Trailblazer Merger Corporation I SEC Filings

Kerry Propper and Antonio Ruiz-Gimenez report shared beneficial ownership of 237,144 Class A shares of Trailblazer Merger Corporation I, equal to 5.3% of the outstanding class based on 4,499,115 shares. The shares are held by private funds managed by ATW SPAC Management LLC and SZOP Multistrat Management LLC, whose managing members are the reporting persons, and the report attributes shared voting and dispositive power to them.

The filers state they have no sole voting or dispositive power, disclaim direct beneficial ownership except for any pecuniary interest, and certify the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Trailblazer Merger Corporation I is a blank check company formed to complete a business combination. The company holds $27,472,636 in marketable securities in a Trust Account and reported $1,326,166 of cash and restricted cash at June 30, 2025. For the six months ended June 30, 2025 the company recorded a $691,082 net loss, increasing its accumulated deficit to $(7,581,390). Related-party borrowings under a promissory note totaled $3,741,731 as of June 30, 2025.

The company entered into a merger agreement with Cyabra Strategy Ltd. and contemplates a PIPE of at least $6,000,000 to close concurrently with the merger. Management discloses substantial doubt about the company’s ability to continue as a going concern if a business combination is not completed by the Termination Date, which was extended through actions described in the filing and further extended into July/August 2025 by sponsor deposits.

Trailblazer Merger Corp I's Schedule 13G/A shows TD Securities (USA) LLC beneficially owns 173,786 shares of the issuer's Class A common stock, equal to 3.9% of the class based on the 06/30/2025 event. TD Securities reports sole voting and sole dispositive power over these shares. The filing is joint with Toronto Dominion Holdings USA Inc., TD Group US Holdings LLC and Toronto Dominion Bank, which disclose indirect interests and disclaim direct ownership. The statement was executed under a joint filing agreement dated August 12, 2025 and filed under Rule 13d-1(b) as a bank.

Trailblazer Merger Corporation I is asking stockholders to approve amendments that would let the board extend the deadline to complete a business combination up to six one‑month extensions if needed. The company has a signed Merger Agreement (July 22, 2024) to combine with Cyabra Strategy Ltd., which would leave Cyabra as a wholly owned subsidiary and rename the combined company "Cyabra, Inc."

The filing discloses key facts: the trust account previously funded with approximately $70,380,000, a prior redemption on October 9, 2024 withdrew $49,774,936, and on the Record Date there were 4,449,116 total shares outstanding (including 2,329,616 Public Stock and 2,119,499 Private Shares held by the Sponsor). The Sponsor beneficially owned approximately 47.11% and has repeatedly deposited funds (totaling $1,879,719 through March 31, 2025 plus later monthly deposits) to extend the termination date. If the extension is not approved and a business combination is not completed by the Termination Date, the Company will redeem Public Stock and wind up under Delaware law.