Former TBMC (TBMC) reporting holders Propper and Ruiz‑Gimenez now report 0% ownership

Rhea-AI Filing Summary

Trailblazer Merger Corp I (TBMC) received an amended Schedule 13G showing that former reporting persons now report no beneficial ownership of its Class A common stock. As of December 31, 2025, both Kerry Propper and Antonio Ruiz‑Gimenez report 0 shares and 0.0% of the class.

They each report no sole or shared voting or dispositive power over any shares and state that any securities referenced were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the company.

Insights

Equity ownership & disclosure analyst

Two prior TBMC reporting persons now report 0% beneficial ownership.

The amended Schedule 13G for Trailblazer Merger Corp I shows that Kerry Propper and Antonio Ruiz‑Gimenez each report beneficial ownership of 0 shares and 0.0% of the Class A common stock as of December 31, 2025.

They also report no sole or shared voting or dispositive power and explicitly disclaim beneficial ownership except to any pecuniary interest, if any. The filing is certified as being in the ordinary course of business and not intended to change or influence control, which aligns with a passive ownership reporting posture.

The key practical takeaway is that these individuals are no longer counted as beneficial owners of TBMC shares at or above reporting thresholds under Section 13. Subsequent ownership changes, if any, would need to be identified from future beneficial ownership disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Trailblazer Merger Corp I

(Name of Issuer)

Class A Common Stock, par value US$0.0001

(Title of Class of Securities)

89278D109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89278D109

1

Names of Reporting Persons

Kerry Propper

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. 89278D109

1

Names of Reporting Persons

Antonio Ruiz-Gimenez

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Trailblazer Merger Corp I
(b)	Address of issuer's principal executive offices: 510 Madison Avenue, Suite 1401 New York, New York 10022
Item 2.
(a)	Name of person filing: Antonio Ruiz-Gimenez* Kerry Propper*
(b)	Address or principal business office or, if none, residence: 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119
(c)	Citizenship: Antonio Ruiz-Gimenez - Spain Kerry Propper - United States
(d)	Title of class of securities: Class A Common Stock, par value US$0.0001
(e)	CUSIP No.: 89278D109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Antonio Ruiz-Gimenez - 0* Kerry Propper - 0* *This report shall not be deemed an admission that any of the reporting persons or any other person is the beneficial owner of the securities reported herein, or on previous filings, for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the reporting persons disclaims beneficial ownership of the Shares reported herein (or previously reported herein) except to the extent of each of their pecuniary interest, if any, therein.
(b)	Percent of class: Antonio Ruiz-Gimenez - 0.0% Kerry Propper - 0.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Antonio Ruiz-Gimenez - 0 Kerry Propper - 0
	(ii) Shared power to vote or to direct the vote: Antonio Ruiz-Gimenez - 0* Kerry Propper - 0*
	(iii) Sole power to dispose or to direct the disposition of: Antonio Ruiz-Gimenez - 0 Kerry Propper - 0
	(iv) Shared power to dispose or to direct the disposition of: Antonio Ruiz-Gimenez - 0* Kerry Propper - 0*
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Kerry Propper

Signature:	/s/ Kerry Propper
Name/Title:	Individually
Date:	02/06/2026

Antonio Ruiz-Gimenez

Signature:	/s/ Antonio Ruiz-Gimenez
Name/Title:	Individually
Date:	02/06/2026

Exhibit Information

Exhibit I - JOINT FILING STATEMENT

FAQ

What does the latest Schedule 13G/A disclose about TBMC ownership?

The amended Schedule 13G/A shows that Kerry Propper and Antonio Ruiz‑Gimenez each report 0 shares and 0.0% beneficial ownership of Trailblazer Merger Corp I (TBMC) Class A common stock as of December 31, 2025, indicating they no longer report a significant stake.

Who are the reporting persons in the TBMC Schedule 13G/A Amendment No. 3?

The reporting persons are Kerry Propper, a citizen of the United States, and Antonio Ruiz‑Gimenez, a citizen of Spain. Both now report 0 shares and 0.0% beneficial ownership of Trailblazer Merger Corp I (TBMC) Class A common stock in this amendment.

How many TBMC shares do the reporting persons currently beneficially own?

According to the filing, Kerry Propper and Antonio Ruiz‑Gimenez each beneficially own 0 shares of Trailblazer Merger Corp I (TBMC) Class A common stock. They report no sole or shared voting or dispositive power, corresponding to 0.0% of the outstanding class.

Do the TBMC reporting persons still hold 5% or more of the Class A common stock?

No. The filing states that each reporting person now owns 5 percent or less of the class. Specifically, both Kerry Propper and Antonio Ruiz‑Gimenez report beneficial ownership of 0.0% of Trailblazer Merger Corp I (TBMC) Class A common stock as of the reported date.

What do the TBMC reporting persons say about control or influence over the company?

They certify that the securities referenced were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose or effect of changing or influencing the control of Trailblazer Merger Corp I (TBMC).

Do the TBMC reporting persons disclaim beneficial ownership of the shares?

Yes. The filing states that each reporting person disclaims beneficial ownership of the shares reported in this and prior filings, except to the extent of any pecuniary interest, if any. This limits how their economic interest is treated under Section 13 reporting rules.