockholder vote, to extend the Termination Date by one month at a time from September 30, 2025 up to March 30, 2026, or an earlier date if the board so determines.
The company also amended its Investment Management Trust Agreement with Continental Stock Transfer & Trust Company to allow up to six one-month extensions of the date to consummate a business combination, effectively permitting extensions through March 30, 2026. Separately, shareholders ratified the appointment of CBIZ CPAs P.C. as the company’s independent auditors for the fiscal year ending December 31, 2025. The filing lists vote items but does not disclose vote totals in the provided text.
Trailblazer Merger Corp I filed a proxy supplement reporting a change to the proposed extension terms for its corporate charter. Under the revised proposal, if the Extension Amendment is approved and becomes effective, the Sponsor or its designee (the "Lender") would make an initial deposit to the Trust Account equal to the lesser of $0.015 per outstanding public share after redemptions or $100,000, in exchange for a non-interest bearing, unsecured promissory note from the Company. That initial deposit would extend the deadline to complete a business combination to October 30, 2025, and additional equal monthly deposits approved by the Board after September 30, 2025 would extend the deadline month-by-month up to the Charter Extension Date. The filing shows an estimated withdrawal for tax obligations of $127,217 and an estimated Trust balance after that withdrawal of $27,788,384. The document is signed by the CEO, Arie Rabinowitz.